The ability to cope with them is a more effective methodology than trying to eradicate them.

In Sheffield we have faced more than one economic bust in the last 40 years, the most dramatic so far being the steel decline of 1979. However, there is always someone, somewhere, who has an idea and a raft of unique abilities that enable an idea to become a business which in turn becomes a success story, irrespective of the economic climate.

Sheffield Forgemasters was formed at the time of that disaster and rose, despite continuing economic cycles, on several occasions to be one of the best in the world. The OSL Group started from very small beginnings in that recession and became a diverse and successful range of engineering businesses. Technicut, perhaps a new definition of the term Sheffield Quality, grew from difficult times in the early Nineties into a leader in its field and, with Sheffield University and Boeing, contributed to the creation of Sheffield's Advanced Manufacturing Centre.

To the world of property and regeneration this suggests we should be seeking out the signs of success. They are there, often small but small has its own efficiencies – quick decision-making, well established contacts, multi-tasking is the norm, simple systems because there's no time for anything else, to name but a few.

Small projects by their nature are less of a risk, a lot of small projects means spreading the risk. Yes, it does mean more work and losing economies of scale but work is what we all want and challenges are there to be risen to. Some may have already thought this one through and will be a step in front.

Large projects are always said to have advantages, control and design standards being two. However, small projects offer a variety in design, a range of skills and thinking from different companies. Getting the mix right is where the relationship between architects and the Planning Authority comes in. Control of a significant area allows confidence in future sales but is this not a key role for the local authority and its agencies, to enhance the environment for development?

Several attempts to rebuild Sheffield's canal basin as a single major project failed during the post war period, pre-lets never met the required level. By splitting the project into more manageable elements, including taking out a significant parcel of derelict land by using it for the future inner ring road and use of a multi-storey car park to increase the land available for high value development, Victoria Quays was born. Perhaps this thinking could be applied to some current problems.

History is well worth a look and can be worth repeating.

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