3 Steps to Surviving and Thriving in the Coming Recession - Step I: Double Down

Posted by Bill
October 9, 2008

Newsflash! File under “Things are NOT good!”

One year to the day after climbing to its peak of 14,164.53, the Dow Jones Industrial Average sank 678.91 points, its third-largest point loss on record, to finish at 8,579.19, pushing the blue-chip index under the 9,000 level for the first time since August 2003.
The Dow’s close leaves it 5,585.34 points, or 39.4%, under its year-ago high.

I think most of us have been holding our breath waiting for this “storm to come ashore” for some time. Waiting and praying that it wouldn’t come ashore near us.

Well it’s here. And it’s impossible to know how long it will be before we can even see enough to assess the damage. However, there are still things you can do, actions you can take, to increase your chances of both surviving the storm and making sure that you come out relatively undamaged on the other side.

I’m not a financial or political expert, so I’ll leave that kind of advice to others much better suited than me. What I do know is that careerwise, I’ve weathered the last two of these (1987 & 2000) relatively well, coming out in better shape both times. So, here is Part I of my advice to the individual contributor:

Step I: Double down right where you are.

Yes, I’m being free with my definition of “double down,” but you get the point; increase your investment in your job or career now.

Now is the time to make sure you are contributing where you are. Your income stream is one of your most valuable assets. And when companies start “right sizing,” being on the most valuable side of the ledger can mean the difference between an opportunity for a battlefield promotion and a pink slip.

It’s not always true, but in a downturn it is; you had better be carrying your weight and then some. In an economic downturn, people that get things done and don’t complain tend to get promoted. People that slack, worry, and get distracted by things they can’t control tend to under perform and get laid off or fired.

You want more specifics? Here you go:

  1. Focus on what you know and what you can influence. Brad Feld published a great post on this a couple of weeks ago. It reminded me of Stephen Covey’s admonition to focus on your circle of influence, not your circle of concern.Folks, this means get your head out of the polls. Make your mind up on your candidate of choice and move on to more important things. Unless you have a great deal of passion about your candidate and you really are an influencer, you’ll improve your lot in life more by ignoring the current political distractions and focusing on where you bring value.
  2. Increase your value by at least 20%. If you are working 8 hours, work 10. If you are making 10 sales calls a day, make 12. Increase your output, effectiveness, or results by 20% and you become much more valuable to the team you are on. In my experience, the hungriest don’t always get fed first, but they usually get fed better in the long run.Start with getting close to whoever signs your paychecks. I don’t mean in a brownnosing, sycophant way – if that’s your mode of operation, then they are probably already over you already. Smart owners, leaders, and managers instinctively know the difference between a “suck-up” and someone who is simply “riding for the brand.”

    What I mean is get to know them and their business problems well enough that you understand what they want, what they expect, and what they value. Make sure that you are doing what the check signer considers most valuable and important about your job. You might find that where you spend most of your time isn’t valued at all. And better to find out now while you may still have a chance to change it.

  3. Stay flexible. “Blessed are the flexible for they shall not be bent out of shape.”If you define your career by what you “don’t do,” or “only do,” you had better be in the top one percent. In a recession, a solid utility player will beat a great single talent player more often than not. Besides, by stretching out and learning new skills, you’ll gain greater depth of vision and experience. You might even position yourself for more responsibility in the process.

My read is that this storm is the harbinger of a long cold winter. However, even a long cold winter is just that; a season. This too shall pass. Spring will come around again and I choose to see the winter in front of us as a challenge and to rise to that challenge.

Agree or Disagree? Weigh in below with your thoughts, reaction, or experience…

Related:

Step II: Dig Your Well Before You Need It

Step III: Maintain Perspective

Career, In The News

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