Many of the MOST successful brands and CEOs we know today took advantage of the psychology of recessions and depressions to create what we now think of today as monster corporations. Meanwhile, other highly respected companies went bankrupt.
In fact, in the economic world, recessions and depressions are known for creating some of our history’s most successful and wealthy brands and CEO’s that we know today. (Insert Walt Disney doing a little happy jig.)
So, if economic downturns make or break companies and CEO’s, then what differentiates who came out on top and who didn’t? And the answer to that is simple:
Who panicked versus who innovated.
During downturns, things can get…well, spicy. Being that I am only 33, I haven’t yet lived through a massive recession as an adult. (shoutout to 2008, but I didn’t know what was happening, I was too busy listening to my walkman and kicking rocks.) But although I haven’t lived through them yet (it’s coming) I have studied the patterns of economics and read many books that have made me realize just how terribly spicy they can get. But here is what happens when things get spicy: some business owners panic. They begin saving money by pulling back their ad spend and their marketing budgets, and they lessen their risky-ness in order to prepare… causing bankruptcies and shut downs.
Meanwhile, successful business owners know their competitors are pulling back and they take advantage of this…so they find solutions, they LEAN IN and gobble up competitors’ customers. (During the pandemic when all massage practices were shut down, and some were permanently closing, my husband and I were pumping MORE energy into ours. I remember the meeting where we discussed, “while everyone sleeps and takes a break, we will open back up stronger and with more strategy than ever. It worked out nicely my friends.)
And whether we want to believe it or not, we are 100% coming up on a financial winter. And likely one we haven’t seen in our adult lifetime. (that statement is just for you 30 and 20 somethings.) You Boomers have seen some shit. And your parents were called the Great Generation for a reason. They know how to flex their survival muscles.
Some things to remember:
- These times are temporary. The economy WILL realign eventually.
- It will help you tremendously to begin studying the patterns of economic history. It is very telling for what is in our future.
- Be open to pivoting your company if needed.
- Lean in and hold on. Get your mind right. Expect it. Don’t be surprised by it. Decide NOW what story you’re telling yourself. You can borrow mine if you want but this is it: If ANYONE knows how to survive on little, it is me. If I trust ANYONE to take care of me, it is ME. I am the cream of the crop when it comes to hard times and survival. I have another mode I can tap into when needed. I will do anything and everything to not only survive, but thrive.
- And for the love of God…don’t panic.
PS: A new episode of my podcast aired today on all major podcasting platforms. I am sitting down over beers with Melanie Childers, a million dollar company owner and host of The Bad Bitch Podcast to discuss growing to 1 million. Check that out here on THE HELL YES ENTREPRENEUR PODCAST.
PPS: We are one week away for the Thirty More Mastermind PAYMENT DEADLINE. This is for all members who want to pay in full to reserve their seats and for people wanting to take advantage of the payment plan.
When you join early, you get MORE and LONGER access to all the content to begin recession-proofing your business. Click here.