This is a weird recession. I've lived through four and this one doesn't follow any of the previous patterns. Some companies, regions and industries are having their best year ever. Others are diving into a classic survival mode; cutting costs, pulling back, lay-offs and hoping to wait it out.
The one lesson I have learned is that you have got to have a mindshift in order to come out ahead of your competition. When sales slow or signs of recession appear - MOST companies and individuals go into a classic survival mode. Not only do many of these tactics weaken a company long-term (like letting go of experienced talent) they also create a tone in the company that deadens the necessary creativity needed to innovate your way through and out of the valley.
Navigating these waters is more of an art than a science. I'll share a few of the approaches that have worked for me over the next few blogs. During each of these periods I thrived - not at first - but sooner than my competition and when I climbed back out of the valley I was so far ahead of my competition that I was able to work half-days in one scenario, receive an nice promotion and transfer in a second and launch a new career in the third.
The first dive took place in the late 70s and early 80s. (High oil prices, high interest rates - my first mortgage was 12.5% and that was a bargain, stagflation).
The second dive took place in Texas during the mid-1980s. (S&L crisis; Oil Embargo & Devaluation of the Peso)
The third dive took place in DC during the early 90s. (Black October, Oil Spike and Gulf War 1)
The fourth dive took place in Texas during the early 2000s (tech bubble - this was the ugliest one)
Here are some of the things I learned and used. I'll go into more detail over the next few blogs:
The one lesson I have learned is that you have got to have a mindshift in order to come out ahead of your competition. When sales slow or signs of recession appear - MOST companies and individuals go into a classic survival mode. Not only do many of these tactics weaken a company long-term (like letting go of experienced talent) they also create a tone in the company that deadens the necessary creativity needed to innovate your way through and out of the valley.
Navigating these waters is more of an art than a science. I'll share a few of the approaches that have worked for me over the next few blogs. During each of these periods I thrived - not at first - but sooner than my competition and when I climbed back out of the valley I was so far ahead of my competition that I was able to work half-days in one scenario, receive an nice promotion and transfer in a second and launch a new career in the third.
The first dive took place in the late 70s and early 80s. (High oil prices, high interest rates - my first mortgage was 12.5% and that was a bargain, stagflation).
The second dive took place in Texas during the mid-1980s. (S&L crisis; Oil Embargo & Devaluation of the Peso)
The third dive took place in DC during the early 90s. (Black October, Oil Spike and Gulf War 1)
The fourth dive took place in Texas during the early 2000s (tech bubble - this was the ugliest one)
Here are some of the things I learned and used. I'll go into more detail over the next few blogs:
- A strong network
- Don't wait for an official notice
- Automation
- New markets
- Creative compensation
- Dashboards
- Mastermind team
- Planting new seeds
- Holding on to good members (creatively)
- Clearing out the closet
- Drip marketing
- Prioritizing clients
- Sifting through the forgotten
- A lesson from dad
- Owners can sell too
- Cash is king
- MacKay 66
- Remembering
- Perspective
- Virtual Teams (SWARM)
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