How did you survive this recession?

As we near the end of this year, most people will heave a sigh of relief. It's been a tough one in many industries, and while South Africa may not have been as badly off as some elsewhere in the world, there's no doubt that we've had to work harder for our money this year!

Surviving a recession is about a lot of different variables: luck, attitude, resilience, resourcefulness, a positive mindset... it's all those things. But there are specific attributes that the leaders we admire have honed in their years of experience. These are some of their lessons...

A few months ago when I interviewed Richard Branson (I've been dying to write that!) for the September 2009 issue of AdVantage, following upon his visit to SA to speak at the Discovery Invest Leadership Summit, several things stuck in my mind: great leaders see opportunity in recessions, they maintain a positive attitude and they are open to feedback.

These were the key takeouts from Branson's presentation at the summit and in my interview with him:

1. The need for innovation and entrepreneurial spirit is greater than ever in times like this.
2. Keep focused on your business proposition and go for it.
3. In times like this, business leaders need to show calm focus.
4. Everything is half the price in most parts of the world. A lot of big companies are struggling. Yes, it may be difficult to get money, but there are enormous opportunities for people to step in and compete with these companies.
5. The way you do business and assess risk should not change, no matter the market conditions - capitalism can be a force for good.
6. Clean energy is a vital investment, as the fact that the world is running out of oil will send prices through the roof again in the near future.
7. With wealth comes responsibility: do good as well. Invest in future technologies, such as renewable energy, in your own communities.
8. An office is not essential: "I've always worked from home - it gives me time to think and plan. I travel a lot. I get out and meet our staff as often as possible around the world." What any good business leader must do is find good MDs who put people first, Branson said.

And in my travels and travails in this industry over the past 10 months, talking to and interviewing key people in this industry, while focusing on redesigning and repurposing the content of AdVantage magazine, I personally learnt that one of the best things you can do is to talk up your brand, your people, your ideas (my lesson to print publishers in a recession is to create excitement around your brand to ensure you remain relevant and profitable - I can personally attest that it worked for AdVantage!). The other takeouts I've drawn from leaders in our industry are^*:

1. Don't panic: take a deep breath, go to a quiet place and rewrite your strategy if need be. Make sure you make time for constant reflection.
2. Be agile: be ready to move fast on opportunity or cut your losses if something is not working.
3. Be flexible: meaningful change usually occurs in challenging times, not when you are in a comfort zone.
4. Stay true to your values: authenticity is not just something you hear from your lifecoach; it is an opportunity for brands to make a real emotional connection to their consumers. And in these tough times, wouldn't you rather deal with someone you trust?
5. Maintain optimism: wallowing in the pessimism and negative thinking that currently prevails all around us is counter-productive. There's nothing ‘Secret' about it - positive thinking draws others to you and your brand. Be inspirational.
6. Add value: Marketing Communications 101 still applies - just add value, be loyal to your consumers during this time, empathise, be there for them, don't disappear from their lives.
7. Bring back a South African: we all have friends and family overseas. Let them know the positive, not only the negative. Let them know that this is still one of the most beautiful places to live, one of the most entrepreneurial places to start a business, to be a success at your chosen career, to launch a product or service.
8. Focus: do what you do well, stay with your business strategy and what you're best at.
9. Tell stories: it's common cause that shared experiences build relationships and great narratives build great brands.
10. Come up with a big idea: this, of course, is easier said than done, but creativity remains a differentiator in our industry and never more so in times like this when sometimes going with the big idea can be a risk. But where would our industry be if we stopped being brave?

It's more common sense than rocket science, but we still need reminding. I know I do.

^*Some of these points were drawn from editorials I've written in AdVantage this recession year: 2009.