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Tuesday, November 11, 2008

10 Benefits of a Recession

If you want more bad news, then don’t read this post. But if you are tired of reading about bailouts, bankruptcies, and poor earnings, keep reading.

behind every cloud the sun is shining

I’m no Pollyanna. I have blogged previously about embracing the most brutal facts of your current reality. I know people are suffering, and I hate that.However, I also believe that every cloud has a silver lining. It’s just part of my worldview. So here are at least ten benefits of the current recession:

It causes you to get more creative.
It forces you to make the tough decisions.
It thins out the competition.
It makes you realize you can’t take anything for granted.
It reminds you that real wealth isn’t about the stuff you own.
It fosters out-of-the-box thinking.
It makes it easier to abandon business-as-usual.
It brings you back to the basics.
It accelerates change.
It causes you to be less wasteful.

While you may not be able to control what happens with the economy, you can control your own mental focus. Usually, this determines whether you feel anxiety and fear or peace and hope.

Question: What additional benefits do you see?

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Posted in Leadership
Tags: brutal facts, economic adversity, Leadership, Market, Media Coverage, reality check, recession, silver lining

21Comments10+Benefits+of+a+Recession2008-11-11+15%3A36%3A35Michael+Hyatt to 10 Benefits of a Recession

Becki

November 11th, 2008 at 7:47 am

Spend more time with family and friends – it’s free!

November 11th, 2008 at 7:47 am

Lower gas prices!!

awojtowski

November 11th, 2008 at 7:50 am

A recession causes reliance on others.
It re-establishes the fact that we are all intertwined\
It restores reliance on community for support
It rebalances the scales

moe

November 11th, 2008 at 7:51 am

This is an example of what the bible refers to as the “ant principle. If we worked hard and right during the “great” days, we should have stored our goods for the winter (hard times). If we fail to plan, we plan to fail. I would think that every generation goes through a financial crisis. The key of living through this is planning and preparing for them.

Maybe we can learn from this one and teach our children on how to prepare for the time when it happens to them.

Scoti Springfield Domeij

November 11th, 2008 at 7:52 am

This recession is causing me to be more thankful for how God has provided over the years, many of them lean. It encourages me to share what I have with others. My friend, who was laid off resulting from the recession, received a job offer. When living on the edge, it is more exciting and encouraging to see how God provides.

Carrie

November 11th, 2008 at 7:56 am

We connect with each other more – less isolation, more reaching out.
More opportunities to bless and be blessed when we relate to each other as real people, not the window dressing in each other’s lives.

November 11th, 2008 at 8:00 am

I agree about about the optimistic aspect of hard times. It causes us to buckle down and to re-evaluate what is really important.

November 11th, 2008 at 8:05 am

Love the list! It’s time to get back to the basics of living below our means, saving money, and planning for rainy days.

Susan E

November 11th, 2008 at 8:19 am

Just this morning I was thinking how much I enjoyed NOT having to shred 6-7 credit card/personal loan offers every day. I consider that a bright side of the economic times. I expect all those trees do, as well.

November 11th, 2008 at 8:36 am

This recession reminds me of the winter storms we have in Virginia from time to time. When a storm is coming, everyone in town goes to the store for two things: bread and milk. Never mind that the store is stocked with every imaginable food and beverage. It’s always the basics. Always the bread and milk. And I think that’s because it’s the basics we find comfort in during the storms we face. The elementals. And in this economy, it’s the elementals, the getting of what we need rather than what we want, that will get us through.

November 11th, 2008 at 8:41 am

It seems that historically the people who accelerated are those who looked at what happened during times of an economic down turn and adjusted.

There are many who will focus on the pain of the moment [which we all do to a certain extent] but others look at what is happening with falling prices as the “sale” on investments they couldn’t previously purchase. Then when the market completes the cycle and rebounds they sell at a considerable profit.

Learn fiscal discipline and times of down turn become times of “planting” rather than times of panic.

Love the silver linings.

Cathy Bryant

November 11th, 2008 at 8:43 am

Personally speaking, the recession has served as extra motivation for me to launch out and try things that I wouldn’t have otherwise tried. It has also helped me to work on staying on a budget and living beneath my means. There really is a silver lining to every cloud!

November 11th, 2008 at 8:44 am

Good list, see my attempt at; http://www.davidfoster.tv/7-benefits-of-these-good-old-bad-times/

November 11th, 2008 at 9:20 am

Excellent comments. I always enjoy them. I had to work up a presentation for the Glorieta Writers Conference on Publishing and the economy. I’m giving it again at the Heart of America Conference in KC Friday. I talked to a lot of industry pros working it up and found their input a real slice of reality. I’ve posted those comments on my website (under articles) if anybody is interested. I’m an optimist and believe things are going to work out well, but only if we really understand the situation as it really is and work with that situation in mind. Keep up the excellent postings.

