Clare Flynn is a creativity expert, a former ?whatif! consultant and one of the founders of Make It and Mend It, a new business focused on learning the skills of making your own and mending it when it's broken. Many of these skills have been lost or forgotten in our drive for "Newer", "Faster" and "Shinier". You can join her campaign by going to the website and reading the blog at http://makeitandmendit.blogspot.com/
Here are her thoughts and tips for success:
Being Successful in Recessionary Times
If we are to believe the media, we are on the brink of Armageddon. Yes, the signs of recession are visible in the empty shop-fronts now appearing on even the most prosperous high streets and in the jobless statistics and the newspapers and magazines that have suddenly got quite a bit slimmer as they are deserted by many of their advertisers. Despite all this, most people are quietly getting on with their lives. Most people are still in jobs. Many of them are enjoying a healthy improvement in cash flow as they reap the benefits of significantly lower mortgage repayments and now reducing energy and petrol bills.
In recessions successful people get more so. Recessions are great times to start up new businesses. There’s less competition for a start. When everyone else is focused on cutting costs and cutting headcount, it is a great time to steal a march on your competition by getting closer to your customers and cranking up your innovation efforts.
Some of the most interesting new product launches and most successful corporations entered the world in the midst of recessions. History is rich with examples of those that built unassailable gains and rode to greatness in these periods. New needs emerge in such times: Health insurance was born out of the US Depression as were stereo recordings, digital computers, Monopoly, sunglasses, ballpoint pens and bubble gum, to name but a few. Messrs Hewlett and Packard got their products rolling from the famous garage in 1939. Despite industry in crisis and companies going under, Fortune magazine, the world’s first and most successful business publication was born at the height of the Great Depression. This was a counter-intuitive and risky venture at the time, but proved an unqualified success.
Whilst money may be tight, creativity comes free, as does spending time understanding your customers’ needs. Time spent now hanging out with customers and consumers, observing them, talking with them and listening to them, will yield rich insights about their needs and behaviour that will give a huge edge to your new product and service development efforts and help you hone your advertising messages.
History shows that it is twice as easy to grow share in a recession as in buoyant economic periods. Those firms that succeed in growing market share in this recession are likely to hang on to it, while those that lose it will have a tough and very costly battle to regain ground when things pick up.
On a personal level, I am in the throes of launching a new business and am feeling very excited and optimistic about it. So what are the qualities needed to be successful in tough times? Here are my top tips:
Frugality: whilst it’s not going to help our high streets, is a great tool to help you re-focus on what really matters. Cutting out stuff, questioning whether you really need something or not, enables you to get rid of a lot of distraction, as well as saving money. You can also find a lot of pleasure in doing things that don’t cost much. It’s more creative, it’s more of a challenge and it’s ultimately more satisfying. Yes, frugality is the new black.
“Stickability”: hang on in there and don’t give up. Success is born out of many failures. If it doesn’t work, try doing it a different way. If you believe it is right and want to make it happen, don’t let go! Make the future happen. Keep experimenting and keep learning from your mistakes. You may have to double the frugality efforts if you are investing in a new enterprise, or searching for a new job, and on little or no income, but in the words of Kevin Costner’s character in Field of Dreams “If you build it they will come.”
Work bloody hard!: if you want to get ahead and stay ahead you have to be prepared to put the hours in and keep the effort up.
Make time for fun: When times are tough and you are working hard, it’s really important to have plenty of “me time”. Whether it’s curling up with a good book, having a long lie-in at the weekend or hanging out with friends and family, make sure you allow yourself the time to do it.
Eat chocolate!