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Given the scale of this worst-in-a-generation financial downturn, it’s no surprise that corporate leaders find themselves in a defensive crouch. As with any crisis, triage is the first order of business, with leaders focusing on the kind of short-term cash needs that drive rapid costcutting initiatives. While quick decisions are often necessary to react to the fastmoving economic turmoil, the pressure to drive immediate results can keep business leaders from calmly assessing their current situation, the changing competitive landscape, and the strengths and weaknesses of their organization. Without careful consideration of this larget set of factors, long-term strategic and operational opportunities may be missed.