Recession isn't all bad news... (From Business in Dorset)

Recession isn't all bad news...

9:00am Tuesday 16th December 2008

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I will probably struggle to convince you that recessions are good for business but they can act as a catalyst.

Britain has not had a recession in the last 10 years, but America has.

In the period 2001 to 2004 the NASDAQ lost over 31 per cent of its value and the Dow Jones fell by 17 per cent.

However, some American companies actually managed to grow despite the difficult conditions.

One example was Apple. Analysts had predicted its demise and its only hope for survival was merging with another computer manufacturer. What did Apple do? Identified new products and a different marketing strategy. The iPod was launched two weeks after September 11 and it was not an immediate success. Apple stayed committed to its strategy, launched iTunes and in 2005 sales took off. The rest is history but we can all learn a powerful lesson – the ability to stay focused on your goals.

Companies that keep their focus and the courage of their convictions will outperform competitors.

Ignore the noise from the doom and gloom merchants, you might be surprised by what you can achieve.

I can end on an optimistic point.

There are signs that some investors are returning to the property market now that prices have adjusted. This feedback has come from several local estate agents.

Mike Wright is the President of Dorset Business (the Chamber of Commerce and Industry)

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