November 11th, 2008 at 9:51 am

With careful planning and shrewd business dealings will allow me to come out of this recession better than when I went in. I see this as an advantage rather than a draw back.

Jeffrey McPheeters

November 11th, 2008 at 9:59 am

Economic slowdowns create a slower pace in other areas of our lives, and we can all use time to reflect and recalibrate our priorities. Thanks for the list, Michael. It’s a good start and others will augment this.

November 11th, 2008 at 10:50 am

I agree. There is a lot of positive that can come out of something perceived as negative. If can’t control the circumstances, we can control our response. (Serenity Prayer)

For this particular recession I think it’s a positive thing in that God may be using it to send us a wake up call. People living beyond their means, corporate greed, a focus on “stuff” and lack of focus on Him can certainly be redirected with a financial shake up.

A recession removes clutter. Trims fat and in the long term will help us grow. It’s all a cycle.

I’m also excited about what appears to be a surge in social causes. People using their money and resources to help one another. It’s no longer cool to drive a Hummer to the grocery store. It’s cooler to put shoes on the feet of a child in need. :)

Anne Lang Bundy

November 11th, 2008 at 10:55 am

If I may elaborate on above points …

It increases our dependence on God (causes reliance on others, awojtowski).

We are less able to respond to the suffering of others with financial resources, and tend to respond to them with more of ourselves and our prayers (we connect with each other more, Carrie)

We are compelled to abandon artificial gratification for real contentment (real wealth isn’t about the stuff you own, Hyatt).

And since it does accelerate change, the hand of the Lord in the world becomes more visible.

Michael Edwards

November 11th, 2008 at 11:39 am

The number one benefit of a recession in my opinion is that its a reminder that there is a nother BOOM around the corner.

Laura

November 11th, 2008 at 11:44 am

Probably ties in with #4 but
it makes us grateful for what we have and with #10 Causes us to take care of what we do have

Max Elliot Anderson

November 11th, 2008 at 11:46 am

I think we may face something much more difficult than a simple recession this time around. What is coming may very well lead to the revival that America has so desperately needed.

Max
http://booksandboys.blogspot.com/

Kim

November 11th, 2008 at 11:54 am

Well, if the recession sparked this blog post, a-men!! What an encouragement! I’m going to bookmark this and come back to it when I get discouraged! God is already moving in the hearts and lives of men and women, as evidenced by the responses here! That alone is reason to rejoice!

Amen and Amen!!

November 11th, 2008 at 11:58 am

And it helps you to remember to anticipate seeing God at work. I’m excited about facing the future because I believe we will see God’s plan for us unfold in miraculous ways.

Sherrie Allen

November 11th, 2008 at 12:23 pm

Having been in the midst of a “down-sizing” I will say here what I told the gentleman that gave me my release papers…”This (meaning my seperation and severance package) has NO bearing on my salvation. It does not define who I am in Christ. It is just a mere bump in the road on my Journey….a “speed bump” if you will. I know that the plans that God has for me…is much, MUCH great than THIS!!! And I can’t wait to find out what those plans are”. I can honestly say, that those plans were MUCH greater and beyond what I could have imagined. To this day, I don’t know HOW the HR Manager at the company I now work,found me. I don’t know where she got my cell number as I had not posted my resume online yet. I know that God sets His plans in order and orchestrates all things for His Glory. He has a much bigger picture that we can’t even imagine…and everything that happens in our lives is relevant to THAT picture. Whether we want to believe or accept that or not. Our economy…matters…the recession …matters…businesses downsizing…matters…every business decision we make…you BETTER believe that it MATTERS…every individual that those decisions impact…THEY matter. It’s like those amazing photos that you see composed of tiny photographs put together in intricate detail to form a work of art…each one placed in a specific place to make the whole piece come together. Each one MATTERS…get the picture??? While this recession may seem enormous right now…believe me, we’ve been through it before (remember the 70’s???) and we survived…(remember the 80’s???) “This too shall pass” :) And God saw it all coming!!!

Paula Friedrichsen

November 11th, 2008 at 1:08 pm

My husband insisted we downsize about three years ago. I’ll admit to the fact that I didn’t take kindly to the idea of selling our dream home. But eventually I relented and we moved into a much smaller home in a rural part of town. I found that suffering through tough financial times is initially quite embarrassing and humbling. Eventually though, I realized how our financial set-back helped me to define what’s really important in my life (as trite as that sounds). My source of joy is my walk with God! My family! My wonderful friends, my health, and my rewarding work/ministry! Although in all honesty owning a lovely home sure did make life sweet–when the lovely home was taken from me, I found that I was still happy, and still enjoying my life.

