By Ashka Patel
Hawaiiahe.com
(Hawaii)–Did you ever think that there could actually be some benefits of economic recession? Everyone has been impacted in some way from the global recession.
Whether you have lost your house, job, or have changed your spending habits – the recession has been severe and is expected to get worse. Let’s face it – recessions are not fun for anyone and can be very difficult times to get through. But there is another side to a recession – as there is with anything in life. Regardless of ones opinion about a topic, there is always another side to the story. I believe that there are some good things that can come from a recession. Positive things that can help us grow as humans in this world.
I started thinking about how a recession can be good for our community . As a result, I came up with several thoughts and ideas of how we as people can benefit from this recession as well as the companies we work for and even our planet.
Strong Survival Mode – One of the most important aspects of a recession is that it filters out the weaker, less productive companies. The stronger run companies survive, while the weaker companies go away – leaving room for newer
and more efficient companies to come into the marketplace. Sometimes you need to break things down in life to make them stronger. Call it the natural order of the economy – it is something that is necessary in life. I like to use the analogy of weightlifting to stress this point. When you start weightlifting, you are breaking your muscles down so that they can get stronger. There is no difference with companies and corporations. Break them down, let the weak disappear, and the strong will survive.
Innovation and Creativity -Another important benefit of a recession is that it forces companies and people to become more innovative and creative. Organizations are forced to
eliminate the waste in their processes to become more efficient. The same can be said for people who will cut back on non-essential costs and eliminate
waste. As a result of cutting out the fat in spending for both companies and people – their budgets will become more lean and healthier.
The use of technology also comes into play – allowing companies to work more efficiently. Companies will be forced to do more with less, thus relying heavily on technology. Both companies and people will be forced to think outside of the box and focus in on creativity. I actually really enjoy being creative with our family budget – finding ways to cut costs and become more efficient.
Environment –
The term going green has become popular recently for many companies. This is a result of consumers demanding greener products that help the environment instead of hurting it. We have already seen a big push and demand for
companies and products to become more environmentally friendly. I believe the recession will help to accelerate and promote this way of life. People want products that can last longer and that are friendlier to the environment.
The recession will also force us to purchase less products – buying only items that we need. We have been wasteful consumers for many years now – those days are gone (for now). Instead, we will think twice about making a purchase on an item that we don’t really need. All of this has a direct and
positive impact on our planet. The demand for natural resources goes down and are landfills don’t fill up as fast.
The drop in global demand for oil has pushed gas prices down from previous all-time highs which helps everyone’s bottom line. You are spending less on gas for your car, the food that you eat, and the products that you buy. The temporary drop in the price of oil as a result of the economic slowdown
has given us a nice window of opportunity. This window should allow us more time to focus on alternative energies and bring them into the marketplace.
Frugal Living – The recession is forcing people to start living within their means. Gone are the days of free money and interest only mortgages. The shift will be one towards a more frugal lifestyle where people will actually start to only spend the money that they have instead of using fake money
from credit. People spending more money than what they actually make is a big reason why we are in the mess that we are in!
Appreciation – I think people will appreciate things more in life. Anyone I have ever known or spoken with who lived through the great depression has put more value on things in life. They appreciate hard work, the value of a dollar, and people in general. They know what it is like to not have everything they want and at times not even have food to eat. While I don’t
believe we will get to that extreme – I think the recession will change how people appreciate the simple things they have. If you flip on the television today, you can already see how companies are marketing the recession. They
are focusing on family and spending time with others – showing appreciation for the little things in life. I see no reason why people won’t start having this attitude.