In this financial crisis, a minority of businesses are emerging as leaders in accelerating change. And they are the businesses that will be best placed to win in the post-crisis world.

In January 2009, we published our Opportunities in adversity study to provide a basis for discussion with executives as they grappled with the implications of the economic downturn. We argued that during a credit crunch the management of cash is a key determinant of success.

Every company falls somewhere on a stress pendulum between cash burn and cash earn; and for every business there is an appropriate course of action to take. By executing that course of action quickly and effectively, management teams can seize a potential source of competitive advantage.

That simple premise has proved both compelling and effective. In the past six months, Ernst & Young has held thousands of meetings with executives and we are currently working to help scores of companies around the world as they implement programs to address the challenge.

At the time of the study, the global downturn was gathering pace on the back of the financial crisis and the impact on the real economy was growing. We are now midway through 2009, and the past few months have seen enormous efforts from governments and management teams around the world to stabilize and re-direct the global economy. Evidence suggests that the fall has slowed, maybe even halted: but whether the next direction is up or further down is still not clear. What we do know is that the speed of our recovery depends on the actions we take – as companies and as individuals – over the coming weeks and months.

How are you managing your cash flows?

Six months on, we have reviewed our experience to date to see whether any emerging trends or patterns provide additional insight to executives in the current circumstances. We have also gone back to the market – both to test our perspectives and to see the progress and the new priorities of the world’s C-suites, as they continue to implement and accelerate the changes they have launched in their organizations.

What is clear from our latest findings is that some companies are identifying and taking positive steps to capture organizational benefits and market opportunities. There is a rich harvest of value to be gathered through management action. Change for everyone seems inevitable, but already some businesses are emerging as leaders in accelerating that change. And they are the businesses that will be best placed to win in the post-crisis world.