The sky is falling, the sky is falling. If you have a ‘chicken little’ seller or client who thinks that the world is going to collapse due to a recession, inflation, or the like … here’s a bit of perspective to share:
Let’s look at historical recession data in terms of length and magnitude since WWII: (Source: FactSet)
- The average recession is 10 months long. Even the Great Recession in 2007-2008 was only 18 months long. Most recessions last for months, not years.
- The average drop in GDP, outside of the Covid recession, is less than -4%.
Recessions and slowdowns aren’t great for business, yet life and business do go on. And fairly quickly.
No denial, just perspective.
Let’s remind sellers, and especially local business owners, of the facts and give them a sense of perspective before they potentially hit a panic button.
Business owners may see a modest decrease in revenue, but not a 100% decrease. Therefore, cutting an advertising budget by 100% doesn’t make much sense (or cents). If a company must cut their marketing investment dollars, help them narrow focus … 1-2 platforms/partners only, with a crystal-clear message.
If you think it is bad, it is.
If you think things are fine or will be fine, it is and will be.
Checking one’s attitude, perspective, and long-term focus will help ensure success in leadership, in sales, and even as a local business owner. Especially during uncertain times.