November 11th, 2008 at 1:13 pm

Michael,

This may be your very best blog ever! I wish they would begin the 6 PM network news on all the major networks with your 10 points as well as have them publsihed on the front page of The Wall Street Journal and The New York Times. Finding positives in difficult times is what hope and faith are all about. Thank you for giving us all some inspiration for these difficult times. God is good. Life is good.

November 11th, 2008 at 1:46 pm

Good list. Thanks. Re: #3, the competition is best thinned out when you force the issue. It’s win or be thinned out there. The best creativity (#1) will target winning the market share skirmishes, not prettying up the bunkers or polishing the core competencies.

Jeanette Levellie

November 11th, 2008 at 4:24 pm

How about: It causes us to rely on God rather than people or our nation to supply our needs? We can always find someone in a worse situation than we. Usually, bad times bring out the goodness in good people’s hearts

Patrick (Pat) Robertson

November 11th, 2008 at 5:51 pm

Michael I love your thinking and modifed your recient “Commitments to Barak Obama” to a letter sent out to all my staff and friends. In recient times we have been convinced we need to run toward conflict, disaster, turbulence, war and hard times because we will find spiritual openness to be greater in times of difficulty. We are praying that these times may lead to spiritual harvest times and times of acclerated discipleship and church planting. May the spiritual wisdom expressed by some of your readers in their comments be true in our nation.

November 11th, 2008 at 6:32 pm

Michael Crosby wrote a book called “Thank God Ahead of Time” (a biography of Brother Solanus Casey); those five words are an excellent way to greet the arrival of difficult times.

Mike has since published “Finding Francis, Following Christ” (a biography of Saint Francis) and “The Paradox of Power: From Campassion to Control.”

November 11th, 2008 at 7:24 pm

Excellent post. A classic in fact. You’ve said so much in just 10 points. As a professional writer, I’m envious.

Mommy Zabs

November 11th, 2008 at 9:36 pm

It Causes you to re-evaluate your priorities. I guess that would sort of fit into #2, but more specific. I’m finding that I have to really evaluate what I need and want. I’m also having to alter my ways of doing thing… for example coming up with better ways to shop responsibly. I have always had a lot and for the first time am having to learn how to live with little. Quite stretching to say the least…. but I know it is good for me. God is teaching me a lot.

Mary Wang

November 12th, 2008 at 12:43 am

We should look on both sides of the shield no matter what has happened.

November 12th, 2008 at 4:49 am

A recession is the perfect time to do a start-up. Good help is around and available at a reasonable cost. If you get something interesting going — which usually takes about two or three years — your timing is perfect for the upturn. You’re locked and loaded for growth, maybe even an IPO…

November 12th, 2008 at 9:11 am

Sweet are the uses of adversity . . . and this our life exempt from public haunt finds tongues in trees, books in the running brooks, sermons in stones and good in every thing.
—William Shakespeare [AS YOU LIKE IT]

November 12th, 2008 at 11:47 am

This is a good post. I think I see these items in the life of my grandparents who lived through the depression. Someone also said, “Anything that causes us to pray more or be more dependent on God is a good thing.” I don’t know that I embrace that fully, but I understand the concept.

I’m looking forward to the lessons learned. This post actually helps me with my Sunday message. Thanks.
Ron Edmondson
http://www.ronedmondson.com

November 12th, 2008 at 4:14 pm

Michael, this is a wonderful post. And I’m happy to see so many posters with positive attitudes. Thank you,
Kimmi

November 12th, 2008 at 10:21 pm

I love this list (and all the add-ins from everyone else)! It’s nice to be reminded that there is a silver lining and things can only go up once they hit rock bottom.

I do have to say, however, for those of us who lost jobs due to the economy – the competition to find a new source of income hasn’t “thinned out.” But thankfully, God is the provider – not the job. :)

Minneapolis Real Estate Agent

November 20th, 2008 at 2:03 pm

Well in this housing lead recession the worst may be yet too come I think. Income versus Home prices are way out of whack and many believe, as do I, that homes prices nationally will need to drop another 20% before hitting bottom.

Andrew

January 28th, 2009 at 10:53 am

Great list, Michael. I just wrote an article about the benefits of a recession being the same as those of a forest fire, and referenced this list for added-value.

http://www.thedailyanchor.com/2009/01/28/the-benefits-of-a-recession/

March 8th, 2009 at 7:54 am

I agree I think people tend to slack off when times are good and cab be surprised at all the stuff they could be doing to increase business.

Why Religious Book Sales Are Down | Michael Hyatt

May 29th, 2009 at 10:57 am

[...] models that don’t rely on blockbuster traffic. If there’s any benefit to the recession (and I think there are several), it is that it has shaken up our sense of business-as-usual. We are being forced to innovate. I [...]

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