Recession. What is it? What does it mean? And most importantly, what does it mean to you?
The sales are in full swing, parties are loud and late, cars are travelling far and wide. Some days it feels like there are two worlds, the one we live in and the one we read about.
Losing a job is not fun – I know from personal experience – but take this out of the equation, and what else is happening? Food prices are down, fuel is just 86p a litre, variable mortgage rates are at an all time low. The spectre of recession might be based on little more than a perceived worsening of our world.
Perhaps the biggest thing we have to fear, is fear itself.
But it got me thinking about the term “recession proof”. I don’t think any organisation (with the possible exception of high street banks, given the government’s recent action) can ever be recession proof.
The best any business can hope to be is aware of the economic climate, and be able to adjust its business plan accordingly. Periods of growth demand a different strategy from a period of decline.
Are businesses out there struggling because they are unwilling to take the steps required to stay in good shape? No business has a “god-given right” to survive, not even a charity.