Sunday, December 14, 2008

Lessons to learn, or how to think about our economy

Ladies and gentlemen, please take note: It is not The End of The World as We Know It, nor is the sky falling. At least not yet.

Talk to many business owners or officers, and they are tired of the constant barrage of dour predictions and glum faces telling them that economically, there is no hope for our future. Especially those whose businesses are thriving. carries a poll, showing that 44% of its readers are "concerned but optimistic" about the economic future (including this writer). And it notes that consumer confidence is up for the second month in a row (U of Michigan/Reuters) (lesson to learn: don't use only one poll to base your opinions on). If you're obsessive about consumer confidence, you can monitor it at the Conference Board.
"Consumers' short-term outlook was less pessimistic. Those anticipating business conditions to worsen over the next six months declined to 28.1 percent from 36.5 percent, while those expecting conditions to improve rose to 11.4 percent from 9.6 percent.

The outlook for the labor market was also less negative. The percent of consumers anticipating fewer jobs in the months ahead declined to 33.3 percent from 41.5 percent, while those expecting more jobs increased to 9.2 percent from 7.3 percent. The proportion of consumers anticipating an increase in their incomes increased to 13.3 percent from 11.1 percent."

Lesson to learn: get your news from the source, and not the media. I know, you'll have to work harder for it, but it's worth it. Trust me.

Small and mid-sized businesses are really the engine of the economy, as noted by strategic thinker Deborah Mills-Scofield:
"Small/mid-sized companies are growth engines of local economics – SBA study issued in June 2008: High-Impact Firms: Gazelles Revisited – updated version of a study they did in the 80’s focused on firms with significant revenue growth and expanding employment."
What is the national economy, but a collection of sub-economies? Lesson to learn: Right now is a time of opportunity and possibility for your business.

So turn off the news, stop reading the dire news, and get back to work. America is depending on you.

1 comment:

John Ettorre said...

You've said it well, Brian. And happy holidays.