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Severe budget and staff cuts undermine companies ability to endure recession

by LLB Editor
25th May 20 10:43 am

Making informed decisions becomes crucial as companies worldwide are now facing financial difficulties and economic turbulence is widely forecasted for many months ahead. In order to help companies fight the crisis, Wörks – a strategic marketing agency from Finland – made a deep analysis of management’s best practices in times of crisis and recession freely available for all.

The report is based on the analysis of a large number of scientifically validated studies during recessions and crises between 1980 and 2015.

Based on the analysis of 39 scientifically validated studies on the performance and practices of more than 9,000 companies, the observed changes in purchasing behavior, and the best global management practices during recessions and crises over the course of 35 years, there are ways to enhance the success and beat the odds in recession.

In these times, reliable scientific information is needed to support companies’ decision-making, as quick surveys, reports influenced by commercial interests, the opinions of other people, personal experience, and “gut feeling” may provide conflicting or incorrect information. That is why we wanted to perform a non-biased analysis and report the results to everyone”, explains Jussi Piri, the CEO of Wörks.

“We put focus on the highest-quality scientific studies (IF> 1). The scientific approach was the best option for this purpose, as science always seeks to objectively examine the interrelationships of different factors and phenomena. In this case, it means providing clear instructions on how to act – and on the other hand, what to avoid – in the current economic situation”, Markus Kivikangas from Steinheide adds.

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