Michael Podolinsky’s new BLOG – 3 Steps to Recession Success

For our long time subscribers, my personal apology for not writing our weekly newsletter since January 2008. The decision was made to switch to a Blog format to make it more responsive to our readers and with business up 335% in the first quarter, I just got swamped. So now, here we are in July and you finally get our first Blog commentary. THANK YOU for your patience.

For new readers... Welcome on Board Podolinsky’s Success Series!

Recessions: Don’t ya love them? I’ve survived 3 and actually thrived in the last one. This one, I suspect will be much the same only worse for those dependent upon USA business. $9.5 Trillion national debt, $50 Trillion debt owed to the American public in social security, medicare, etc. and the average American with $10,000 in personal debt , often with a 2nd or 3rd mortgage, means the population is “at the end or very near the end of it’s ‘plastic’.” The word I get from friends at The Economist, if China banks hold, we will have a normal recession. If they don’t… hold on to your economic socks as it will be a very bumpy ride.

SO… how to survive or THRIVE in this recession? Here are 3 Recession-buster Steps.

1) Grab market share or boost your career. In every recession, most companies and people cut back. So, be the one to take on more. Take on other people’s work and projects and ideally at a higher level. This not only guarantees you do NOT get fired, it positions you for the next higher job. Do not take on the ‘C’ work, take on the higher profile, higher level projects.

For the business professional, as companies cut back on your products or services, find ways to combine orders, save your clients money, start buying groups or do whatever you can to be the one REMAINING supplier of choice. They love you for it and YOU become the vendor who survives.

2) Cut your costs. During good times, we all get a little lazy about spending. We buy what we FEEL like and spend on a whim. Get ruthless. Cut what you do not need NOW. Share magazine subscriptions with colleagues where you pool the expense instead of you carrying it. Bury your pride and take lunch from home. Use public transport instead of driving and get work done on the bus or train. Sell off what you have not used in a while. Repair rather than replace. Find ways to economise.

3) Sell, Promote, Educate! Most companies and individuals cut back on that which is most needed in recession times. Spend the budget you saved in step 2 on more advertising or promotion, just make sure it is more targeting and FOLLOW-UP on every lead. Increase the quantity and frequency of your sales calls. (most sales people spend only 50% of their time selling)

Get an education. In slow times rather than twiddle your thumbs, go get the MBA when you have the time to do it. Learn what other departments do by volunteering your time to help them. These are awesome career moves for when times turn around.

Bottomline, life and business is a pendulum. It swings to bull, it swings to bear. BOTH can boost your business and your career if you learn to profit from a recession.

SMILE MAKERS for the week: Recession meeting definitions…

Committee: Individuals who can do nothing individually but as a group sit and decide that nothing can be done.

Conference: The confusion of one person multiplied by the number of those present.

Conference Room: A place where everyone talks, nobody listens and after they all disagree.

Conference: A place where delegates catch up on SMS and e-mail messages while a speaker drones on about his life’s achievements with a buffet lunch in the middle.

To your success and find out how Michael Podolinsky will help you and your organization by browsing through the links below:

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