Managing your business in a downturn

Don't expect the good times to roll for quite some time, says one of the Fortune 500's favourite management gurus. Ram Charan says smart executives can use the downturn to make their companies better, stronger, and faster.

1. Keep building. When the top line looks shaky and the bottom line worse, the temptation is to go after discretionary spending. Fine - but do not consider product development, innovation, and brand building optional. Sacrificing your future for a slightly more comfortable present is not worth it. If you keep building, you can come back strong.