In the last few weeks I’ve been just blasted with e-mails, blog posts and other types of advertising. The headlines have been saying things like:
- 10 ideas for marketing in a tight economy.
- Recession proof your business.
- How to successfully market, your small business in tough times
- Recession-Buster
That was an afternoon check of my e-mails. Ok, aside from the dot.com era which was largely regionalized, when was the last recession that all these people have gained their experience from? The last recession that I really remember is in the Jimmy Carter era. When we had, double-digit inflation, interest rates skyrocketing, and long lead times or scarcity. Does anybody remember?
We have been blessed for the last 25 years, with relatively low interest rates, practically zero inflation, and next day availability. With that in mind, I think it will be extremely interesting the path people will choose to counteract these turbulent times. Just ignoring it will not make it go away. Have we decided been there, done that – doesn’t count anymore. Have the recession – busters decided to "Just say No."
I think it’s a great time to re-evaluate your strategies for moving forward. To be completely transparent, I am a gray hair myself but I would recommend adding a little age to my circle of advisors. Most importantly in the strategic side of your planning. I just don’t think it is going 
to hurt to have some been there, done there talent surrounding you. Just like the IRS will tell you, ignorance of a tax law is not an excuse. Ignorance of recession, if it happens, is not one either.
Important tip: Make 3 budgets out for next year. Best, Worst and what you think scenarios. Watch the accounts that deviate the most.