3 Reasons Why Recessions Are Awesome For Great Companies

It may be jarring to read the words “recession” and “awesome” in the same sentence. Recessions are bad for most people. I will not make light of how horrible recessions are for the vast majority of companies and their employees, (as well as for not-for-profit organizations and governments).

For most companies, recessions mean increased stress at work, stalled career progression or even layoffs, uncertainty, increased board and shareholder pressure, increased financial strain and a feeling of looming danger in the pit of your stomach, which is no fun to wake up to every day!

But for great companies, recessions can be awesome.

4 Reasons CEOs Should Plan For Failure And Encourage Risk-Taking

Every successful company leader will tell you that failure is a part of business, but far fewer will admit they plan for failure. Growing a business requires taking risks, and failure is a frequent outcome on the journey to achieving success.

In their best-selling book Switch, co-authors and brothers Chip and Dan Heath describe how world-renowned design firm IDEO (perhaps best known for its work with Apple) plans for failure during its design process.

Expect, Inspect, Correct

It’s no coincidence that we have so many ways to say we made a mistake: botched, flubbed, mishandled, misjudged, mucked, messed, screwed or goofed up – just to name a few.

As a leader, you’ll hear each of these (some more than others, and likely some more explicit than the ones I’ve named here) pretty often.

Watch Your Doors

When was the last time you looked at the doors to your business? It isn’t just about who comes in; it’s also about how.

Let me give an example. A new restaurant opened near my office. It’s been very successful, and I eat there regularly. The only problem is the horrendous door you have to go through to get in.