If you aren’t quite sure, you’ll find some pointers here…I invite you to read on. First of all, it is best to get rid of the fear that something terrible will happen to everyone, and that this recession we hear so much about will end what we have today! Grab hold to the truth that we have had a recession before, survived it, and many of us came out better in the end. While a recession may bring temporary personal or business hardships, I believe it is an automatic and necessary adjustment to the economy: we have had one before, and will get another one later. So what do you do? get scared? do things differently? Here’s some tips and advice I have learned over the years and it applies to both business & personal life.
First of all, I don’t think you should go into “cut spending mode” – use the same criteria to make decisions as when it is booming! Obviously, the numbers may be different, but the same principals should apply. If a purchase brings about the needed results – buy it! If it doesn’t , don’t. Often it is better to spend more money in a recession than in a boom because you will get more value from your purchases because of lower pricing. It does take careful analogy, but not any more than when things are booming – we often get lazy & take greater risks when making decisions during good times – train yourself to be consistent in this regard. Recessions are a great opportunity to use the extra time to improve your life and business – don’t let the lower cash flow take away from this. Money spent on training or upgrading your personal or business situation is always worth it & will pay huge dividends when things get back to ‘normal’.
Sometimes even a vacation is wise to take during a recession…it may allow you to get the much needed break away from everything AND still keep the great staff you have invested in for the future when things get real busy again. Catch up on projects that have always been put on the backburner when you are in tight on schedule; take time for yourself. Buy things that do indeed pay for themselves, or bring you true happiness. So many of our clients understand this – personally! Buy things that you REALLY like, that will bring you true happiness, bring back great memories, and be enjoyed for many years – things that last!
You won’t regret spending on the right things during a recession!