But the truth is, just as a robust economy offers opportunities, so does a downturn.
A downturn may be a good time to grow. If you’ve been wanting to expand, you may be able to acquire assets for your business that were overpriced during the boom times. This is especially true for real estate.
If you’re wanting to build, those construction firms who were too busy to return your calls during the good times may now be very eager to negotiate a price you’ll really like.
Now may be the best time to advertise. Because your competitors have likely scaled back on their advertising, your messages can stand out on a less cluttered landscape. You may also find that ad rates suddenly become easier to negotiate in a downturn.
Your workforce should also be happy to have jobs, so they should be focused more on how to increase their personal productivity and offer stellar customer service than on how to find that “next, better job” that always seems to present itself in an up economy.
It’s been said that we all turn into much better managers during a downturn because the scarcity of resources forces us to make better, smarter decisions and find more innovative solutions.
A downturn certainly isn’t preferred, but it may not be the end of the world, either. If think a downturn suddenly erases all opportunity, consider that success stories like Microsoft, GE, FedEx, Revlon, and Hyatt, and plenty of others, started during a recession.Then go out and make some history of your own!
Glory is fleeting, but obscurity is forever.” – Napoleon