What do we do in recession?

Check out my recently published content on AC:

What Do We Do in Recession?

The Wall street elites have brought to the world not only financial prosperity but also crisis. Last year’s credit crunch led to the fall of major financial and credit corporations. And the world’s economy, following that of US, has been trapped. Factories are being closed, commodities prices cut, people fired.
My friend used to tell a joke. He’s working with a Siemens holding company and once had a meeting with his client. He wanted to assure his client that Siemens is a big company and financially strong. And he was returned with “Even Lehman can fall, what can you do?”
That’s correct, unfortunately. Though I did not mean that Siemens will fall but at this moment no one can say I will never fall. Everyone is squeezed.

So what should we do in such a difficult time? My personal suggestion is that we do internal work and get ready for tomorrow.

For companies, we should review past transactions and business activities and find out the problems. We shall re-organize, integrate, discontinue our offerings (goods and services). Expanding offerings is not a number one option in such a time. Marketing campaigns may be less aggressive due to financial reasons. However, we must keep close contact with our clients and customers to understand what they are doing and let them know what we are doing.

For individuals, we should also review our past activities and roles. What’ve I done? Did I do it right? What more could be done? How should I do it right and even better? We shall improve our own qualities for tomorrow’s opportunities and challenges. Communications with colleagues, customers and friends may help you understand what is going on and even find new opportunities. And cost saving activities should also be pursued as you may be fired one day.
For those who already were fired, personal quality improvement is also the key. Maybe you have enough money to support long time traveling, still you should get ready for tomorrow.

Do not panic! Pains will pass. Do not be desperate cause that will not help at all. Be cool and calm. Face with dignity the difficulties that have been falling upon you.