THERE IS A LOT of talk about the economic situation right now. When is the recession coming and how hard will it hit us? Our part of the world, the US and Europe, has without a doubt enjoyed a consumption party for several years. After good years come the bad ones. Companies as well as individuals obviously ask themselves how this will affect them.
MY ADVICE IN this situation is to observe the economic situation from a global perspective. Those days are over when the Western world dominated the world economy. Subsequently, the American home mortgage market should not have more than a marginal impact on Sweden.
FROM A GLOBAL PERSPECTIVE, there are still positive elements. India, China and the countries in the former eastern block, with a total population of a couple of billion, have great ambitions to reach the same wealth level as the western world.
YOU COULD CAPITALIZE on this! Consumers and companies in these aggressively expanding countries demand goods and services. This brings enormous business opportunities for small as well as large companies. However, you don’t need to open a branch in Kiev or Shanghai to take advantage of this. You could start by cooperating with other companies that have established international networks.
EVENTUALLY THIS MIGHT result in your own export business. It could also mean a revaluation of how you have done things in the past. In any case, it is always wise to do a contemporary social and environmental analysis.
IN THE END, it will always be about survival, organisation and cost control in your business. Make a fall clean up! Reflect on your customer mix and their prospects. Perhaps you need new customers or adjust your 2009 costs to a weaker economic situation?
Good luck!
Source: "Bättre Affärer", A newsletter from Swebank