Our "Recession" & Your Technology Business

Is the country in a recession? By definition, the answer is yes.

Are we anywhere near a depression or in as bad a situation as the media likes to throw at us so they have stories to report? Uhhh, that would be a no.

To repeat myself from other posts, as technology business owners catering to other businesses, it's not a bad place to be at all. Unless of course you don't provide for your clients a business asset and intelligent/necessary business resources.

If you're just another hole they are throwing money into (or at least that's what they're thinking because your value is not apparent), then I take it back. You are actually in trouble.

But that's depressing so I will continue on with the assumption that you do, in fact, provide a tremendous business value to your clients.

OK, so let's point out a good thing or two about a slumping economy. First, as history states, the worst of times often produces the most wealthy people when the economy turns around.

The Great Depression created many Millionaires. Some of which are now Billionaires. How can that be? Well, some people didn't lose all of their money and were poised to buy up the stock of surviving large businesses and banking institutions that were bound to grow immensely.

The second group of people are what is interesting to a technology business owner though. This group figured out how to provide needed resources to those looking for ways to survive. Or they jumped into a brand new business by making up entirely new products and services to accomplish this. They were the ones that did well and were sitting on top of the wave as the economy came back on an upswing.

With that said, I want to give you some tips on how to not just survive in a down economy but actually come out of it ahead of your competition as they take cover and "hope" that their clients don't drop them as an unnecessary expense.

Tip #1: Although now is not the time to pull your money out of dwindling investment funds, you should most certainly be investing the money you are earning now in yourself and your business. I'm referring to education and tools for your own business operation.

Tip #2: Don't sit back. Time management, client management, employee/sub management, marketing, sales, finances and metrics. Systematize and automate. Keep moving forward with your infrastructure. Think of it this way: you have the chance to keep controlling your own destiny as a business owner. Closing shop and going out to get a job isn't an option right now because they aren't there (and it really shouldn't ever be an option as an entrepreneur).

Tip #3: Stay connected with thought leaders, mentors/advisors/coaches, mastermind groups, networking/business associations, etc. People are doing well in many places. It's a safer place to be and easier to do well in numbers versus all on your own. That goes for any time, but now especially.

Tip #4: The government is not setting aside any bailouts for your business. So unless you have a big inheritance coming your way or can predict the next big lottery ticket winning numbers, you'd better have a plan in place to add revenue streams, make more from current clients, have a marketing system in place for new clients, and have your business ready to handle both decreases and increases in business.

Tip #5: Be serious about your goals this year. Seriously. Don't just write them down. Make an actual structured, realistic plan with a timeline to reach those goals. If you get stuck on how to get it done, get help! Put metrics in place to measure business health and to see how well you're doing in reaching those goals. Use industry and peer benchmarks to see how well you are beating up your competition.


When money is flying, it's no challenge to be in business for yourself. 2009 WILL BE a challenge and the true business owners will survive. Those with a self made job will not. Harsh but true.

The resources and tools are out there but nobody is going to twist your arm or convince you to use them. Check your ego at the door, stop wasting time reinventing the wheel, and start working "on" your business more than "in" it.

You know what you have to do. This year, get out there and do it.



To Your Business Success-

George Sierchio
The Consultant's Coach