3 Things That Will Get You Through Any Recession
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Recession looms, and yes, its more than just some media-inspired (or pundit-inspired) conspiracy. Anyone who has studied economics for more than 5 minutes can tell you that attitudes and behaviors of market participants can have lasting effects on the market itself. In other words, if everyone is scared, it turns the marketplace into a scary place.
Here are three things you can do to get through any recession.
1. STOP THE PANIC MINDSET. Stop rushing about. Stop flip-flopping. Stop making erratic decisions. Stop sampling. Stop the sudden changes in direction every week. Instead, talk to your customers. Find out what they need. Find out what is killin’ them. Find out what is at the heart of their problems. Then offer to help them fix that problem or remove the pain. They will love you for it.
2. Leverage the Web to the hilt. It’s much cheaper to run a blog than to run advertising. It’s cheaper to publish white papers and host a podcast series than to try to get a superbowl ad. It’s better to run free online workshops than to churn out endless amounts of swag. Its easier to leverage your LinkedIn community than to try to cold call 1000 strangers, 80% of whom don’t want to talk to you. It’s more profitable for you to optimize your web site and get incoming links than it is to buy a ton of banners somewhere.
3. It’s time to look within…so do it. What processes can you improve internally? What training do you need? Is it time to slow down a bit? Maybe take a few days off? It sounds counterintuitive, but when things slow down, give yourself a break. The market will pick up in six months or a year, and you’ll be back in the thick of things. When that time comes, are you going to be refreshed or are you going to be whipped?
