Keep Calm and Power Through

Well, it seems winter is here - literally and figuratively. With all the tech layoffs happening, we are undoubtedly in a new business climate, one we haven’t seen since 2008. For many, this will be their first rodeo working or running a business in challenging times; for others, we’ve been through this before and lived to tell the tale.

When I look back at the last two recessions, here’s where I was and what I experienced. I was living in Silicon Valley, working in publishing but not tech.  I saw the crazy dotcom boom happening around me, people becoming millionaires overnight, and I wanted a piece of the action.  So in early 2000, I joined one of the biggest tech media companies, CMP/UBM. 

I remember when I walked in and heard the insane stories of insertion orders coming in large quantities daily - printing money. I thought, wow, this is it; I’m at the right place at the right time. 

My sales territory was small and fledgling, but it didn’t matter because money was everywhere, and people were spending it. However, within a few short weeks, my situation changed drastically. Insert the dot-com bust! Internet companies crashed, people lost their jobs, the market tightened, and it felt like we dropped off a cliff. However, despite many rounds of reductions, I was fortunate to keep my job and power through a difficult time. Here I mastered the art of being ‘scrappy and strategic.’ 

In 2008 I jumped ship to join a very early-stage startup. It was a risky move, but I believed in what the founders were doing and felt I could add value. At around the same time, we were in the early days of what would later be called the Great Recession. We then had to build this business from the ground up when ad budgets were drying up, and people were scared to take risks. However, during this challenging time, I, along with two incredible founders and a fantastic team of people, built a great company, NetShelter, which, at its peak, had the largest reach into tech.

So here we are again. I’m reflecting on what I learned during the last two dips and how I managed to grow a business and help others grow their businesses. Here are the valuable lessons I learned: 

• Preparation. Take stock of your business. How is everything working today? Are there new ways to generate revenue? What costs can I reduce? What is our level of solvency? 
• Focus. It’s cliche, but it's more important than ever to have a laser beam focus on your mission and vision during an economic downturn. Focus on what you are great at and where you can make the most significant impact. Put your blinders on to the negative news. Stay the course.
• Be open-minded. Be open to new ideas and new ways of thinking. What has worked for you and your business in a prosperous economy may not work as well for you in a recession. Talk to new potential partners. Be willing to try new things. 
• Help others. There will be a lot of people who will lose jobs and see their businesses shrink or go under. Be a helper. One day you will need their help too.