Players rush to the sidelines during economic downturns. No one wants to spend money. The name of the game is to hold tight and conserve cash. No one dares to call a bottom and I don't blame them.
But we all know that fortunes are made during recessions with new innovative ventures - think Google, FedEx, Microsoft, and General Electric. We all know this. But fear prevents us from doing what we know is best. Best doesn't mean easy.
The point isn't to save what's left of your company as you know it. Of course you shouldn't behave like business as usual - that would be crazy. In fact, your current business probably has to shrink permanently. What worked in the last cycle won't work now.
The point is to use some of that dry powder you've been saving up. Experiment with relatively small sums on new ideas. The cash it takes to preserve or maintain status quo weighs a ton. The cash it takes to launch that project you've had in the back of your mind, a relative drop in the bucket. Almost pain free other than the fact you have to move off the sidelines back into the game.
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