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Create forward-looking strategy to survive, thrive in recession
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Published: February 28, 2009
A wise entrepreneur came into my office Friday afternoon to talk about the importance of newspapers in difficult economic times.
Before 72-year-old Jerry Deese walked out an hour later, the plain-spoken Kannapolis man urged me to be more forward-thinking instead of dwelling on the past.
If readers are going to survive and thrive during a recession, they need information and common-sense analysis to brace for the future.
"We all have to assess the needs for the future," Deese said. "To do it, we have to be smart and understand the environment."
The businessman's words were challenging for me and, I hope, readers of this newspaper.
I started thinking about how to stay employed, insured and successful just last week, when our own company announced some economic cutbacks. The downturn hit home more than any time in my life.
The ability to make and spend money is at the heart of the community's well being. Remember, this is a place where thousands have stood in lines in recent weeks at job fairs. I shudder to think about pink slips.
"What's the situation?" Deese asked. "We're in the worst economic situation since the Great Depression. There are things that must happen before we recover. They're so important, they have to happen.
"Go out and look for job or business opportunities in those areas," Deese said. "What is the environment we're in? Get out in front of it and be ready when it happens. Our future is upon us."
The founder of Superior Air Cargo, an air-freight trucking company, thinks people are successful because they're ahead of the parade, not jumping on the bandwagon when it's too late.
The cancer survivor's lessons were obvious. Be proactive and anticipate the future. Don't fall into a comfort zone and stay there. Do your homework before spending money or investing.
"To beat cancer, you have to be mad-dog mean and fight it," said Deese, who survived bouts with lymphoma. "That's just the way it is. The people who came into the hospital and said, 'I am here to defeat this thing,' those are the people who lived. That's the difference between living and dying with cancer.
"I've generally had a mad-dog type of approach to business, too," he said. "First of all, I think there's no customer you cannot get. When you realize that, you are ahead of the game. You are going to live. You are going to survive in business."
We lost 2.6 million jobs in this country last year, and companies are expected to keep cutting through the first half of 2009. So where do the opportunities exist?
Families turn to discount companies in times of distress. People have to hold onto their cars, so they buy auto parts instead of new cars. People eat out at less-expensive restaurants and want to pay lower prices for clothes and necessities.
Chart stocks for companies who cater to the discount buyer the next few months. See if the common-sense strategy spurs growth and a rise in stock price.
Many in the job market need retraining. Not everyone can afford university tuition. Since training's an inevitability, how can you catch the wave?
Is there a chance for you to teach? If you're a writer, can you tutor children or business people in the art? If you fix cars for a living, can you train someone to change his own oil? If you're an accountant, can you take on extra jobs balancing a small business' books or filing your neighbor's income taxes. If you make jewelry, can you sell it online, in yard sales or at flea markets?
I stopped by Fieldcrest-Cannon Stadium on Saturday for the Kannapolis Intimidators' job fair. I wondered how many would apply, remembering thousands showed up at one for the Great Wolf Lodge last month. More than 100 came, looking for part-time jobs this spring and summer at the ballpark.
"We had some looking for a second job," Intimidators Vice President Tim Mueller said, "and we had some looking for a job after being laid off."
In tough economic times, a secondary job can mean the difference in paying the mortgage. Be sure to pay the rent or mortgage first, even if it means extra work, and unsecured debts last. Go down swinging before losing your home to foreclosure. The credit-card companies can wait.
My wife and I talked in the past about one or the other working a part-time job. I would be afraid to moonlight, knowing it would require burning the candle at both ends.
But if you need extra money, find something of interest, if possible. Maybe it could grow into a full-time position. Thousands are changing careers out of necessity. A part-time job could lead to a more rewarding career financially and psychologically.
I have worked for 30 years and have had dozens of bosses. I think there are clear secrets to survival and success.
To survive and thrive, be the person who comes to work five minutes before and leaves five minutes after the boss. Take on extra projects. Learn new skills. Show the boss you're indispensable.
The spirit of moving forward, instead of wishing for the past, will help your company succeed. Focus on the positive and reinforce good ideas. If you want to be a leader, now's the time. Find solutions instead of complaining about problems.
If you have not started networking or updating your resume, move ahead. Join Facebook page as the first step in networking. Your friends and professional associates have created pages and know where to find one another. A fresh resume, highlighting your career and accomplishments, is worth an afternoon of reflection and elbow grease.
This generation of Americans benefitted from the wisdom of elders, who reinvented life after World War II and blessed us with continuing opportunity.
Thankfully, we have known relative prosperity and unprecedented growth most. We're venturing into unknown territory with stimulus packages, layoffs and second jobs. Some will handle it better than others.
No one can bail you out of difficulty. You'll have to figure your own path. Just stay abreast of trends and possibilities with good information.
"Get in front of the parade and lead the charge," said Deese, a very wise man indeed.
• Contact James Bennett, managing editor of the Independent Tribune,
at jbennett@independenttribune.com or 704-789-9150.
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