Maintenance during economic downturns

We are living in difficult economic times. However, this is no time to cut down on Maintenance. In a recent article in the Harvard Business Review, author Rosabeth Moss Kanter made the statement: "When the going gets tough, the tough should do maintenance."

It is surely true that businesses should cut back on non-essential spending during such times as the present. But, the question is whether maintenance is non-essential spending.

The same author in the Harvard Business Review says that “neglecting the physical environment and failing to invest in upkeep is one sign of a downward spiral, the start of a losing streak. Let a little bit slip, and you’re on a slippery slope.”

While sharpening the pencil is certainly necessary, Asset Management professionals should ensure that they prepare the business for maximum performance during the next upswing in the economy.

Winners are those not neglecting maintenance during tough times. They rather make certain that the business is ready for action when needed.