What did I learn from the recession?

Here is my quick off the cuff list:

Small businesses and individuals have a lot in common; I think they have the same problems:

Core competency/product/service: each needs to constantly evaluate its marketability of its product and make changes or improvements before a downturn comes. Each needs to invest in new products/skills when times are good.

Transferrable skills, other markets for products should be a focus for future.

Sales do not solve all ills; customers are fickle and have problems of their own. Having a job is not secure, employers have problems also. We must know our customers/employers, their needs and problems and seek to help them before they drop us. Or find a new customer/employer to serve before current one leaves us or goes away.

Each needs to operate at a profit and have reserves to withstand a downturn. Excess costs for personal desires that are not necessary hamper reserve building. Each should operate in a survival mode first; luxury mode later.

Each can be dependent on banks for money. If bank gets in trouble, its customers are in trouble.

Banks are not in business to finance excess spending continuously. We need a plan to pay bank debt to avoid surprises.

Each needs skills in finance, sales, and core competency/product/service to survive. Businesses need to have communication among each area; individuals need to coordinate all three.

One response to “What did I learn from the recession?”

  1. Peter

    Hi Rob,

    I enjoyed your article.

    As you know, I hold a leadership position in a business that is based on helping people. Perhaps it was the values instilled in me by my parents, but I have not once lost sight of that fact; and as such, it must turn a profit in order to survive. One of the most frequent comments I hear is “it is all about the money.” Typically, I try to put it in perspective by reminding whoever that even though we are in the helping profession, we still need to earn our keep, so to speak.

    It is funny because many of the same people that have an issue with the business aspect of it eventually go into private practice, essentially working for themselves. I can honestly say that I have not known any to give away their services once they are working for themselves.

    For me personally, I enjoy what I do for a living and I have a tremendous amount of gratitude that I have the opportunity to do something I like, make a half way decent salary, and help others at the same time.

    Maybe my view is too simplistic, but it works for me.

    Again, I enjoyed your article; you make many good points and offer excellent suggestions.

    Peter Edis

Leave a Reply

Want to see your picture with your comments here on RobSeverson.com? Upload a picture at Gravatar and your image will appear!
Follow me on Twitter @robseversons

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Pin It on Pinterest

Share This