How to Create Teams That Win in Trying Times In this article, Janice Omadeke, CEO and Founder of The Mentor Method, shows how companies can outlast market fluctuations while retaining their most valuable asset: their people.
By Janice Omadeke •
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In the 20th and 21st centuries, economists have marked 15 distinct recessions in the United States (so far) that directly affected the lives and bank accounts of millions of Americans. During these economic downturns, the same sequence of events always inevitably plays out: Investors get nervous, demand falls, businesses begin to fail or struggle, and unemployment rises, often due to layoffs. Despite this, the economy always — eventually — recovers.
It's important to recognize the reality of the fears that plague those affected by recessions when they are happening as lives and livelihoods are affected in real, meaningful ways. But at the same time, it's easy to forget that recession is a natural part of the economic lifecycle. The economy has seasons, and recession is its winter. As much as we may want to rail against it, hoping to turn from autumn to spring, winter always comes.
Wielding this knowledge, it's easier to prepare for financial winter by strategically shoring up our businesses and making investments in the right places. Doing so provides economic security against the changing seasons, ensuring that come spring, our businesses are still standing.
