COVID-19: How to Grow in a Recession – The Right Perspective

We’re currently facing a very turbulent time economically – and when faced with such times, businesses and their owners quite often tend to panic. This panic leads to “survival mode” being triggered and any thought of how to grow in a recession simply goes out of the window.

But is this the right response?

We’d argue not.

You see, some businesses don’t just survive economic downturns, they actually thrive!

So, what do they do to thrive that others around them (who are struggling) don’t?

Well, the first thing they do is to adopt a different and much better perspective.

The Right Perspective:

Most businesses and their owners look on a recession with a perspective of fear. And their perspective is rather fatalistic. Their fatalistic view is that a recession is coming, nobody will be able to boom, and that the best thing to do is to hunker-down and wait. Their view is that nothing can be done other than to batten down the hatches until the storm has passed.

However, the perspective of the business owner who thrives in a recession is completely different. There is nothing remotely fatalistic about their perspective. And there is nothing remotely negative about their perspective.

In fact, their perspective is quite the opposite.

The business owner who thrives in an economic downturn sees every recession as an opportunity. An opportunity to take market share, an opportunity to capitalise on the problems of rivals, an opportunity to cut away dead wood, and an opportunity to steal a march on the competition.

If your perspective is the fatalistic negative one, your mind will never turn itself to thinking of a strategy for success during recession. But if your perspective is the positive one in which the recession is an opportunity, your mind WILL turn itself to thinking of a recession busting strategy.

So, what’s your perspective at the moment?

Is it the fatalistic, negative perspective?

Or have you made a conscious decision to look at the current situation as an opportunity and to seek out a way to thrive while others wither?

Would you like to know how to grow in a recession? If you would, change your perspective NOW, and then stay tuned! Next time we’ll start looking at some of the strategies you can use to win during an economic downturn.

 

Written 27.04.2020 by

Antony Holdsworth BSc (Hons) FCMA CGMA

Owner of

E. H. Taylors

Antony J. Holdsworth & Co

Clarence Trustees LLP

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