There is always a gap between present realities and future expectations without which there wouldn't be any enterprise, investment, credit, commerce, or currency. Whenever, at a certain point, this gap becomes enormous, it creates a vacuum. This brings the need for readjustment, called recession. However, it is hard to find anything positive in the current economy. Jobs are reduced, markets reacting from dizzying highs to plummeting falls; debts are rising, inflation...there are myriad issues that compel us to draw comparisons to the Great Depression.

But as the saying goes, every cloud has a silver lining; economic turbulence is no exception - common wisdom suggests that every crisis opens up opportunities for innovation. Innovators who figure out different ways to solve the problems in current will have opportunities to create new growth businesses.

The good news is people are saving money again. The Bureau of Economic Analysis reports consumers saved an annualized $297 billion in the second quarter - more than 10 times higher than in the first quarter, and the highest quarterly savings since 1995. Saving in 2005 was worse than in 1933. Saving went out of style because, at the rate things were going, few saw a need to save, but now people are scrambling to rebuild and replenish their personal balance sheets by saving again.

How does saving help economy? Countries, like people or business, grow wealthier over time by saving money and investing it wisely. The result of borrowing with little or no saving led to our economic collapse. When an economy saves money, it has the resources it needs to invest without borrowing from someone else, and hence creates real wealth. Domestic savings creates money which can then be invested into projects that eventually create jobs, keep interest rates low, and push the economy along at a sustainable pace.

The bottom line is ‘working hard and spending less' will make you wealthy, ‘borrowing heavily and spending more' will make you poor.

During recession, marketing budgets may also get slashed. But if a firm has the resources and proper strategies, then recession is the right opportunity for a firm to generate revenue and build market share. Here are three such strategies:

Chalk out marketing plans.  A marketing plan is like a road map, which includes goals and schemes supporting the overall vision and strategic direction of the firm. Coherent implementation of the plan greatly increases the chances of meeting goals and outperforming.

Build a sales team.  Hiring full-time salespeople and building a strong sales team works hand in hand with a marketing program will help achieve this goal.

Implement niche marketing strategy.  Niche practices help differentiate a firm and eliminate competitors, hence focus on a small niche market.

Along with the above strategies every company should focus on soft skills training, regularly monitor client acceptance and retention policies and have a transparent communication of policies and procedures throughout the organization.

Though recession creates an overall pessimistic outlook, here are few benefits:

▪ You will start thinking about investing in a more stable and inflation-free investment options, which is a good move.

▪ Recession brings out the creative juices in you, leading to better productivity and more breakthroughs. Also you will think of creative ways to lead a healthier and greener life. You will consider reducing non-essential household consumption--walking or riding a bicycle instead of driving, more home cooking, more vegetable eating, etc.

▪ Recession is good for your personal finance management. You will track every penny spent more rigorously than ever. Retail businesses will usually offer you more discounts for a longer period to attract and retain customers and visitors, which is good for you.

▪ Recession will bring family members closer and increase your spirituality. You will develop faith and learn to trust in a higher power and seek spiritual guidance more.

▪ Converse to the popular saying, what goes down must go up, no?  Nothing is better than a rebounding economy. Recession will test and form your character and willpower, so be strong and courageous.

With all this in mind, as we venture into a new year, we must once again look for a silver lining. The collapse of the stock and housing markets will make way for a new social order. Though the bar for success is high, there remain ample opportunities to be seized by those who do not lose faith. Recession is just a correction, for a better and sustainable future. A new day is almost at hand.