Every economic recession comes to an end and this one is no different. Will you be ready? Today I begin a new blog series to outline smart moves you can make now to prepare you for the upswing when it comes.
Innovation does not take a break during a recession as witnessed by the success of the following companies started during recessions: General Electric, Microsoft, CNN, Hewlett Packard, IHOP, Burger King, and Hyatt among many others. DuPont, Sears, and Merrill Lynch are great examples of companies who repositioned themselves and emerged even stronger from the Great Depression. Products such as the chocolate chip cookie, the car radio and supermarket were invented in the Great Depression among a long list of innovations which have become part of our everyday lives. Capital sources may not be plentiful during periods of slow economic growth, but no one can put a limit on the human imagination.
The first step in preparing for the upswing is to shift your thinking and accept a few new truths:
1. Somebody is spending money.
2. Money is being made right now. Just as not every business thrives in a booming market, some profit in a downtown.
3. Businesses are acquiring new customers.
4. Businesses are listening to their customers and inspiring loyalty.
5. New partnerships are being developed.
6. New computer applications are being implemented to eliminate inefficiencies and increase productivity.
7. Company cultures are being revitalized and employees energized.
8. Ineffective staff and suppliers are rising to new levels of expectation or their services are no longer required.
9. Innovative new trends are springing forth every day. Smart companies are on the watch and are either responding to the trends or creating their own.
10. The economic downturn will end and a new cycle of prosperity will begin but the start of the cycle is rarely recognized until it can be seen in our rearview mirror.
While some are focused upon the chaos and wallowing in their misery, others see only opportunity. Which do you want to be?