What goes up, must come down. It’s true of balloons and it’s true of the economy. We haven’t had a recession in the truest sense of the word in 12 years (the pandemic we just endured, notwithstanding), which means it’s time. And, while scary and something that can be challenging to predict, we are due.
Many economists are already talking about a recession. Certainly, we’ve seen inflation rise faster and higher than it has in 40 years, coupled with supply chain issues and everything feeling very scarce. I’m not used to waiting two weeks for a delivery. I want it tomorrow!
But the biggest thing I look to when planning what the next 12 months will look like for my business is whether or not the advertising industry is taking a hit. There is an old adage that advertising is a bellwether for the economy—and it’s proven to be true. What I didn’t know during the Great Recession was that I could count on what I was reading. I had no idea how it was going to affect my business—and it wasn’t good. Now I know to pay attention.
And it doesn’t look pretty. But it’s also not the end of the world! Having experienced 9/11, the dot-com bubble burst, the Great Recession, and now a showstopping pandemic during my career, I do know everything is going to be OK.
This is what we’re going to talk about on this week’s episode of the Spin Sucks podcast. How to prepare for the inevitable, what to do during it, and how to recover from it. Stay tuned!