Having lived through a number of recessions, I am often asked how to cope in one. It is tough medicine, but for what it is worth, this is my approach:
Don’t do gloomy
No one wants to listen to a moaner. The circumstances might be different, but you don’t have to be miserable. If you are, you’ll run out of clients and friends, fast. If possible, do not use the R word.
Don’t invoke a higher power
Bad performers love a recession because they can claim it’s nothing to do with their performance – it’s the economy, apparently. Bad people are bad whatever the economy is doing.
You only need one girlfriend
Wandering about complaining that there is no work is like saying there are no women in your town. You only need one girlfriend or piece of work, so go and find it.
Good companies do the right things all the time
There is no difference between the things you should do in a recession versus what you should be doing in any other circumstances. If you have to ask what to do differently in a recession, then it’s probably too late.
Sometimes things go up, and sometimes they go down
So what if the economy is difficult at a particular moment? What do you expect, perpetual good times? Your success is entirely in your own hands.
Nip into the gap
You need to be dexterous enough to nip into the gaps that other people miss. Three examples follow.
1. If they want to save cost:
Go for a one-off project. Forget retainers and sweep up what’s left. They save money and you gain income.
2. If they have fired a lot of people:
Propose a cost-effective shot in the arm. The remaining staff will be low in morale and wondering if they are next. Suggest something that helps them out.
3. If their income has plummeted:
Then they need new selling angles, a renewed business effort, and galvanizing of the troops. Propose your versions of these.
In short, stop talking about it and get on with something constructive.
