The age old adage that business is not personal bodes well during exuberant economic times – when our pockets are full and our holiday parties are lavish. However, in tight economic times the personal side of business becomes more for front. When business gets personal we must still review, assess, and evaluate our current situation so that we come out as business leaders.
Recently at an Urban Land Institute Colorado Speaker Series event there was a panel of speakers that have been in the development industry for over 20 years who discussed past recessions. The panel of speakers included Gordon Miller (Dovetail Solutions), Ann Sperling (Catellus Development Group), Evan Makovsky (Shames-Makovsky Realty Company), Mike Komppa (Corum Real Estate). We have documented some tidbits of advice that these experts shared and offer them to you.
- Remember the law of large numbers and the more no’s you get, you are bound to get some yes’
- Nothing lasts forever including recessions
- Learn more from your failures than successes
- Take this opportunity to learn from the recession
- Become an expert in your market; being the Jack of all trades is no longer viable
- Hone up on your skills – be better, faster, stronger
- Stay positive; hope for the best and plan for the worse
- Prepare for opportunities because the doors are not all closed
- Balance saving your business with inexpensive market resources
- Everything that you do for your company must provide you with a return on your investment
Share with us and our readers your advice on surviving a challenging economy.