Recession is a word most likely to trigger some form of panic when mentioned – unfortunately it is a reality for the world at the moment. But we’ll be making a very big mistake if we think there are no advantages to it. I had an interesting discussion with a client and a journalist the other day – we talked about the benefits of a recession.

Quality service: Restaurants are still busy but while people would normally order a starter and a main, or perhaps main and desert, they now only opt for one course. The restaurants are therefore forced to offer excellent service and serve quality food otherwise they will lose out on the little money allocated by consumers for dining out and entertainment.

Essential items: Retailers are also feeling the pinch and are doing everything they can to get people into their stores. There are plenty specials being offered and consumers can save a lot on essentials such as food and other perishables by just comparing the many special-booklets included in community newspapers.

Entrepreneurial skills: Not all well established businesses can be trusted as a reliable and constant source of future income, so people will use their entrepreneurial skills to start new businesses that offer different and creative services. That in turn adds variety and choice for the consumer.

News: Lastly, I guess we can pull the effects of the recession into the media as well. Although it is sad that newspapers and magazines are shutting down, the result in the remaining publications is quality news and information.