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If the economists are right.. they expect most recessions to last about 18 months. If that is the case here... that means that our current financial troubles should be wrapping up around this summer. Whether you like the new President or not... whether you agree with his financial policies or not.. the economist still believe we will recover from this.
So - presume that the experts are right... what are you doing to prepare for the new surge of business that is sure to come? How are you preparing for the next increase in business opportunity? I think this might be a great discussion for this group!
What say you?
So - presume that the experts are right... what are you doing to prepare for the new surge of business that is sure to come? How are you preparing for the next increase in business opportunity? I think this might be a great discussion for this group!
What say you?
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Nashville
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Re: Preparing for the end of recession
Mon, January 19, 2009 - 7:42 AMGood topic, Philip.
However, not very many experts think we're pulling out by summer. While many (most, even) support some sort of bailout & stimulus, they are aware of the danger of exercising such an option (further de-valuation of the dollar if we print more cash versus bigger national debt if we borrow the cash, to over-simplify just one of the hazards - both of which can prolong the current crisis).
That said, I have weathered the current crisis without a hitch. But that's probably due to the nature of my biz & my clientele. I've watched family, friends, & neighbors far less lucky.
My current plan includes increased diversification of the revenue stream(s). That is always the plan, to a degree, but I've seriously shifted my focus there in recent months. -
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Re: Preparing for the end of recession
Mon, January 19, 2009 - 2:30 PMThanks David..
I agree that diversification is a great plan to have. I've seen many businesses put all their eggs in one basket. Another key strategy for businesses that can - they need to pay down their debt as quickly as possible. -
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Re: Preparing for the end of recession
Tue, January 20, 2009 - 6:28 AMTrue!
I have near zero biz debt (never goes above what can be paid off in 3-5 payments) and my personal debt is down to just a few bucks over my mortgage. Knock that out and then I attack the mortgage with a vengeance.
How are you weathering the current economic storm, Philip? -
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Re: Preparing for the end of recession
Tue, January 20, 2009 - 1:07 PMWell.. for me it has been all about diversifying my income. It has been a difficult go and I think a lot of the service industry has felt the crunch in some way or another. Personally, I am trying to prepare for the moment when people are going to realize that the markets have shifted for the good. I stand poised to jump back in and help -
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Re: Preparing for the end of recession
Wed, February 25, 2009 - 3:29 AMThose with ready cash will be the next super-rich, to be sure.
And, while the economy may stop retreating, that does not mean that there'll be a "surge of business" in any meaningful way for anyone that is not a massive corporation with massive savings.
So, what is an individual to do? Wait until the bottom and not just buy property (apartment buildings are often a great buy), but the market itself will respond first and strongly.
Which one will return a better profit? I'd say real estate, because it's ... well, real. If one can have a number of rental properties with a really great mortgage...?
Also, alcohol is always a good market... I wonder how thirsty are the Chinese and Indians? -
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Re: Preparing for the end of recession
Thu, February 26, 2009 - 3:16 AM
Having had a the experience of the 2000-2003 trough, I would definately say the best advice thru 2011 is to do everything you can to stay liquid and preserve cash/working capital. There are people running into all kinds of bottlenecks and it's good time to strategically pick up undervalued assets or flip them.
As for the "end of recession", it's wait and see, and cross fingers hoping govt's don't wind up doing things to make it worse. Fact is, though, that day-to-day, you still have to do what you do, and make it work for your customers and clients.
Definitely one advantage of NOT being "Too Big to Fail", and a good reason to remember that "Everything is Local" and leverage your local resources and basic common sense!!
For banking, look into credit unions, not the national hooligans we're hearing so much about. CUs are member-owned and follow sound rules of operation for finance.
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Re: Preparing for the end of recession
Thu, February 26, 2009 - 5:16 AMCredit Unions, eh?
I'll definitely look into that! -
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Re: Preparing for the end of recession
Tue, March 10, 2009 - 6:40 AMI use a credit union - Love it!
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Re: Preparing for the end of recession
Tue, April 28, 2009 - 9:56 PMI dont think Pillip means we'll be fully recovered by this summer.... I think he means we're going to level off and begin the upward climb toward recovery. That's the time when you want to be positioned to take advantage of the increase in opportunity. -
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Re: Preparing for the end of recession
Tue, May 5, 2009 - 3:03 PMGoat - yes, thank you for clarifying for me. I do not believe that we will be totally out of the woods for a while... but what I see is so many businesses digging in and becoming self centered to the point that they may miss their opportunities for growth, new business models and methods of income because they are too busy trying to stay in business. My question speaks to what businesses will be doing to take advantage of the new income opportunities... what they are doing to prepare their leadership for a new market.. how are the business leaders and owners preparing themselves for the new markets ahead with education, books and techniques.
Liquidity is great advice - something we should have been doing all along... probably the one reason why companies like Microsoft and Ford are surviving without having to tap into Government Funds. -
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Re: Preparing for the end of recession
Tue, October 13, 2009 - 9:57 PMSince my business is real estate, I'm preparing to invest money in marketing, and I'm launching an education campaign, teaching potential customers how to position themselves to take advantage of the current market conditions, hoping that their appreciation for solid advice will convince them to go with me as their realtor.
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Re: Preparing for the end of recession
Sun, October 18, 2009 - 6:32 AMOne of our posts in this thread focused on marketing. To me, marketing has always been organic and in a start-up you may have to feel your way through the process. How will you use marketing in this recovery time? What modes of marketing do you hope to use?
