I’m now four recessions into my career. Each one is different, and this is the first one associated with a health crisis. But in some ways, they follow a similar pattern – signs of strain followed by crisis, complacency and then extended trouble.
Think about the Great Recession: rising mortgage defaults for almost a year, a very dramatic few weeks in early September 2008, a period of quiet ending with a new cycle of bad news in March 2009, and finally, a struggle to restart growth around the globe for years.
Or the 2000-01 recession, starting with the dot-com bust; then 9/11; then the collapses of Enron, Worldcom and Global Crossing; then the changes in our lives from the war on terror.
Right now, our first job, obviously, is the safety of our employees, our communities, our families and ourselves.
Soon, for all of us who manage commercial organizations, our primary focus will shift to protecting liquidity, preserving financial sustainability and finding the best ways to have an impact in the world.