Phil Stokes, Head of Entertainment and Media for PriceWaterhouseCoopers in the UK, gave a presentation at this week's consumer magazine conference in London called "10 Fundamental Priorities". While I did not attend the conference nor hear the presentation, Incisive was well-represented by our Group CEO, Tim Weller. Tim was impressed by the talk and provided me with a summary of Stokes' remarks, and I think they are valuable enough to pass along.

The main point of Stokes' presentation was to provide a guide to managing B2B Media Companies during a downturn. His ten "fundamental priorities" were as follows:

1. Take a Closer Look -- The goal posts are moving; understand the true picture not what you'd like to believe. Get to the bottom of what's driving your business and how it is being impacted by the downturn.

2. Act Decisively -- With increased uncertainty and volatility it is important to take tough decisions early. Focus relentlessly on key drivers of value and the key risks across the business. Don't sit back and wait.

3. Remember 'Cash is King' -- Ensure your finances and working capital are in good order; protect your liquidity; adopt a hands on approach to cash management.

4. Focus on What Really Matters -- Evaluate which products, customers and channels create and destroy value. Revisit your existing investment programs--what initiatives could you stop or defer?

5. Manage Your Cost Base -- Focus on enhancing operational performance; reduce unnecessary complexity, look at whether your business models need to change.

6. Reliable Management Information is Key -- Now more than ever you need the right management information; clearly defined key performance indicators (KPIs) are essential. Decision making needs to be based on facts.

7. Plan for Different Scenarios -- Winners demonstrate agility and flexibility; model a range of financial, operational and workforce scenarios that reflect the impact of the downturn on your business; adapt quickly.

8. Recognize the Value of Your People -- Regular and clear communication with employees is key to their engagement. Retaining and motivating top performers is critical.

9. Take Your Stakeholders With You -- Evaluate the likely impact of the downturn on your stakeholders; make sure you understand their agendas. Perception is often reality so maintaining regular and open dialogue is essential.

10. Take Advantage of the Opportunities -- Don't stop innovating or investing in those areas of growth you will need in the future; don't forget your brands. Have an eye for the future; think beyond the next quarter.

Some very useful advice in there for all who run businesses under the Incisive umbrella. We have done or are already doing many of the things listed above and, as a result, are weathering this recession in better shape than we would have done otherwise. But we are a long way from recovery in this recession, and need to remain focused on protecting our existing business even while we invest in our future growth.

I would be happy to talk to any of our business leaders about how to apply these fundamental priorities to our individual businesses, and how we can improve in those areas that need improvement.