Recession. 2019. Canada. We have been hearing a lot on this topic lately. Most investors cringe at this thought and it is very hard to ignore the unsurmountable media pessimism. It is possible that discounted oil, sharply rising interest rates, tax and policy changes and high debt service ratios are all mitigating recession factors. However, if we continue to listen to the media that is driving fear and negativity, a recession can become a self-fulfilling prophecy. It gets really old listening to all the doom and gloom economic forecasts.
Regardless of what happens this year, I am challenging you to reframe your way of thinking. I am offering the same wisdom from an wealthy entrepreneur that I met when I was 17 years old working the commercial sales desk at Rona. He took me to lunch one day and told me about how he moved to Canada speaking minimal English and was hired to be an auctioneer. That is how he learned English. His story on his personal and professional development into a wealthy entrepreneur was very interesting. His one vital lesson taught me that you have to train your business mind to see opportunities. After all, your business will thrive if you change your perception (if/when the economy starts to contract).
Worrying and despair drive a recession. Rational thinking opens up the endless opportunities. One thing is for certain, recessions are the best time to buy nearly any investment, it just needs to be timed correctly.
Now what? During a recession, everything is on sale.
Using some proactive strategies, your organization can take advantage of bargains as asset prices take a nose dive. A recession presents opportunities to purchase and develop the land you couldn’t afford a year ago. Now it is on the market at a steep discount. Organizations will thrive during the difficult times making room for new growth.