This is a Series from Chip Robinson, a partner and business mentor at DeliberateU.
The last couple of years have been a roller coaster. We have dealt with COVID, lockdowns, travel restrictions, labour shortages, supply chain shortages, and unprecedented demand for goods and services!
Now... add the looming threat of a recession.
Are you overwhelmed? Uncertain of how to move forward?
Every day in the news it feels like there is yet another report of economic uncertainty, stock market pullbacks, or a real estate adjustment or crash. In the midst of this bombardment of such negative news, it is challenging to keep your balance. If things feel uncertain for you right now, you are not alone.
In the midst of this reality, there are really just three options for how you as a leader can respond:
- Close your eyes and do nothing. In the midst of the overwhelm, you may just hunker down. You may wait and hope that you may get some flash of insight or clarity. This strategy may have worked for you through the slowdown with COVID in 2020; so you may choose to roll with the punches and react to each new situation without planning.
- React and withdraw. You may respond with fear and kick into survival mode. You may eliminate all possible risk: pull back everywhere, stop investing, and determine to just survive at all costs
- Embrace Reality. You choose to assess your situation and identify a path to chart through the chaos. You review your business: addressing any weaknesses and determining a plan that leverages your strengths and takes advantage of the opportunities that will emerge as other businesses struggle to adapt to the changes in the economy.
Option 1 - the easiest, and most tempting option by far. Just keep doing what you’re doing. It’s also the riskiest if the economic situation is prolonged or gets worse.
Option 2 – feels the safest, but there’s no safety in a storm. This option shuts you out of potential upsides and may result in decisions that could cripple your business.
Option 3 – a position of strength. “The best defense is an effective offense”. Take the time now to prepare for the coming uncertainty. Ensure you are protected, your business is strong and resilient, and if presented with the right opportunity, you are ready for action. This is where I choose to be.
This is where we at DeliberateU would encourage you to be.
The Deliberate business leader sees a recession through the “eyes” of Jesus and His invitation to live and lead in a kingdom way. The Deliberate business leader sees a recession as an ideal time to wisely consider the option of growing their business.
A time to:
- take managed risks and take advantage of the opportunity to find great people.
- get more ideal customers and hone your processes to become more effective.
When the economy comes out of the recession, which it inevitably will, a Deliberate business will be ideally situated to take advantage of the better times and better markets.
Do you want to embrace option 3 and truly prepare and face the recession head-on? If this is the path you want to choose, we are here to support you.
Join us at our upcoming course “Recession Proof Your Business” on January 18th (click here or the image below for more details).
Let’s learn from the past and ensure that we are prepared for the market instead of waiting to see what happens.
Stay tuned to our blog over the next few weeks as I will walk you through the key components to create your own evaluation framework and how you can thrive in the midst of marketplace uncertainty.
