Judy’s Comments

Recessions Provide Growth Opportunities - Page 2

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Bigger Ventures are More Possible

For several reasons, it is important to look for bigger projects, go after larger contracts, and invite innovation. Employees have a heightened awareness of your attitude. Instead of wasting time worrying that their bosses are looking for ways to get out of business, your employees can feel reassured that their employer is focused on market needs and the future. When you embrace larger projects, your employees can contribute and learn which increases productivity, retention, and recruitment.

Another positive side effect of recessions is reduced arrogance. We all seem to have more “situational permission” to not know what to do and not have all of the answers. This dynamic becomes the great equalizer. The sports-based phrase “levels the playing field” comes to mind. We all have the chance to share information about market trends, customer problems, and the sources of dissatisfaction with competing products. Everyone, regardless of his/her job title, can be invited into brain storming sessions. The janitor can be asked to contribute to research. Students can get involved to ask provocative “what if” questions. Creativity is fueled when presumed answers are not in the way.

"Creativity is fueled when presumed

answers are not in the way."

As the host of a weekly peer-to-peer-to-peer Internet radio show featuring Presidents/CEOs of mid sized companies, I recently did a series of programs on “The Enemy of Entrepreneurship is Isolation.” It was interesting to hear how passionate the most successful guests have been about the need to be open to crazy ideas, seek input from every direction, and retain their thirst for learning. Many have reduced their participation in associations serving their own industries and increased their participation in associations serving their customers.

Bankers, venture capitalists, and private investors are more reluctant to take chances during the early stages of recessions. But as a recession lingers, they tend to look more assertively for new ideas, sources of innovation, and bigger opportunities. Investors don’t want to go out of business and “laying low” is not conducive to the attraction of investors to a fund or members for their boards. The due diligence process to guide an investment decision can be cumbersome. It isn’t worth their valuable time to agonize over small deals.

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Monday, 27 June 2022
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