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Managing to survive a downturn: Paul Wood, managing director, Andrews Sykes Group

“It doesn’t matter really what line of business you’re in, it’s the companies that are well managed, focused and proactive that will survive, no matter how long and deep the recession turns out to be.

“There are people out there panicking and there’s no doubt about it, things will get tougher – but the country is not going to grind to a halt.

“Even during a recession there will be contracts out there, it’s just that the amount of work available will be smaller, so winning a share of it will mean managing our businesses more efficiently.

“Obviously there will be casualties and the worst hit will be those that have failed to put in place clear strategies for growth and efficient management systems during the good years.

“After all, any business can do well during a boom, but it takes a very strong business model to weather an economic downturn.”