In my 20 years of consulting with businesses, I find the current economic crisis to be more difficult to manage than those preceding.

During the 1990 recession I started my first company, The Right Source, which was defined as an inexpensive alternative to the traditional advertising agency model. The company was well positioned to succeed in spite of economic pressures. The business model responded to the market’s desire to reduce the cost to produce collateral materials, by offering a technology-based cost savings solution. Through the use of the newly launched Macintosh computer we gained a competitive edge over our ludite competitors. Through this experience I learned that there is a way to succeed and even thrive in a recession as long as what you offer is matching a current demand in the marketplace.

During the early 2000 recession I was working as a CEO for a company that furnished and equipped medical facilities. Given the changes occurring within the medical industry, once again we were able to succeed in spite of the recession.

However, unlike earlier recessions this economic slowdown is all encompassing and affecting businesses and consumers on many different fronts, which makes it harder to find a competitive edge.  Moreover, the speed at which businesses and consumers cut spending did not allow companies enough time to adjust inventory levels, yet along make any core changes to the business model.

Simply put, financial management, strategic positioning and executive decision is extremely challenging at this time. With that said, many of the experiences that I gained through previous recessions, I am now applying with companies that I represent today.