18th July 2008, 01:02 PM
I think it's a bit of a misconception that recessions are bad for business. Bad for some businesses certainly, but for those working on successful models it provides an ideal opportunity to restructure without significant opposition - an essential step to growth. My own experience of the so-called credit crunch is to have my pay frozen (and given 5% inflation, essentially cut), my working hours extended by 2.5 hours a week for no additional pay, and all office flexi-time removed. There have been redundancies too with the threat of more, but if truth be told they were the weekest link anyway. It's a difficult time for business owners too, but not without its upside. Choppy waters call for tough, uncompromising decisions and this is why Michael O'Leary, CEO of Ryanair, has publicly declared he would welcome 'a deep and bloody recession'. I of course retain the right to feck off. And given happier times most of us would do.