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While a recession seems imminent, the “R” word does not need to be something that induces layoffs, cutting back and operating with a scarcity mindset. In fact, the opportunity for growth is more important for businesses than ever before.
As I work with clients who are fretting about the doom and gloom of financial volatility, I speak frankly. When a business retracts resources to accommodate a market in recession, they fail to see the opportunity in emerging needs and trends. In 2020 when panic struck the globe, I joined in the chaos at one point. My initial response was to go big and cut back. The loop in my brain went directly to scarcity, and I had to hustle harder to bring in extra cash. While this mindset induced frenetic action, I quickly became burned out.
Related: Worried About a Recession? Do This to Prepare Your Company.
What I realized is that there are always paying clients out there. I simply had to understand their needs. Clients’ and customers’ needs changed, and I adapted. The ability to ride the waves of economic downturn and build a stronger brand presence allowed me to emerge as a media and communications leader.
Let’s take this theory one step further. If you are contemplating cutbacks, layoffs and trimming the fat, how will this help your vision long-term? If you eliminate your marketing team, virtual assistant or sales, you are exposing yourself to an enemy that will diminish your business plan. The businesses that thrive have access to cash reserves and capital.
Related: Bank of America: Recession Will Ravish Markets in Early 2023
The fact is that recessions are normal occurring dips in every business cycle. Thus, if you are properly prepared, recessions can present opportunities for well-positioned companies.
Mindset is everything. First, look for opportunities. Second, understand your cash flow and access to monies from outside sources. Then take massive action.
Related: How To Utilize PR During A Recession
The moral of this story is that when things get tough, you have two options. You can morph into something bigger and better. Or you can recoil and wait for the world to emerge from economic despair. This simple choice to create and elevate during a recession will offer you an edge against competitors. The choice is yours.
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