I suggest that you begin your recession skills training by having a meeting with yourself.
Agenda
1. Write your fears on a piece of paper; put them in terror order. How many are rational; how many are self inflicted? Fear is much bigger hiding in the back of your mind than it is out in the open. What is the source of the fear? Not paying bills? Disgrace for losing your business? Losing the business that gives joy to your life?
Fear about money is incredibly debilitating; this fear is real.
The causes of the recession whether fate, global forces or engineered by power for profit are beyond your control. I saw so many becoming smaller people unable to shake the feeling that they must have failed in some way. This guilt will sap the energy and creativity you need.
Entrepreneurs enjoy their daily work life. Watching it slip away is very hard. Of all the fears the one that was hardest for me to deal with was boredom. At your meeting ask yourself what you enjoy about your business. Then try to figure out where you can get the same feelings outside of the business.
I did it by volunteering. If my community is suffering it will affect me. Volunteer for innovative leading issue groups. The issues they have chosen indicate that they know “that the way it should be” must be replaced by “the way it could be”. I met many brilliant recession bored people. Contacts that proved invaluable when the economy recovered.
2. Make a list of ways to cut back your work and personal lifestyle. List necessities and priorities.
What is necessary by our standards would astound most of the world. Last week a news clip showed an interview with a woman who stated that in order to pay for gas to get to work she had to give up one meal a day. Very disturbing until they followed her to her car carrying bottled water. Bottled (unregulated) water is not a necessity in most areas. If priorities elude you pretend that you return to your home this evening and the house has been emptied. While you are waiting for the insurance claim to be paid what would you buy with your on hand funds to prepare for tomorrow? These are your necessities and priorities!
3. Consider the products and services your business provides. Are they vulnerable ? Recession proof?
Everyone says the same thing in a recession-”I can’t afford it”. In truth they do buy things and often things that are not practical. Perhaps they should have had a meeting with themselves. I learned this in my first recession while facilitating women’s artisan shows in shopping malls. People would look at a practical item and recite the mantra “I can’t afford it” then they would move to a booth featuring hand puppets and buy one for the same amount as they practical item. They wanted to take it to work to give everyone a laugh for a few minutes then the puppet would disappear into a desk drawer forever. The jeweler found that big pieces attracted people to the booth but did not sell. She did very well with inexpensive silver rings that provided a lift for stressed out people. A recent news article pointed out that pet owners cut back on their own food , lifestyle services and grooming but continued to buy the best for their companion animal.
My grandmother owned a plumbing and heating business during the Great Depression. She said people gave up many things but when the toilet broke– she always got paid but often it was in food, sweaters, labor etc.
4. Conceive an action plan to protect your career/life.
In my first recession I met with myself and decided to keep my office and give up the beautiful townhouse that I loved. I moved into a small apartment where the queen sized bed would not go up the stairs. I cried every night but my office ran as usual. This was both positive and negative. On the positive side I appeared to be financially sound so people who owed me money paid. I watched as people backed away from those in trouble. If they went under clients would not have to pay at all. On the negative side an appearance of financial strength brought distraught angry people to my office to srceam their pain at me.
Keeping up appearances is sound business and sometimes funny. The Woman Like Me Directory was very strong in the recession as it it gave entrepreneurs an inexpensive way to promote their business. I had my photo taken for the cover in my one new suit. Weeks later just before the launch party I lamented to my assistant that I would have to wear the same outfit and everyone would know as they had the cover to look at (sorry to puzzle the men reading this; its a woman thing). Many people came to me at the launch to tell me that I was brilliant, never missed a detail etc because I had worn the book cover outfit so everyone could find me to talk to! So if you keep up appearances people will believe it.
When I met with myself in my board room before the next recession I decided to start my plan with a different approach. I gave up the office and kept my home. It was a shock. I had not made my own lunch on a workday for many years. When I looked in the fridge there was nothing very lunchy. It was very different from having an office community where the morning conversation revolved around what do you want to eat today. Have you tried the new—. Then the afternoon chat would be did you like it ; should we go back?
My idea of excitement changed. Our office in an old church was the location for many Hollywood shoots. I had coffee or chatted with some famous actors and joked around with others who I failed to recognize as they were much older and shorter than the camera revealed. The big moment of the home office day came when I noticed that the cardinal had brought his mate to the bird feeder.
I am afraid I whimpered a bit to my network. This resulted in my being hired to judge a homepreneur award. When the sponsors backed out claiming that home office people are just unemployed and won’t admit it I called the media and launched a new and timely seminar niche for my company.
This time at my meeting with myself and my life partner we made our first decision. We turned in our Honda Accord Hybrid and leased a Prius.
My grandmother raised me with what she had learned; famine follows feast and feast follows famine. Good economic times will return but they will not be the same and you will not be the same. How it changes you is a matter of choice. My grandmother was generous, kind and loved to entertain. She always looked ahead and bought the newest gadgets. She met every month with the women entrepreneurs she had had gone through the depression with. My parents, children of the depression were fearful, unhappy and cheap.
Meeting Adjourned.
