Hot News: Bank of Canada Governor Mark Carney today announced in his economic update that the there has been a shift in the Bank of Canada’s economic outlook for the Canadian economy (source 10/20/2010 Wall Street Journal). In the Bank’s quarterly monetary policy report it “lowered growth forecasts for 2010 and 2011 and revised down the inflation outlook. It now expects the economy to return to full capacity by the end of 2012, a year later than projected in July”.
What does this mean for you as a business owner?
Listen, virtually anyone can make money when the economy is hot as it was through to 2008. Just ride the wave! Since Q4/2008, when the Recession hit, the wind went out of the sails of business. Despite Carney’s position that the Recession ended in Q4/2009, it hardly feels like there is a breeze of growth for small business. With today’s announcement it seems clear that we will have calm waters through to 2012.
What is a business owner to do? Cut more costs? Close?
If you aren’t making money or achieving your financial goals in this current economic environment the first thing to ACCEPT is that others are! Consumers are buying, businesses are buying. They are simply buying less or more conservatively and will do so for another….2 years. The winners are the businesses investing not cutting and they are investing in strategies to win market share…strategies that will take your clients.
Don’t wait two years sitting on your surf board looking over your shoulder for a wave…a wave that may not come for another 5 years. Take control of the situation, invest in your business and be a success story by:
• Enhancing your UVP
• Winning Raving Fans as clients
• Being an Employer of Choice
• Developing Leading Sales strategies to name a few.
For heavens sake it is as simple as just having a brilliant business plan and implementing against it.
You are already one step ahead of your competitors by reading this article. Take one of three more important steps by TAKING THE NEXT STEP below or sit on your surf board and wait it out…good luck with that.
WHAT’S THE NEXT STEP?
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3. Not sure why you need a small business plan? REGISTER for a FREE FOCUS Discovery Consultation where you will talk business, your business, with international best-selling author James Burgess
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