Industry execs convene to discuss crisis.
Some suggestions offered to the attendees:
- Act like an entrepreneur; stop thinking first about why a new approach won’t work.
- Create a portfolio of initiatives; recognize that some will fail and kill those quickly.
- Don’t wait for every data point before taking action. “Ready, fire, aim” should be the operating principle, Shein said.
- Use downsizing as a tool when necessary to achieve a larger strategy, not simply as a cost-cutting goal.
- Figure out how to leverage core competencies into new directions and new niches.
- Be honest with employees, and get ideas from those on the front lines.
- Don’t sit and cower and weep about your problems. Inspire.
- Collaborate with outside entities that can bring expertise or resources.
- Pay attention to, and leverage, the brand.
These would have had a lot more impact five years ago.