Chapter 32. Coping with downturns
It’s a fact of nature that our lives are shaped by recurring cycles. We sleep and wake according to a daily cycle of dark and light. Our wardrobe is controlled by an annual cycle of heat and cold. If you’re just starting your career, you may not be aware that our business lives are subject to recurring cycles as well, and we have no choice but to navigate our way through them.
This chapter shares information and advice to help you do that successfully, with a special focus on the challenges faced by the owners of design firms.
The overall economy goes through alternating periods of contraction and expansion. These are measured by quarterly changes in the “gross domestic product” (GDP). GDP is defined as the market ...