We’re not out of the woods yet, but sooner or later our economy will recover and this latest recession will be a thing of the past. But that doesn’t mean it’s time to relax. The post-recession economy will be characterized by new opportunities, new dangers and new rules, but it will be far from robust; this is not the time to fall back into pre-2008 habits and assumptions. That said, with the following in mind, you can slingshot your way from mere recovery to newfound prosperity.
Don’t Lose Your Focus. There’s nothing like fighting for survival to focus your concentration. The temptation, as the economy improves, will be to relax and take your eyes off the prize. Don’t do it—now’s the time for businesses to take the lessons of the past two years and go from mere survival to resurgent profitability.
Convert Desperation into Momentum. Both companies and individuals made desperate moves to stay afloat during the past two years, whether by cutting personal expenses or shedding workers. It was painful, but now that you are leaner, stronger and tougher, make it your goal to dominate the new landscape.
It’s Okay to Spend, But Continue to Seek Value. Yes, in order for a recovery to be sustained, we need to spend. But we can’t return to the recklessness that helped cause our economy to crash in the first place. Spend, yes. But focus on strategic value and real ROI—whether a business or an individual, get all the bang you can for your buck.
Alfred Edmond Jr. is the editor-in-chief of BlackEnterprise.com