Economic Downturn Means Project Upturn

It is easy to become victims of the media’s scare tactics and dramatization. It is no longer good enough to simply report facts. The 24/7 news cycle has many news organizations using entertainment to fill air time. It is common knowledge that shock sells. So, we are now inundated with doom and gloom from the ever-present talking heads. Somewhere in between is the truth.

This brings me to a point about projects and the slowing economy. Should we all just stand still and wait to see what happens? Or, like many companies, do we look at this as an opportunity to gain more market share?

Projects evolve for many reasons, but even more common among them, is the understanding that projects will either create a revenue stream, or they will streamline costs which will in-turn add to the bottom line. Yet, for many businesses fear takes hold and many stand pat. If a project will save you money or make money, why stand still?

During the dot-com bust and the days following September 11th similar economic fear gripped our nation. I remember working for a small company that decided to go bold or go home. If the business was going to fail it would do so despite vision and forward thinking. The company grew and was more profitable, while a few of our competitors fell, in part, because they froze.

I believe in being prudent, but I do not believe in giving into fear. If a project makes sense, go for it.  If not, make sure it is not because of fear.