One of the things I have found remarkable about the last few months is how individuals and businesses are reacting to the ongoing economic crisis. It’s a scary time in the world, and the level of tremendous fear people have is simply amazing.

I spent significant time this weekend with a number of close friends who all admitted considerable losses in business, and they’ve all coped in different ways. The most successful of these people, I believe, are coping by working harder, saving any money they can, and adapting to the world which now exists. The most successful entrepreneurs have learned to adapt and understand the need to communicate clearly.

Of course, after frank discussions with friends about how tough it is, I opened a paper this morning to read that same friend say in the media how much better things are…but of course I know what he’s saying publicly isn’t the truth.

What one says to the media is interesting for me to read (for non-clients), as there’s an interesting discussion to be had privately about how businesses should posture to the media during times like these.

I believe that when good news happens it should be discussed, but there’s also a time to avoid high-profile media. Cookie cutter answers surely wont work.

Ronn Torossian

5WPR

Aren’t summers in the midst of the worst financial crisis since the depression supposed to be slow?  The last 24 hours at work have simply been exhausting and exhilarating at the same time. Though I can’t share all the details, the diversity and excitement makes me realize that I chose the right profession…

Two major client crises that involved a 6AM meeting today in a outer borough of NYC (thankfully neither story has yet to appear in the media)

A huge acquisition which is about to be announced, and has required countless calls with lawyers, clients and advisors

Four discussions with 2 of the 400 richest people in the world (both clients)

A client launch event hosted by Kim Kardashian (which my staff worked extremely hard at and that I attended until 1 AM last nite)

A breakfast today with the chief of staff for one of the world’s most well known politicians

…And have a client event both Saturday and Sunday (both birthdays)

Fun and exhausting at the same time….

Ronn Torossian

5WPR

Ed. Note – This was written last nite…

I’ve been working tremendously long hours these last few weeks, and with the changing economy I’m even more knee-deep in client work than usual.  I am emotionally invested and intensely involved with client work – A 5 hour strategy session today with a major financial client, followed by a 2 hour conference call with a technology media company for example.  The work is fun and challenging, but emotionally and intellectually draining.  Great clients are essential in these times – Great clients who are good, smart people, who allow someone who owns a service business like myself to feel appreciated… and give us that rush (and of course pay their bills on time).

It’s 11:15 PM and I have literally worked nonstop since 7 AM…and on top of that, I have an 8 PM client event tomorrow night, and two client events this weekend, but this is the price I believe is necessary for success.

Owning a PR agency, I am very blessed and thankful for us to be where we are and believe we are very well suited for the days, weeks and months ahead.  Focused, aggressive, hard working, and in the trenches with our clients.  There’s nowhere I’d rather be.

Ronn Torossian

5WPR

I read a fascinating article this morning regarding The Washington Post literally selling access to Obama executives. I  can’t say it any clearer than this quote: “The offer — which essentially turns a news organization into a facilitator for private lobbyist-official encounters — is a new sign of the lengths to which news organizations will go to find revenue at a time when most newspapers are struggling for survival.”

In the last few months, the stories I have heard are simply amazing. Clients are being promised positive news coverage in exchange for advertising, while major magazines are being paid to run feature stories. They sign an advertising agreement, but the ads never get placed.

One wonders what journalism schools are teaching these days regarding the media, and moreover, who in fact is teaching our future journalists…Can a 50- or 60-something year old accurately teach students about today’s media?

Ronn Torossian

5WPR