Create cash reserves during the good years to get through bad economic times – part 1 of 6 of “Surviving economic & industry downturns”

Aug 20, 2010

Now, I understand this is advice you might have heard from your grandfather, or his father, or someone who endured the Great Depression of the 1930s. Thing is, it is still true. Thing is, we are in a similar state to that condition of the 1930s, and recovery will take...

Adapt your offerings, value proposition and pricing structure to what is needed now, not what you offered before: part 2 of 6 in “Surviving economic & industry downturns.”

Aug 20, 2010

When changes disrupt your business from market shifts in your industry, or from larger economic downturns, it is imperative that you re-assess the market’s response to your offerings that have been working prior to the disruption. This means that you must ask these...

Always market and network while you are working, even when you are fully booked: part 3 of 6 of “Surviving economic & industry downturns”

Aug 20, 2010

What more is there to say than this? It is an imperative to all CEOs. It is a discipline which must be learned, and applied, and applied again, and not neglected, until it is in your very nature. If you run a product company or service company or consultancy, you must...

Remain positive and confident about the value you can deliver: part 4 of 6 of “Surviving economic & industry downturns”

Aug 20, 2010

We are going to explore here the dark side, the righteous side and the upside of your battling through the emotions that accompany economic conditions you cannot control. Recessions and depressions are depressing. Industry downturns can be worse, because you see other...

Don’t waste energy worrying about what you cannot fix — fix what you can: part 5 of 6 of “Surviving economic & industry downturns”

Aug 20, 2010

A lot of emotional energy and time is consumed by worrying about the larger economic conditions that affect us personally and professionally. It is easy to say “Don’t worry” and difficult to do. Like with depression and rage, (see http://bit.ly/aMs2Rz)  action often...

Keep balance in your life — non-work pleasures — to remind yourself of what you value beyond work: part 6 of 6 of “Surviving economic & industry downturns”

Aug 20, 2010

Keeping your life in balance is more important during a downturn than during your busiest working years. So many pressures are working against you when you have no work or less work: pressures about identity, meaningfulness, finances, security and your future. If you...