It seems there are very few sectors right now where most firms are not struggling to survive in the aftermath of the 2000 market reversal, 9/11 and continued international difficulties from the Iraq war and SARS. Conventional efforts to protect profitability, such as down-sizing and expenditure cuts, cause substantial damage to the core business, and often leave firms substantially weakened - having cut back once, they just find themselves still less able to cope, and have to cut again. It need not be like this. By Kim Warren.

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