So, we are in a recession?
After experiencing 2 consecutive quarters of negative GDP growth, NZ is officially in a recession. This is the first recession since the Global Financial Crisis in 2010. While for some people this might be the first recession they have experienced, this is the 4th recession since BNI started 35 years ago so they come along fairly regularly. What we have learned is that the key to not just surviving it but prospering from it, is attitude. BNI itself has grown during and after every recession.
Attitude
Having the attitude of refusing to participate in a recession means that you will look for the opportunities that always exist in a recession. And the opportunities that open up in a recession are game-changing. Often progress in “normal” times is linear, 3% growth in sales a year for example, but right now there are some opportunities that exist for 100, 200 %, or more growth.
This recession is different. Not just because it has come from a health crisis. It is not affecting everyone, every region, every business, or every industry equally. Some are doing very well; some are currently barely operating. This massive range in the impact of the recession changes everything. For example, whole layers of management in companies have been removed to save costs which means existing relationships are lost, opening up opportunities for new relationships. Companies are looking to streamline, do things better with less. They need help to do that. Companies that are doing well are employing more staff. Companies are moving premises, upsizing, downsizing. People are working from home, what do they need? The housing market is HOT. Money that was being spent on holidays is being spent in NZ on cars, clothes, kitchens. People are traveling domestically much more and looking for experiences and events. The government is creating massive opportunities etc.
If you want to succeed from this recession you have to focus on opportunities … not fear.
Focussing on the solution
Entrepreneurs have been hit with a double whammy right now. First COVID 19, and now a recession. What we know to be true, is that if you focus on the problem, you will be an expert on the problem. However, if you focus on solutions, you can become an expert on the solutions. The solutions will get you through both the COVID-19 struggle and the recession that we’re experiencing now. A powerful mindset begins with the belief that you can find solutions to the current situation. Belief is that little voice inside you whispering to you about the things that can be, while everyone around you is screaming about the things which can’t be. The right mindset, along with a plan of action, will lead you successfully through these turbulent times.
Summary – Refuse to Participate in a Recession!
Right now, things are set for everyone with the right attitude to move their business forward in leaps and bounds. Surround yourself with people with the same attitude. Run a mastermind session to help you find out where the opportunities you might be overlooking are.
*The
recommended listening for this Networking Education Moment is BNI Podcast
Episode 669 – I Refuse to Participate in a Recession:
https://www.schoox.com/2196418/podcast-episode-669%3A-i-refuse-to-participate-in-a-recession/about
