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SalesMama profile picture

SalesMama

Senior Account Executive

Executive
Opinionated
Contributor
+3

Shit Hitting the Fan (The Economy)

My company's announcement today of a hiring slowdown and other cutbacks made the daily "XYZ Company is Laying off Employees" posts I saw on LinkedIn today hit more personally. Having been insulated from the 2008 downturn (government employment) and being too young to know 2000, this is my first time experiencing a meaningful economic downtown.


If you have "seen this movie before" - what is the first/biggest piece of advice you have for those of us who only know the joys of "free money"? What career moves should be thought about twice? What do you wish you would have known the first time you experienced a downturn?

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17 comments

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braintank
Politicker
12
Enterprise Account Executive
Live below your means

Have a 6+ month emergency fund in cash

Be at the top of the leaderboard
braintank
Politicker
8
Enterprise Account Executive
Don't leave your current job for a series A (perenial advice)
TennisandSales
Politicker
0
Head Of Sales
haha best advice!
jefe
Arsonist
5
🍁
Do these ^^

Six months always seemed like a lot of money to just have sitting around, but the last two years have been a real doozy.
ego
Politicker
6
Bartender
1. People who are used to spending money will keep spending money, just in different places. Find a way to get in the middle.
2. Chances are some tasty real estate is about to be listed for about 30% cheaper than what you'd expect it to be, if you're liquid, get ready to scoop them up.
3. This is the best time to go into business for yourself. Everyone is running around scared looking for something to hold on to. Pick a direction, and go straight for it.
4. There's always money in the banana stand
5. Don't run out of money.
6. If you are about to run out of money, put aside a parachute so you can move somewhere warm and sell pot on the beach.
Samsamoon
Opinionated
0
Associate
This most excellent advice. I love war room!
CuriousFox
WR Officer
6
🦊
Have you been cut? If not, keep your head down, do your job, and look for another one just in case.
CaneWolf
Politicker
1
Call me what you want, just sign the damn contract
Nailed it.
Sunbunny31
Politicker
5
Sr Sales Executive 🐰
braintank has solid advice.  I'd only add to his "be at the top of the leaderboard" -- keep working hard.   Don't be distracted by the doom & gloom news.

Also - time kills deals.   Work on closing deals even more quickly than otherwise.   
1nbatopshotfan
Politicker
2
Sales
Prioritize deals that you know will close. Qualify stuff out faster. 
AnchorPoint
Politicker
2
Business Coach
You are in charge of your own economy - turn off the news, put your head down, and sell something.
Justatitle
Big Shot
1
Account Executive
Everyone loves to jump on a pity party. It can always get worse and it can also always get better. Everything is only noise to distract you from the task at hand. Crush your number and let your operations and finance teams worry about crunching the numbers… 
SADNESSLieutenant
Politicker
1
Officer of ♥️
Invest your money into the right companies
Gasty
Notable Contributor
0
War Room Community Manager
@sahil : I've been following you on LinkedIn since a while. You saw this coming few months back. Do you see this ending anytime soon?
fuzzy
Notable Contributor
0
CMO (Chief Meme Officer)
Buy gold or silver if you choose to invest.

Try to cut your expenses. Occupy your boredom with meaningful activities.

It’s gonna be COVID 2: Electric Buggaloo

People are gonna get bitchy. Focus on happy things.
NotCreativeEnough
Big Shot
0
Professional Day Ruiner
be #1 on the team and you don't have to worry about being cut. Unless the company goes under altogether. But that's also why I try to only work at companies that are must haves and not nice to haves
Coffeesforclosers
Notable Contributor
0
Director Sales and Market Development
If you are moving to a new company, dont play startup bingo today, go established 10+ year $100m recurring revenue company

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