Enough of the ‘R’ word already…

Some of us, regrettably, are old enough to vividly remember the recession of the early 90’s. Huge unemployment, massive wage disputes and interest rates upwards of 15 per cent - believe me, it wasn’t a pleasant time. Particularly if, like me, you were in the process of launching a new start-up.

In an unsettling case of de ja vous, I’m sure I wasn’t alone in heaving a weary sigh this past week when perusing the latest quarterly survey of 5,000 businesses conducted by the British Chamber of Commerce. In what’s become a rather grim chorus, the Chamber, along with PM Gordon Brown and Bank of England Governor Mervyn King, have all officially pronounced the UK economy as being ‘in recession’.

Whilst recognising many individuals and companies are indeed experiencing profound difficulties, it isn’t all doom and gloom. The prevailing mass psychosis is unnecessarily bleak, in my opinion – particularly as Governments and central banks around the world are easing the liquidity crisis; hopefully the World Bank and IMF will be able to give international monetary policy a long-overdue overhaul over coming months; and interest rates will, in all probability, soon be cut. Even tax breaks for SME’s are being mooted.

Without meaning to sound like some sort of Prozac-addled CEO, can we all please cheer up a little? Opportunities still abound even in the midst of this unwelcome market downturn, so if I could be so bold… For God’s sake, let’s stop using the ‘R’ word. No more talk of recession as of right now. Downturn, slowdown, negative market shift – call it what you will – but take my advice and never again let the ‘R’ word again pass your lips.

Irresponsible and bonus-addicted banking execs aside, we’ve talked ourselves into this mess, so I suggest we talk ourselves out of it also. Because if we all keep agile and positive, before we know it we’ll surely be using the ‘B’ word again – as in Boom. Guaranteed. Or return it to the place of purchase and receive twice your pessimism back.

PS. Also on a brighter note… Congrats to David Metcalfe on his appointment as the new chair of the DMA’s board and advisory council.