Can good management minimize the effect of bad economic condition and lower profits n how?

Well even though the economic conditions do effect the business alot but at the same time it comes with some new opportunities as well, the management has to be proactive and there MUST be strong communication within the organisation because until unless management recognizes its key players in specific sectors it would not be able to jump over any of the difficulties it faces. Some managements do not believe in giving confidence to the lower level key players for the business. It has amazed me of how far you can get your team just because you give them the opportunity and put confidence in them. Let aside the financial part of increasing the profits by focusing on cost controlling, I guess this is pretty obvious to mention here. It is evident that along with the financial control there are quite alot of other factors that need significant work to be done.