Management during a recession is a particular challenge for the CEO of a company. This paper presents a case study of a small, but world-leading manufacturing company located in the sparsely populated northern part of Sweden. Sweden is a country highly dependent on its exports; the company studied was also strongly reliant on its international business. The activities performed by the company during the recession are studied through Resource Based Theory, which puts competitiveness in focus. The strategies adopted by company management during the recession can be summarized as 1) Hibernation: preparing the company for survival, securing access to money, downsizing, and adjusting to challenges 2) Building a team spirit: creating bonds of commitment, solidarity and shared involvement in the company, “we are in this together”. 3) Further training and involvement of the employees, resulting in increasing effectivity and productivity. These strategies helped overcome the crisis and ultimately changed the company culture, where the employees’ commitment has given increased competitiveness.