Doug DavidoffIf you are follower of the news, it’s pretty likely that you believe a recession is coming. Of course, I like to say that the media has accurately predicted 9 of the last 2 recessions. I certainly don’t have any insights into whether we are entering a recession or not. Here’s what I can tell you:
- The possibility of a recession gives you, and any other fast growth company, a tremendous opportunity to increase the separation between you and your competition.
- All of this talk of recession has your clients and prospects scared. There is a tremendous amount of fear in the market today. We were already in turbulent times (even when the news was “good”), and the current news and concerns isn’t increasing certainty. Remember, markets hate uncertainty.
- The clearer and more confident you are, the more you will attract good, new clients, and keep the ones you have.
- The most important piece of information I can give you is the recipe to succeed in a recession. It’s the same recipe as in a good market.
When I was a financial advisor, I used to tell my clients that there are only two things we know for certain. “We know there will be ‘bull’ markets and we know there will be ‘bear’ markets,” I’d say. “The only thing we don’t know is when they will happen.” For this reason, I would instruct my clients that the only viable long-term strategy is one that works in both a “bull” and “bear” market.
The same is true in building a fast growth business. You must implement a strategy that works when times are good or bad. That means creating demand, make a compelling promise, focus manically on delivering your promise, and always make sure you create value in everything you do.
These four items are a recipe for growth in any market.