{"id":443,"date":"2022-08-16T13:25:39","date_gmt":"2022-08-16T18:25:39","guid":{"rendered":"http:\/\/brasstackscollective.com\/?p=443"},"modified":"2022-08-16T13:25:39","modified_gmt":"2022-08-16T18:25:39","slug":"recessions-lets-talk-about-em","status":"publish","type":"post","link":"https:\/\/brasstackscollective.com\/1683205950469\/recessions-lets-talk-about-em\/","title":{"rendered":"Recessions. Let\u2019s talk about \u2018em."},"content":{"rendered":"

By Stephanie Powell<\/p>\n

By definition, recessions are characterized by significant declines in economic activity, typically starting with two consecutive quarters of negative economic growth and lasting several months or even years. More specifically, \u201c\u2026when a nation\u2019s economy experiences negative gross domestic product (GDP) rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time\u201d (<\/span>Forbes<\/span><\/a>). And here\u2019s the really fun part: recessions are unavoidable. They are a natural and inevitable piece of the business cycle. Translation: if you haven\u2019t gone through one yet, you\u2019re about to.\u00a0<\/span><\/p>\n

Food for thought: what if all of our talk about the \u201cimpending\u201d recession has been what\u2019s speaking it into existence? Is it possible we essentially manifested this reality for ourselves? Sure, recessions are inevitable. They <\/span>will<\/span><\/i> happen. But if we hadn\u2019t been so hell bent on the surety that it\u2019s going to happen right freaking now, would we still be heading in that direction?<\/span><\/p>\n

Listen, if we can manifest a full on recession, let there be no doubt that you can manifest the crap out of a successful business.\u00a0<\/span><\/p>\n

Back to the matter at hand. The effects of a recession differ among businesses, but ultimately, we all experience the painful contractions that come with the birth of a new period of economic downturn. Whether it\u2019s cash flow, layoffs, spending cuts, bankruptcies, etc, you can run, but you can\u2019t hide. And many of our businesses are already experiencing these pains in anticipation of what\u2019s coming.\u00a0<\/span><\/p>\n

Don\u2019t worry, we didn\u2019t write this as a way of introducing you to a new doom and gloom persona. That\u2019s not really our schtick. But we are going to keep it real and level with you. Always. And we think we have a way to help. We\u2019ve got some new workshops we\u2019re building that focus on self-branding, entrepreneurship, and how to stay afloat in tough times.<\/span><\/p>\n

Acknowledging hindsight is 20\/20, one of the best things a business can do in a recession is to be as financially prepared and \u201crecession-proof\u201d as possible. Here\u2019s the thing: \u201c…recessions are a high-pressure exercise in change management\u201d (<\/span>Harvard Business Review<\/span><\/a>). If you haven\u2019t already, start doing your daily stretches because you need to be as flexible and adaptable as possible if you want to successfully navigate the waters of a recession and change.\u00a0<\/span><\/p>\n

While this probably goes without saying, we’re going to say it anyway: maintaining accurate financials and being insanely diligent in planning on how to <\/span>not <\/span><\/i>run out of money is paramount. Recessions mean less cash flow coming in but not less cash flow going out, so you need a strategy (hint: layoffs are <\/span>not<\/span><\/i> the only way to cut costs, and they could hurt you in the long run).\u00a0\u00a0<\/span><\/p>\n

We know one of the first things to go in response to a recession is the marketing budget. This is not the way, friends. Your branding and marketing are invaluable, particularly in a recession. Not to put too fine a point on it, but the companies that report sustainability and even growth during a recession are the ones that launch campaigns or come up with new offers. #facts\u00a0<\/span><\/p>\n

If you\u2019re a silver linings, glass half-full kinda person, there are <\/span>some<\/span><\/i> positives to be gleaned from a recession. Inflation rates are typically lower and loan repayments decrease as the borrowing rates stay on the lower side of things as well. So yay for that.<\/span>
\n<\/span>But recessions also bear the gift of reinvention as business owners look for innovative ways to maintain or increase revenue while also cutting costs. Now, this gift might be willingly sought after or you might be volun-told to take it via a layoff or hiring freeze. Either way, as long as you <\/span>choose<\/span><\/i> to see it, there\u2019s an opportunity there. A gift. Albeit a perhaps poorly wrapped gift in tacky paper.\u00a0<\/span><\/p>\n

We know there will be a surge of individuals forging new paths on their own, starting businesses, and individuals\/organizations that find new ways to operate and serve their audiences. And we\u2019re here for all of it.\u00a0<\/span><\/p>\n

Those new workshops previously mentioned? They\u2019re about starting not just a new chapter, but a whole new book. If that\u2019s got your interest, we would love for you to apply. And not just for workshops, but to partner with us here at Brass Tacks as well. We aren\u2019t just a creative agency, we\u2019re one that embraces the inevitability of change and welcomes opportunities to evolve. This is far from our first rodeo, and we know your \u201cwhy\u201d can\u2019t wait a second longer. So saddle up, partner, and let\u2019s do the damn thing. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Stephanie Powell By definition, recessions are characterized by significant declines in economic activity, typically starting with two consecutive quarters of negative economic growth and lasting several months or even years. More specifically, \u201c\u2026when a nation\u2019s economy experiences negative gross domestic product (GDP) rising levels of unemployment, falling retail sales, and contracting measures of income […]<\/p>\n","protected":false},"author":4,"featured_media":444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nRecessions. 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