What Helped in Recession Could Hinder in Hot Market

The economy of Orange County, and the state as a whole, is going great guns. But business consultant Douglas Wilson in Newport Beach says that many top managers are stuck in a recession mind-set, focusing on cost containment and survival. That can cost them missed opportunities, he says.

Wilson counsels businesses to act decisively while the economy is hot. His advice: Don’t put off hiring and firing decisions, avoid excessive cost controls, invest in training and development and stay focused on the company’s area of expertise.

“Make sure you have recruited and organized for a go-forward, entrepreneurial mind-set, and not for an internally focused cost-control structure that can’t move ahead,” Wilson says.

He also stresses that a healthy economy does not mean a company can afford to slack off or be any less competitive. “As the economy heats up, it becomes all the more tempting to be expedient with customers, with employees and with business partners,” he says. “Today, the customer is firmly in control. Make sure that everyone is focused on the customer like never before and they are developing the skills to best serve that customer.”

Patrice Apodaca covers economic issues for The Times. She can be reached at (714) 966-5979 and at patrice.apodaca@latimes.com