With its usual way of dramatizing the news, the media is all over the “recession story”. At the risk of appearing to be piling on (and no, I don’t think bloggers are journalists), I can’t resist commenting on the topic.
Technically, it takes two quarters of economic data to determine if there’s a recession, and the economists don’t have that data yet. On the spectrum of economic slow-down characteristics, it isn’t looking pretty right now, but it’s not disastrous. I’ve been through several recessions; some people suffer more hardships than others, but recessions do pass, and people and economies recover. I was one of thousands of Silicon Valley marketers laid off in 2001. Then, I went on to start my own successful business.
Several posts from bloggers I follow are worth passing on to you for their tips on what, if anything, you should do differently in a recession:
Experienced Employees Can Help You Weather the Recession – Fellow AllBusiness.com blogger, Glenn Ross, links to a Business Week article, 10 Worst Innovation Mistakes in a Recession.
Why I Am Not Worried About Recession – by Anita Campbell, who says, “Don’t let recession fears spook you.”
The R Word and Economic Woes — The World Will Go On – by Joel Libava, who notes that franchising goes up when the economy slows down.
In the end, my own advice is simple: Reduce debt if you can for a while, or at least don’t take on new debt. And don’t make cost cuts that will jeopardize relationships with your customers.