We are knee-deep in what many are calling the “Great Recession.” I’ve read and heard various viewpoints on things people can do, usually directed at the recently unemployed, to keep up their spirits and position themselves for success in today’s economic environment.
As an EO At-Large member and the founder of BackPocket COO, Cameron Herold recently showed me a list he shares with the CEOs he coaches; it is a list of things people can do to succeed in a recession. After studying his list, I came to the conclusion that not only do CEOs need a list, but so do the 90 percent of people who are still employed and trying to battle their way out of these troubling economic times. I’m referring to the everyday business leaders and the employees who follow them.
So the global economy is awful right now. Some say we’ve bottomed out, some say we are making a turn for the better and still others say watch out for more downsizing, missed earnings and layoffs to come. I say, “So what?” My advice: Focus on what you and your company can do to thrive in this Great Recession, while your competition complains about it. My team and I came up with the top things we are doing to thrive during these tough times.
- Keep your glass half full. Have a positive attitude.
- Focus on the vital 20 percent. Typically, 20 percent of your efforts yield 80 percent of your desired results.
- Create a hyper-focused work environment. For example, we start each day, even before checking our e-mail, by building our individual “Top 5” list of things we want to accomplish.
- Make a “Stop Doing” list. These are things that drain energy and are unproductive.
- Reinforce important relationships. Make an extra effort to connect with your best customers and prospects.
- Add more value instead of lowering the price.
Recognize the success around you every day.
- Find success, even if only incremental improvement, and recognize it!
- Communicate, communicate, communicate.
These eight things to do during a recession are simple in concept but not necessarily easy to do. They take focus and energy. I tell my peers to pick the ones that seem most relevant to them and their company, and then obsess about executing them. They will be astounded by the resulting increase in discretionary effort and the productivity of the people around them. I am of the opinion that with a little encouragement, any company can create a healthy, high-performing workforce that truly thrives, even during a Great Recession.