What if We’re Not in a Recession Afterall?

No, I haven’t lost my mind and, yes, I occasionally listen to the news. I’m just saying perhaps things are not what they seem.

I had a booth at a business fair yesterday and so did 54 other companies; most of them small, locally owned businesses. Every person I talked to (frankly there was more conversation among vendors than there was with attendees but that’s another story…) remarked about HOW BUSY they were. They mostly had an abysmally slow summer (which is typical in WNY because we have such lovely summers that people generally put business on the back burner) but that they’ve never been more busy, myself included.

The Great Recession and indeed much of economic reporting relies on the results of large companies that are reflected in the various stock indices. Small, privately owned companies may be thriving without this news hitting the media.
Since the recession caused so many to lose their jobs, many people are starting their own businesses or serving as representatives for home-based businesses such as Mary Kay, Silpat Jewelry and Tastefully Simple. They’re making their own way and doing pretty well. The individual successes may not be noticed by the larger economic media but I suspect, en masse, we’re making a difference and perhaps not giving ourselves any or enough credit.

So I challenge you to consider the possibility that we are not in a recession. What might you do differently? Might you take on a project, an expansion, a new venture knowing the outcome could be outstanding? Could you become inspired to do something so fabulous, so necessary that the spark moved you in Providence’s path towards your ultimate goal?

I always joke that people have all kinds of risk tolerance during a bull market and no risk tolerance when we’re in a bear market (as we are now, or so we’re told). Taking risks when few others are goes against our nature as social creatures. But what makes some people – such as Warren Buffett – wealthy is this very behavior.

Some people say to me “I bet business is tough, given the economy.” and I always reply “When is there more a need for professional financial advice?”. If business is “tough”, I think it’s because people don’t know about me and what I do; not that my services aren’t valuable merely because of the economy. I say “Bah humbug” to you economy, you’re not going to fool me into thinking I can’t make it.