We could be facing a recession ... for most it will be bad... for those with an abundant mindset and a solid vision - it could be really good.
Many of the most iconic companies were forged and shaped in difficult times - vis-à-vis
- Cisco - took advantage of black Monday in 1987.
- Google and PayPal negotiated their journey after the Dotcom crash
- Airbnb , Square and Stripe were founded in the GFC.
Challenges focus the mind - and provide fertile ground for creativity and innovation .
Taleb - who wrote the book “black swan” talks about the effect of the black swan to different people ....
“what may be a black swan surprise for a turkey is not a black swan surprise to its butcher; hence the objective should be to "avoid being the turkey" by identifying areas of vulnerability in order to "turn the Black Swans white"
- Have enough cash! Have enough access to money to ride out the tough period (toilet paper?) - and have enough access to money or “currency” to make the great acquisitions. Remember the core principal that my grandmother taught me - buy low and sell high!!! Seize opportunities when your competitors have been battered! In a downturn - revenue and cash levels fall faster in a recession
- Be prepared to change - be adaptable - as Darwin said - those who survive “are not the strongest or the most intelligent , but the most adaptable to change.
- Face facts - False optimism can be destructive - face the facts and take decisive action. Look at your overheads, Capex and budgets and reassess.
