These are tumultuous times, of which, I’m sure you’re aware and don’t need me to run down the laundry list of economic woes facing the nation and the world.
This is the third recession I have encountered in our 20 years of marketing here at Gotham, and without a doubt, the most significantly challenging set of circumstances yet. Some call this period a “correction” or a “weeding out of weaker competition,” while the news media likes to compare it to the “Great Depression. ”
If you Google “recessions in the US” you will find a better term for it- “panic.” Apparently, before the term “recession,” there was the “panic of 1857″ and so on. Though, much like a recession, panic is a short-term phenomenon, and we all need to keep that in mind.
Since this is my third “panic,” I would like to share some wisdom I gleaned along the way. Hopefully, these ideas will help you think strategically about what you can do on a personal, and corporate level, to navigate the apprehension that naturally comes with times of panic.
Personal Tips for Dealing with a Recession
1. Thank God you are in possession of your number one asset…your health. Without health, all the financial strategies in the world are irrelevant.
2. Count your blessings, of which there are many. We are a “society of fixers” who tend to look for what’s broken in an attempt to correct it. It’s far too easy, and human nature, to fixate on the negatives in the world today.
3. Accept that the recession is a temporary situation. Long recessions historically last 16 months. We are in unprecedented times and this one may last longer; nonetheless, we are in month 14 of this economic downturn. Better times are around the corner.
4. Turn off the TV. The recession/depression hyperbole is unavoidable in the news and particularly bad on TV, where messaging is truncated into dramatic sound bites designed to arrest your attention.
5. Exercise to avoid festering stress. Taking care of yourself allows you to think clearly and maintain sanity under duress.
6. Be positive and try to spread the word. Consumer confidence can be built, one person at a time.
7. Come out of your shell. Although, hiding is a strategy, someone is pursuing your customer base, while you’re “laying low” until better times.
8. Accept that the “good old days” in business may be long gone. The new reality: there is competition everywhere and cheaper channels of communication for them to address the market.
9. Rethink everything. Become more efficient personally and corporately.
10. Pray on a regular basis for continued good health and better things to come.