The “Great” Recession (Silver Lining Edition)
The National Bureau of Economic Research reported this week what we’ve all heard – that the recession which began in December 2007 “officially” ended in June, 2009. The 18 month duration made this the longest downturn since the “Great” Depression. Are you having fun yet? The economy is expected to continue to grow, although many economists are predicting only 1% growth next year. In June, 2009, if you subscribe to our newsletter, you may have seen our article “Reframing the Recession”. We focused on the positive side to recessions. Here is take 2, 15 months later.
Companies that are doing great right now have largely “reframed” the recession – extracting the silver lining from the cloud. This includes:
- Market share – Did you increase your piece of the smaller pie?
- Improved awareness – Do you know more about efficiency, productivity, etc.?
- Customer focus – Are you more keenly aware of (and responsive to) your customers’ needs?
- Differentiation – Are you better able to articulate your unique value proposition vs. your competitors?
- Network – Did you reach out, expand and leverage your personal network?
If you answered yes to the 5 questions above, odds are you have beaten the recession. If you answered no, tomorrow is the first day of your second chance to implement these strategies.