Uncertain economic times have substantial impact on organizations in both national and global markets. With economic recessions come drastic changes in business dynamics. Although last recession that started in 2008 has already begun showing signs of abating, its impact can still be seen in different markets around the world. Through dissecting the recent recession, this thesis explores the effects of economic recessions on organizations and delineates practical aspects of innovation that can be effectively utilized to drive growth and boost profits in downturns. This thesis presents operational strategies and practical insights for organizations across industries. Also in later sections of the thesis, it is described in detail how these strategies can be specifically tailored and deployed in telecommunications industry. Distinctions and conclusions made are based on economic theory and other subordinate concepts. Furthermore, the findings described in this thesis stem from the innovation theory and the value chain framework. The ultimate goal of the thesis is to link the pragmatic approach of employing operational strategies and best practices to the underlying theories and concepts. Organizations can then use these strategies and practices to not only survive, but also thrive in turbulent times.