Move While Others are Distracted.
This is the strategy of a very successful long-Term CEO who has steered a European Company into global prominence as one of handful of industry leaders. He cultivates important relationships during times of crises when competitors are looking elsewhere, enabling him to make acquisitions others coveted but could not get. This is how Continental airlines, under Golden Betune , profited when the Northeast electric power grid went down for two days in 2003. Other airlines cancelled hundreds of flights, while Continental's empowered employees kept their flights going. Nothing the stranded passengers from other airlines when Laguardia and Kennedy airports closed. Continental ran extra flight from Newark , thereby rescuing the passengers and making millions of extra dollars for those two days. Competitors lost money and goodwill.
Announce and own a Grand concept.
You might not be able to raise money for it nor do much about it now, but you will be well-prepared when markets recover. In early November, as the financial crises was still fresh in its horror, Sam Palmisano announced "Smart Planet" a new IBM concept, via a speech at the council of Foreign Relations in New York. The intention for now is to stimulate discussion and pin down the idea of intelligent networks for future infrastructure or any of the other aspects of a smarter capacity for roards, buildings, supply chains etc. With a modest communication effort, IBM can put the "Smart Planet" idea on public policy agendas and own an idea ripe for action whenever recovery occurs.
You don't have to be IBM to own ideas.
Get rid of things that that have outlived their usefulness.
This is a personal lesson since i deal with crises by removing basement clutter or giving away old clothes nothing like that clean closet feeling and the action is under my control. The same principle applies to business.
Concentrate Helping your users, clients or customers succeed.
Always good advice but now we have to really mean it.Obviously companies dependent on their revenue-paying customers cannot afford to stand while those customers decline. Sometime that involves giving them extras for nothing.Generosity might not get you anything now but you will be well positioned in future, hopefully with healthier customers and bigger ideas.