April 22, 2020
Former BNZ Chief Economist Tony Alexander is one of NZ’s leading economic minds. He summarised responses from readers of his weekly “Tony’s View” publication as to how people handled past recessions and what they did in their businesses to get by, here are the top 10 themes he came across:
Look after your mental and physical health, and seek advice from a wide range of sources – definitely not just your banker and accountant, and almost certainly not from your mates around the barbecue.
Trim back advertising and concentrate on marketing to targeted audiences.
Look for opportunities in the form of cheapened competitors, but stay focused on your core areas of strength.
Stop following negative media, speculation on how bad things might get, and measurements of the depth of downturn. Pessimism leads to inaction.
Remember that this too will pass as all previous recessions have, and note that many people regret that once they had cash flows under control, they stayed too cautious for too long and missed some good opportunities.
His entire article can be found here and is definitely worth a read.