Reflecting on the ways we define ‘growth’ is a worthwhile exercise. The recent political shenanigans in the UK repeatedly brought up varied meanings and measurements of ‘growth’. This discourse against a backdrop of a triple whammy of escalating energy bills, interest rate hikes and the high cost of living rises makes growth in the context of development a central focus. The key question is, if a recession looms what happens to personal and business growth goals?
Clearly there’ll be certain realities to contend with but sitting tight and hoping for the best may not be the best option. Being agile and having development as a focus irrespective of external factors will pay off in the long run.
At DDC we see development as the process of navigating a progression pathway which involves getting as close to an ideal version of the person or organisation. This by definition means is an individual process. There are 7 critical aspects to think about in this definition of growth:
1. Focus on optimal achievement not perfection
2. Set measurable benchmarks which motivate and challenge
3. Measure yourself/your business against your own milestones –not others
4. Take regular action – action creates moment
5. Regularly review and evaluate progress
6. Preparation and planning - be prepared for different scenarios
7. Accept mistakes will be made and learn from them
Historically many innovative businesses have started during a recession or down turn for example:
1. Graze was founded during a deep recession in the UK since the Second World War, triggered by the collapse of the US’s mortgage lending market. Graham Bosher founder was a great pioneer. The idea of delivering healthy food and snacks through the letterbox to subscribers might have seemed doomed to fail, but the company continues to thrive.
2.Netflix. Founder, Reed Hastings was apparently inspired to start an online DVD rental by mail service after incurring a late fee from Blockbuster for failing to return a DVD. Years later of Netflix almost collapsed when Blockbuster made the infamous error of refusing to buy it out during the dot com bubble burst of the early 2000s.
3.General Electric (GE) The multinational conglomerate, started in 1876 by the renowned Thomas Edison - inventor of the lightbulb, in the middle of the six-year world recession following The Panic of 1873.
4.Wilko. The household essentials and homeware store opened in 1930 at the height of the Great Depression that saw global stock markets plunge, soaring unemployment and widespread poverty.
During an economic downturn there are favourable factors including better access to talent, decreased competition and access to better deals. Perseverance and forward planning are essential. An iron clad commitment to development can withstand setbacks, build resilience and propel business and personal growth.
