Experts at the firm believe that the speed of the recession’s onset has led some local companies to resort to short-termism, as they are forced to tackle pressing business issues in a reactive way. In some instances, medium or longer term strategic considerations are being overlooked.
Paul Norbury (pictured), assurance partner at the Milton Keynes office of PricewaterhouseCoopers LLP and a member of the firm’s local Think Tank, said: “As the effects of the recession continue, business managers are feeling the pressure and some are resorting to fire-fighting by reacting to whoever shouts the loudest, rather than taking decisions in a more strategic and considered way.
"While this is understandable, if left uncorrected, it could undermine the sustainability of the business.”
Managers should keep a close eye on all areas of the business rather than prioritising just one aspect, he added. Also, firms should use the recession to review their strategic plans.
“These are important considerations that need to be at the centre of every management team’s thinking during the downturn,” said Mr Norbury.