As I was driving to the office this morning, I heard the news, economists are using the R word.
So should you pack it in, curl up and hide, ride it out, or take advantage of what's going on?
Fight or Flight?
Only you know your risk tolerance.
But it's like the stock market. When prices drop, people instintively sell and they often end up losing money.
The smart people look at dropping prices in the stock market as a sale and buy, then wait for the market to go back up.
Your competitors are going to try and hang on to their money and cut back on their marketing budget.
That means there should be less marketing competition and you should increase your marketing.
After all, the population isn't shrinking, and if the product or service you sell is a need, than you have a chance to increase your market share.
Again this depends on many factors including whether you should even be in business, or stay in business. Perhaps you need to redesign your business model.
But please, now is not the time to follow the leaders that are going down with the ship. Now is the time to think, and plan and act independently and find your way above water.