Part 5/9:
Understanding Downturn Durability: One of the first crucial insights he learned is that economic downturns often last longer than anticipated. While quick recovery is ideal, preparation for prolonged struggles is essential.
The Value of Productivity: During a downturn, hard work alone may not yield tangible results. Servais warns against the stress of pushing teams to overwork within a faltering business environment, emphasizing a focus on conserving resources and waiting for opportunities to act.
Debt Repayment Challenges: He discusses the multi-year burdens of repaying debt, as over-leveraged individuals and businesses often default, transferring financial issues back to struggling banks.