Learning Lessons in a Recession

Katya told us about a lesson learned when her company first began and it started me thinking about the way we learn lessons and how the way we learn lessons might affect us as we claw our way through these economic times. The experts have been telling us that we’ll have to work harder and smarter to get the same results. They’ve told us that recessions are “nature’s way” of getting rid of weak inefficient companies. We’ve been warned that our prospects may become more cautious or worried that their company won’t survive, so they conserve cash by delaying or cancelling expenditures that they had planned for growth.

Search Grow or Die in Google. One of the results starts off, “There are only two kinds of problems in business: (1) growth problems; and (2) liquidation problems….”.  Let’s see….Growth…..or…..Liquidation. Keep growing or start dying. Which do you expect? Which do you wish for? Which is unexpected and unwished for?

Unfortunately, even if a company survives, they may no longer be competitive.

Companies that conserve cash often run out of cash. Do they expect it or wish for it?

Companies that postpone growth often lose market share. Do they expect it or wish for it?

By the time a company owner realizes that they’ve made a mistake, the company will be in a worse cash position, a worse competitive position in the marketplace, or out of business.

So, back to my thoughts about Katya’s comment and the way we learn lessons. Do you HAVE to learn from your own experience? Do you HAVE to make the mistake before it sinks in? Or can you learn from other’s experience(s)? If you know why others don’t survive a recession, will you make the same mistakes or will you learn from someone else’s mistake? Do you HAVE to lose market share or go out of business before you realize that you should be growing sales rather than cutting costs?

Maybe that’s a good New Years Resolution? “This year, I will learn WITHOUT having to make the mistake myself.

Have you done this yet?

14 thoughts on “Learning Lessons in a Recession

  1. Hey Rick, Great post!! Many people feel like they need to fail in order to be successful. It’s true that many successful people have failed before they hit it big. However, if you read, do research and seek advice from others, it can really help you to avoid some mistakes that others make. Having just started my own business 6 months ago, i sought advice and read books from people I respected. It has helped me to make smart business decisions and enabled me to work through a very tough economic situation. Thanks for posting Rick!!

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