If you have picked up a paper or turned on a TV then you know that journalists, newscasters and economists alike, are all speculating on the stability of the global economy and the crises many industries are facing.

Let's face the facts, ‘Recession has become a reality for developed countries such as Italy, Ireland, Germany, Japan, Iceland, Denmark, New Zealand, UK, USA, France and many more. The instability of these economies has started a domino effect and many more countries are facing the possibility of recession.

In this turbulent time, organizations across industries are implementing cost-cutting measures. In fact, many organizations are no longer in a boom or growth phase, rather maintaining a holding pattern until the economy starts growing once again. However, this does not mean the organizations are completely stagnant and all opportunities for events are lost. It simply indicates that until the economy regains its stability that organizations will be more cautious in their spending, trips will be taken off the itinerary and budgets for events will be smaller than ever before. This situation may spell disaster to some people and there is no denying that the event management industry will take some hits; experience a downturn; and few companies might get added to recession's victim list. But, for a savvy event organizer the recession can prove to be a golden opportunity.

How?
Most of us forget that innovation is the key to success. Well-known brands such as MTV (1981) and iPod (2001) were started during recessions. In fact, when the iPod was launched during the 2001 recession, it was not marked down to attract customers (quite expensive). Despite the recession and the price, the demand for iPods kept on increasing.

Why? Well, the iPod might not have achieved skyrocketing sale rates right from the start but it did manage to establish a reputation for itself as a fashion statement amongst youth. This gave them an added advantage once the recession was over and more individuals had disposal income.

Just like international giants, you too can capitalize on the economic downturn by laying down a strong foundation, which will serve you in the future.

How? When the going gets tough, the tough gets going.

The current state of economy is causing organizations to behave like shoppers on the lookout for bargains, discounts and value for money deals. This means that now more organizations are open to new ideas from event organizers and are willing to experiment. However, it is important to remember that the core of the event industry is not about having a big budget or having elaborate peripherals like stages, décor or hiring celebrities to dazzle attendees. It is about having unique ideas and concepts that will make the event memorable months or years later. You can be assured that, “If you find a good idea, budgets will magically appear.”

For example: A smart event manager could create a completely new segment in the market catering to worried senior executives on how to beat the depression.

Like we said, ideas drive the business not state of the economy or budgets (or the lack of it). And, a savvy event organizer can take advantage of this opportunity to secure new clients by offering them innovative and cost effective event management solutions. And, once the economy stabilizes, you will have a new loyal client base.

Always remember that, ‘Recessions by definition are temporary. Event Organizers that push aggressively while everyone else remains in an uncertain, holding pattern have the opportunity to establish a reputation and gain a share market.' Moreover, you can perfectly position yourself to benefit, once the recession ends.