The death of recessions has been greatly exaggerated! Just like weather seasons that come every three months there are economic cycles that come on a pretty regular schedule as well. The question is what do we do about them? When the leaves start to change in the fall we don't usually panic like it is the first time because we have seen it before. Most people have made some preparation in advance for the cold and have warmer clothing we put on, we shut off the sprinkler system, rake leaves etc. When the recession comes we should have made preparations in advance as well.
The question is what is the preparation necessary for a recession? The goal would be to stay warm and enjoy the change of seasons rather than dread them. There are things you can do in the fall and winter that you cannot do in other seasons and so it is with recessions. Most Americans only have about two weeks cash available and they get very conservative and careful when the recession comes. But what if you had cash reserves and a new silver bullet product just waiting for the right release time? Being an innovator in the product realm is the best preparation for recessions. With a killer new product you can sell you way out of a recession. Yes, there are numerous companies that have been able to grow right through recessions because they had a product that people just had to have no matter what the economic climate. Even better are money making or money saving or time saving products that people are looking for specifically because of recessionary environments.
No matter what you business there are ways to redesign your processes to lower costs or to make then more fun. Even in the construction industry you can help others retool during the slow times with a new efficient home office or a better in-home entertainment center. Some of the preparation for a recession is just repurposing what it is you do and selling it for recessionary times. Other times it is really a completely new product like the Apple iPhone that didn't seem to care what was happening in the economy. But the time to be creative is in the boom times when you have the freedom and money so that you can hit the ground running when things slow down. And they will slow down again.
Getting started you will find that the hardest resource to find during the boom times is time because we are so busy satisfying demand for our current products. So, if you want to be ready to boom in the next recession with a killer product then start by setting aside time now and every week for creative innovation.
The question is what is the preparation necessary for a recession? The goal would be to stay warm and enjoy the change of seasons rather than dread them. There are things you can do in the fall and winter that you cannot do in other seasons and so it is with recessions. Most Americans only have about two weeks cash available and they get very conservative and careful when the recession comes. But what if you had cash reserves and a new silver bullet product just waiting for the right release time? Being an innovator in the product realm is the best preparation for recessions. With a killer new product you can sell you way out of a recession. Yes, there are numerous companies that have been able to grow right through recessions because they had a product that people just had to have no matter what the economic climate. Even better are money making or money saving or time saving products that people are looking for specifically because of recessionary environments.
No matter what you business there are ways to redesign your processes to lower costs or to make then more fun. Even in the construction industry you can help others retool during the slow times with a new efficient home office or a better in-home entertainment center. Some of the preparation for a recession is just repurposing what it is you do and selling it for recessionary times. Other times it is really a completely new product like the Apple iPhone that didn't seem to care what was happening in the economy. But the time to be creative is in the boom times when you have the freedom and money so that you can hit the ground running when things slow down. And they will slow down again.
Getting started you will find that the hardest resource to find during the boom times is time because we are so busy satisfying demand for our current products. So, if you want to be ready to boom in the next recession with a killer product then start by setting aside time now and every week for creative innovation.
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