As of the writing of this article, the top headline on Yahoo! news is Oil soars on dollar, Energy Dep’t report on falling supplies. The top video is Floods threaten economic disaster in Midwest. Dow down 1.4%. Nasdaq down 1.9%.

Regardless of whether or not we are actually in a recession, the economic news and outlook hasn’t been good for about a year. As I speak with leaders of professional service business, most of them haven’t reported ill effects on their firms from the economy. Still, they’re nervous. And a case of the yips across a senior management suite can lead to all sorts of different behaviors, some good, some not so good.

For those of you who are feeling the crunch to “do something,” here are some thoughts to help you avoid common mistakes and to take advantages of opportunities.

Don’t Overreact

When things are good, they’re not necessarily as good as you think. When things are bad, they’re not necessarily as bad as you think.
Just because it’s been slow for a few months, or you think it might slow down soon, don’t start making wild decisions or cuts. Keep a steady head about what’s really going on. Look past the wild swings in revenue (and enthusiasm and attitudes of team members) that might be caused by short-term factors.

Redouble Your Marketing Efforts

As a marketing consultant and advocate, this might seem self-serving. I don’t mean it that way. I’m merely suggesting that during any economy, firms can grow faster and win more clients if they step up their marketing energy.

Something about an economic slowdown seems to cause leaders at firms to focus inwardly. They self-analyze, having meeting after meeting about strategic direction, salaries and cost structure.

When it comes to business development they say, “It’s tough out there. I’m getting less action in the market than ever.” So both marketing staffs and professionals who should be bringing in clients at firms slow down and do less.

This time and energy would have been better spent focusing outwardly, working to improve brand, fill the pipeline, and bring in more clients.

Take Advantage of Opportunity for Change

Service firms “embrace change” about as enthusiastically as the sports community of Mexico embraces curling. However, service firms often shed their reluctance to change and propensity for slow decision making when faced with a business slowdown.

The halls at most service firms are abuzz with “what needs to happen to make this place better” during all economic conditions. When things are good, unproductive staff are often left to keep working. Sluggish marketing is allowed to plod along like the Old Gray Mare. Subpar business units and initiatives keep on keeping on. And bold, innovative initiatives die in committee because they’re “too risky.”

As you approach making changes big and small, keep the following one question in mind, “If I make these changes and the economy and business stabilizes, will we be in better shape or worse when things turn around?”

If the answer is “better,” make the changes and make them decisively. A slow time at the company is often the best time to reshape the firm and make it stronger for the present and future.