The Portfolio imprint of Penguin Publishing offered me the opportunity to review a new book. I am glad they did. Geoff Colvin is senior editor at large for Fortune Magazine and the author of Talent is Overrated which I liked. His new book is The Upside of the Downturn. Quite simply, I like it also and encourage you to read it soon.

At first glance you might be tempted to skip the book thinking it aimed only at the Fortune 500 type company and, since you are not running one of those it doesn’t apply. That would be a mistake. Sure, there are some elements of it relating to Wall Street and stock prices but not enough to not be relevant to you. In fact, his commentary on how we got into this economic crisis is very educational and quite informative. He explains it so even I, a former Marine, can understand it. Our economy is less consumer driven, attitudes towards work and savings are changing, and the US is less the center of the world. Did you know that the US became the world’s number one economy in 1890? In the not too distant future (2015 – 2020) we will give up that position to – you guessed it – China. The interesting thing is that we took that position from them in 1890, not from England. We already contend with the implications of an ascendant China. That is going to continue.

He goes on to offer, as the subtitle states, ten management strategies to prevail in the recession and thrive in the aftermath. The first strategy is to reset your priorities to be consistent with the radically new reality. Towards the end of the book reminds you to grow yourself too. Along the way he suggests you protect your most valuable asset (people – in case you were confused) and to get smart about your pricing (cutting price may be cutting your throat).

Of course, one of my favorite chapters is the one on protecting your most valuable asset. He argues for preserving staff, not cutting them, in the downturn and to consider the impact on the people and the organization when we do make cuts. As many of my clients know, this is a great time to develop and train people. Done well, this can rally the troops for the fight they are in and the ones to come. Done poorly, employees will view it as yet another example of your incompetence and ability to waste money. What you do now will send a message for the future. He states, “a recession is a large opportunity for a company to be a hero to its people.” Wouldn’t it be great for your firm to be a hero to your employees?

Throughout the book there are stats, facts and anecdotes to illustrate his points. These range from the Tour De France to Southwest Airlines and many more. The book is interesting and worth your time. In just one-hundred and seventy pages he presents a number of relevant and usable ideas to help you think about your business. Many of your competitors have retreated into a bunker to weather the current economic storm. Some of them haven’t. You can’t afford to skip this book or those who haven’t retreated will make life even more difficult for you when the economy recovers. Read this book and make life difficult for them.

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