What I’m keeping in mind as I think about the economy
3 lessons I learned in past recessions
According to the classical definition of a recession, we’re not in one now, but small businesses are struggling.
Whether you’ve been facing decreased demand for your work, adapting to rising ad costs, or simply finding it difficult to connect to your work, it’s rough out there.
I’ve been working hard to keep myself grounded, so I thought I’d do something different today and share with you some lessons I’ve excavated from my own history working through turbulent economies.
I’ve been through this a few times.
I graduated college in 2003 into the “jobless recovery” that followed the dot com bust.
After finally getting a job, I purchased a condo in Chicago. In 2007… My mortgage spent a decade underwater.
Then, I publicly launched Podcast Ally in December 2019, just before the pandemic shut the economy down.
I’m not sharing this to downplay what we’re facing now, but because I’ve been looking back to these experiences for lessons relevant to our current situation.
These are the three things I’m reminding myself now.
1. You never know where your next opportunity will come from, so get out and meet people.
It took me a year and a half after graduating to get my first permanent PR job, because the market was crazy competitive. I was lucky during that time to be able to work in my father’s real estate law office, but I was hustling HARD to find a job at a PR agency.
I applied everywhere, volunteered on the PR committee for a major nonprofit, and went to industry events.
You know where I met the person who would eventually connect me with a job? At a house party.
This memory dovetails perfectly with something else I’m thinking about. The only way we’re all going to come out of the next few years okay is if we support the small businesses we want to make it through.
This was the thought that gave me the nudge to finally sign up for a woodworking class at a local maker space I’ve had my eye on.
I know from past experiences that your next big break can come from the unlikeliest of places, and even if nothing work-related comes out of it, I’ll have gained a new skill that I can use on the house I'm slowly renovating.
It’s also a break from thinking about my business, the economy and national politics.
When you’re feeling the pressure, it’s tempting to work yourself harder, and I want to encourage you to find an opportunity to do something that fills you up creatively.
2. Market relentlessly – even (especially!) if no one is buying.
I found that job opportunity at a party, because I unapologetically told everyone I met I was looking for a job.
Podcast Ally experienced explosive growth in the second half of 2020, because I marketed the firm aggressively in the first half.
Whenever I meet new folks and introduce myself, I talk about my work.
At my small group training class at the gym. When I introduce myself at a cookie exchange. In a group I’m volunteering with.
I know some folks don’t like being defined by their work, but when business is tough, you need to spread as many seeds as possible.
Your ideal customers will start buying again, and you want them to already know your name when they’re ready.
3. If you can hire, you’re in a very strong position right now.
I live in California, where the governor just announced a 4-day return to office order for state workers.
Many federal employees have lost their jobs, or are living in a constant state of anxiety.
Other industries are feeling the squeeze.
And I’m willing to bet you underestimate just what an impact you can have for folks by offering them a role with your company.
Is your workplace remote?
Do you let people leave to pick their kids up at school without making it into an issue?
Do you allow your team to carve out uninterrupted time for their creative work?
Then, you, my friend, are a very attractive employer right now.
If you’re in a position to hire, I can help you do it well! Click here to book a free consultation.
There are so many extraordinarily talented people looking for work. Larger corporations are trying to take back the upper hand by lowering wages and squeezing every ounce of productivity out of their people, which gives you an edge if your roles offer autonomy, flexibility and other benefits people want.
Please, please do not devalue the opportunities you can provide or feel that you need to compete head-on with larger companies.
Instead, look into the ways you operate differently.
What can you offer people that they would never find in corporate?
Figure this out, and you’ll be able to compete for A-players.
The current economic uncertainty is creating a freeze response among your customers right now, but it won’t last forever. This is a good moment to take a breath and go back to the fundamentals.
This is why I’m trying to look back and remember the lessons I’ve learned before.
We will come out the other side, and the more we come together to support one another, the better all of our outcomes will be.
So, as I wrap up today, I’d love to know…
Is there anything you’d add to this list?
Please, drop your reflections in the comments to share them with the community.