Office (763)476-2216
Email - contact@wmg-mn.com
Using Your Crystal Ball to Predict an Upturn
Companies that have
strategies in place to grab market share early in the recovery will
have a significant advantage over those that are
unprepared. Those who wait for the stock market to proclaim
the end of the recession will most likely need an extra six or more
months to return to full operations.
Thirty years ago, a wealthy man told me to
watch people’s behavior to determine the state of the economy. He
spent the start of each workday in a doughnut shop. He drank his
coffee and watched what types of doughnuts were being purchased. If
the customers bought fancy doughnuts, they felt good about
themselves and the economy. If they bought plain doughnuts, they did
not feel good about themselves or the economy. He became very
wealthy using this simple economic indicator. The early indicators
will always be out there in plain sight for anyone to see. The
question is, can you spot them, and can you take advantage of them?
Here are a few indicators to watch:
1. Increased spending on overtime.
Companies will increase overtime spending before management has the
confidence to hire permanent full time staff.
Keep an eye out for who is starting to pay overtime.
in
the economy.
No one has any idea when this recession will end,
but acting on the early indicators of the recovery will provide your
company with a competitive advantage.
Surviving and prospering during
slow economic conditions
About the Author: Ken Wilson: Strategist, marketing guru, educator, facilitator, author, university lecturer and consultant, he can be reached at ken@wmg-mn.com or 763-476-2216