I look at politicians all over the World as they struggle to use the ‘R’ word (which is recession). Everyone else knows we are in a recession and maybe even headed for the ‘D’ word (which is depression). Another group of people that I’ve watching with interest are those who claim, they ‘are not participating in the recession’.
I think that is a very noble sentiment but it isn’t realistic. Why? Well if everyone else around you, your customers, peers, suppliers and so on are in the middle of a recession how can you choose not to participate? Unfortunately, in this day and age everything is so intertwined that we depend on those around us heavily. When they sneeze we catch cold.
A wise person once said that a smart person can’t control their situation only their reaction to it. Face it, we are in a recession. Face it, we are going to see reduced cashflow. Face it, times are going to be tough. Don’t try and fight something that you can’t change, look at your reaction to the situation facing you.
What steps have you taken to solidify your business? What actions have you taken to reassure your customers that you’ll continue to be there to help? What actions are you taking to grow your business? Hang on there. Did I say GROW?
Well, yes in fact I did. Again, the key again is how you react to the situation. What we are going through now will not last for ever. However, we may never see opportunities like these again. Consider the opportunities to purchase assets at historically low levels. Look at the opportunity to repay debt at the lowest interest rates seen. Look at the opportunity presented to you because your competitors are wobbling or falling.
Participation in the recession is mandatory. Once you understand and accept that you then need to consider how to use the recession to your advantage. I never said that it would be as easy as it was in the good times but there is still opportunity there for those who are prepared.
Tell me, where do you stand? Do you have your eyes closed hoping all this mess will disappear? Or do you have your eyes wide open, searching for every opportunity? The choice is yours. The grounds rules have changed. Participate or die.