One of the most frequent questions that Gini and Chip receive from agency clients is “how do I prepare for the recession?”
In this two-part episode, they explore the question of whether/when we should expect an economic downturn and what agencies can do to prepare themselves for it. As important, they also discuss how to help their team prepares for any challenges that lie ahead.
This week’s first part examines the economic outlook, including signs that Chip and Gini are seeing in their work, along with some relevant industry research.
In the conclusion, the co-hosts tackle what agencies can do to better prepare their business and their team members for what lies ahead.
Resources
* Recession Outlook (Promethean Research)
* Whether or not a downtun is coming, the time to prepare is now (HR Daily Advisor)
Transcript
CHIP: Hello, and welcome to another episode of the Agency Leadership Podcast. I’m Chip Griffin.
GINI: And I’m Gini Deitrich.
CHIP: And we are really well prepared today, Gini. In fact, I don’t think I have ever had a show with you where we have been this prepared.
GINI: I would like to say that me working early in the morning, after you send me some links to review and me spending some time at six o’clock in the morning, it actually is effective.
CHIP: Well, sadly when you sent me the email at 6:30 in the morning or whatever it was, I was already four hours into my day because-
GINI: Right, because you’ve got the international…
CHIP: Well, yeah, and I’ve really managed to screw up my sleep schedule now. I’m generally up now between 2:30 and 3:00 in the morning, even though I don’t need to be. But I’m just wide awake, and so what do I do? I go sit at my computer and I start working.
GINI: Well, that’s what I would do, too. I don’t have that problem.
CHIP: I had so much accomplished by the time I got your email in, and I’m like, “Wow. This has already been a great day, and now it’s getting even better.”
GINI: The best part is you responded immediately, and then we had a whole conversation that early too.
CHIP: Right, right. Well, hopefully that preparation will show in this particular episode.
GINI: I feel like you totally just jinxed us. Thanks.
CHIP: Well, possibly. Possibly. But the irony is we are well prepared for a conversation about being prepared.
GINI: That is rather ironic, yes.
CHIP: Yeah, so it’s not even one of my really butchered, horrible segues. It’s a semi-natural one. The topic today, and this is probably the question that I get asked most frequently by agency owners these days, which is how do I prepare for the coming recession?
GINI: Yes.
CHIP: There is a near obsession with it amongst agency owners. It’s in the business community more broadly as well, but I think particularly amongst agency owners. We’ve got some tactics in mind, but I think we first should start with is there really going to be a recession? Are we just accepting the inevitable because that’s what the buzz is, the conventional wisdom, or do we really see it coming? I think this is one of those ones where you can point to almost any evidence that you want of good or bad. What are your thoughts on this, Gini?
GINI: Well, I will say a couple of things. The first is, for those of us who lived through the Great Recession, we are freaking out about it because I know for myself, I don’t want to have to go through that a...