If you want to live and thrive through a recession and not just survive as a either a fence-sitter or blanket sulker, then your best bets today lie in being creative and in your knack to diversify quickly in the areas that have positive cash flow. And for this the first step must be to do a smart and time-efficient research to identify areas where there is present and urgent requirement and demand, either in terms of customer satisfaction or at your present workplace.
In most situations you might not need reinvention – but recreation and diversification can most certainly help to turn around the tide to your advantage.
Just to clarify further – by ‘recreation’ I do not mean that create a solution or product or services completely new or from scratch, but how well you can put together your old solution in a new packaging which fulfils the needs and budgets in the trying economic scenario.
Read on to see what I mean here and why it is beneficial to your professional growth in a recession….
and I would love to see your suggestions on this topic – please comment to share your ideas on how you see renovation, diversification and re-creation can help during recession.
An Employee/Worker on Diversification
As an employee or a worker put your efforts towards ingenious diversification of your skills at present work. Diversification will work best for you if you can manage it. Learn to manage your career during recession but always be aware and ready to move on when required. If your skills are in certain areas where you can freelance – go for it. It is quite similar to in saying that diversifying your financial portfolio helps to save better; it is at times good to diversify your skill set. Always aim to learn a new skill every year and in such times you will see that reinvention and recreation will come easily
An Entrepreneur who Re-creates
As an entrepreneur check on which products and/or services satisfy the needs of customers – recession or no recession if you have something that the mass needs, you can create a positive cash flow. Check on the sustainability and practicality of your idea (products or services) and analyze if people are cutting back costs in certain areas then which other areas is their investment channeling to? However don’t completely abandon ideas if you see that the trend is only temporary and with some good news from the economic sector money will be tricking back in through that service or product. It is time to diversify and look for alternative paths which help you flourish– don’t be the one who just lies down and waits for such economic crisis to pass by.
Do not assume in the first place that customers will not buy once they begin tightening their pockets and budgets. It is time to offer and market other services or products which could be squeezed in their budget – yet again an example of intelligent refurbishment of your offerings through customer satisfaction and need analysis.
It is not the give up and put your feet up, recessions and economic slowdowns perhaps make us more aware of our spending and expenses. And also gives us the time to reinvent and diversify – these could be the best strategies to thrive during the economic storm and also adds to your contribution towards bringing the economy back on its feet.