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The Top 10 Things You
Can Do to Survive the Current Economic Slump
Gregory A. Ketchum, Ph.D.
Get Back to Your Purpose: Why
are you doing what you do? Easy to slip away
from that purpose in the everyday seeking of
biz, and yet your purpose and being connected
to it and speaking from your passion is one
of your best marketing tools.
Redefine Your Expectations:
Success is not linear, although we’d like it
to be. We need to adjust our expectations of
ourselves during this slump.
Now we have to deal
everyday with diminished opportunities
and the emotional fallout from that, keeping
ourselves motivated and pointed in the right
Success today is like
the The Bee Gees Song Staying Alive. Success
is staying alive long enough to get through
this recession. Success is keeping moving
forward. Success is getting up everyday and
hitting the phones for biz, or showing up
for work and doing the best you can to add
All our expectations
got out of whack in the dot come bubble.
Re-evaluate Your Goals & Strategies
For Achieving Them: Sit down
with a coach/friend and review your business
plan or career plan for 2003.
Are you on the right
course, what haven’t you considered, who
haven’t you talked with, what new markets
could you tap? Should you stay in your current
Put together a list
of questions for them to take you through.
You need that unbiased, outside perspective.
you can do to position yourself for success
in the recovery.
Switch from do you have
immediate opportunities to, can we meet
and start a partnership for the future?
Network Like There's No Tomorrow.
It’s like Field of Dreams. Build the relationships
and the work will come.
Your focus is critical
here, on the work or the relationship.
You can feel it when someone is trying to
use you, not partner with you to build something
that will benefit both of you.
Approx 65 – 80% of people
get jobs through networking. 15- 20% on
the internet, 10-15% recruiters, 5-10% through
Development Now: Just
spoke with Cisco on Tuesday. John Chambers knows
he can’t pay folks the big bonuses but he can
offer them development.
Take that class you’ve been thinking about.
Get some sales skills training or marketing
or consulting skills.
Learn how to trust and
let go, Andrea. Our natural tendency when
under stress is to tighten up, hold on tighter,
to try to control more. It’s counter intuitive,
but we have to learn how to open up more,
how to take more risks. How to do your part
and then trust that the rest will follow.
Ultimately, playing it safe is the most dangerous
The Future Belongs to the Innovative
and the Creative: The higher the uncertainty
& bigger the slowdown, the more you need
to be resourceful, creative and flexible to
get biz in the door or stay alive on the job.
Be on the lookout constantly
for new ideas, ways of doing things, partnerships,
connections between things that haven’t been
connected, new people, new opportunities.
Reclaim old interests
and blend them into the fabric of today.
Get closer to the revenue
Do Your Homework: Sharks:
Always heard they have to keep moving forward
or they die and we’ve got to do the same. Research,
Go on Google and
do some research: success in an economic downturn
and read their stories.
Only 25-35% of all
open positions at most large corporations
are listed on the top job boards. Check out
Read, research, talk
to people. Before any biz meeting be super
prepared. Find out where the pain points are.
Talk to folks in other
parts of the company to see what openings
may be coming up.
Resist Price Cutting as a First Option:
I understand the pressure to cut pricing (or
give things away, do more with less) and that’s
a reality in a recession.
However, there’s a fundamental
truth about human nature: if we get it
for less, we value it less. If we can get
it for less, we never feel we should have
to pay full fare again., ie. Air fares.
Find ways to give your
customers the understanding that they
are receiving more for the prices they are
Show them the cost of
the route they’re considering, instead
of using you or paying you what you’re worth
Peel the onion, see
what’s behind their request & if there
is another way of meeting it (no money up
front, spread payment out over longer time
period). Value based selling.
It’s a tradeoff
if you’re asked to do more with less. “What
would you like me to let not do?”
Don’t Panic: It’s faith,
not fear. It’s much easier to panic and let
your fears run away with you than to maintain
a positive outlook.
It can hang over you like a cheap suit.
You’ve got to find a
way to keep yourself centered and positive
each and every day. I have my mantra “faith
This is a time to do
your part, but faith is the other part.
How good are you at living in faith?
Ask For the Business or the Commitment:
It seems simple and obvious, but it’s not.
Often our tendency is
to show up, showcase what we do, and assume
that the we want biz is obvious.
Remember this: YOU HAVE
TO ASK FOR THE BUSINESS or the COMMITMENT.
If they don’t have business now, you have
to ask for a commitment to give you a shot
at the next biz opportunity.
Here’s why: Scientific
American “Art of Persuasion.”
® 2003 All rights reserved.
Gregory A. Ketchum, Ph.D.
|Points to Ponder
“Wealth, like happiness, is never attained when sought after directly. It always comes as a by-product of providing a useful service.”