Lessons From The Past

• Businesses should take a page out of the Book of Exodus; namely, the story of Joseph and his dreams. If you recall, he dreamed of seven fat cows and seven lean cows and interpreted them to mean that Egypt would have seven good harvests and seven poor harvests. So he recommended to Pharoah that they store food from the good years so they would have it in the lean years. Likewise, businesses should spend carefully when revenues are flooding in because you can bet that at some point, that stream will slow to a trickle. Prudence during the fat years will yield the cash to survive the lean years.  
• Some businesses cut back on marketing when times get tough. While this is understandable from a budgetary/cash flow point of view, the problem is that when people/companies start buying again, they will have forgotten you if you have withdrawn from communicating with them.
• Network, network, network. Use social media and other communications to keep yourself on the radar scopes of your target audiences.  This can be done very affordably and can be quite productive, especially if competitors have stopped reaching out to their targets.
• Finally, it's important to have faith (patience?) that at some point, businesses and consumers will need to resume purchasing. That's why they call it a "business cycle."

While it is true that what goes up must come down (how come the real estate geniuses didn't know that?), the converse is true, as well. I call it "The Big Bounce Theory."  I hope you are bouncing back (or bouncing higher), as I am. Here's to a strong recovery for everyone!