Are you coming out of the downturn in better or worse shape than when you went into it? You may have fewer employees, a rationalised corporate structure and simplified product lines. But is your business healthier? And, by the way, how is morale?
The past two years have tested business leaders' competence. Many managers had known only good times, the long 15-year period of almost uninterrupted growth that began in the early 1990s. But anyone can look good in a rising market. Tougher times find people out.
If you were looking for an example of hard-headed decision-making under pressure, not many observers would expect to find one at the John Lewis Partnership. The retailer has a long-standing reputation for paternalism. All its staff are partners with a stake in the business - a practice dating back to 1929 when John Spedan Lewis, its founder's son, committed the organisation to work towards its "ultimate purpose": "the happiness of all its members, through their worthwhile and satisfying employment in a successful business".