Recession strategies are growth strategies

I had the temerity recently to ask a group of successful business people how they were preparing for the recession I think is coming. It was a lesson for me in framing – and optimism.

Each of us had been through recession. I think we got to eight or so, going back through our careers. Where we stood by the end of the conversation was encouraging. Rahter than think about doing something special about a recession, the big lesson is to keep pursuing the growth strategies that work whatever the market conditions.

Here are some thoughts.

Sustain yourself and avoid burnout.                                                 

As well as physical health, work through your mental and emotional barriers. We all have experiences that dent our self-confidence and emotional energy. Face them and give yourself the reflective space from which good ideas, and confidence, emerge. Be clear about what burns you out and put antidotes in place.

Keep growing your capacity to contribute in depth.          

Constantly refresh and apply your deepest talents as your role evolves. These talents are the complex combinations of skills, perceptiveness and capacity to relate that you’ve developed over time. They help you find new solutions to new problems. They help you become generative, coaching and mentoring talented people through whatever challenges arise. And you’ll find you’re the glue that holds your professional community together.                                              

Build a repertoire of growth strategies.                                          

Market volatility that brings crisis or opportunity means you’ll need adaptability, to find new paths to solving problems. An eye for risk that helps mitigate it. The courage to let go of flawed assumptions (such as your own brilliance) and take up new insights that yield new ideas.                                                                                                                                                   

Don’t let global problems cloud local opportunities.     

For various reasons, I became hypervigilant to my fragility in the face of global issues, when in reality they distracted me from possibilities closer to home. The world’s big problems, including climate change, geopolitics and recessionary pressures, are real. But gathering good people with good ideas is a good antidote. It’s better to act where you do have power.                                  

Focus on sustaining quality in clients, work and engagement.              

Quality in the round will always win out. Good work for good clients, where you’ve engaged with integrity and energy, will always lead to good outcomes. And often brings surprises in terms of your impact beyond the immediate work.

Corral the resources needed to thrive                                             

In good times it’s easy to take for granted your support structure. Consistently maintain its elements. Polish the tools of your trade – relevant technology, concepts and innovations. Your assets include not only financial capital but social, intellectual and reputational capital. They yield a return whatever the market conditions. In growth or recession, it’s always sensible to grow all the assets that sustain you.                                                                                                                                                       

Governance                                                                                                                 

Governance is often taken for granted but shows itself either in the breach – when decision making falters in tough times – or in action – when it fundamentally drives resilience, innovation and success. It’s visible in how talented people are helped to thrive and in strong decisions that enhance collaboration. Good governance helps professionals continue on their career arc by adapting their goals and focus to a well-designed vision.

I may be preaching to the converted. Leaders today have learned crucial lessons from the GFC and the pandemic that will stand them in good stead for whatever comes next. But it’s always good to be reminded that optimism put into action is powerful! 

What would you add to this list?