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Prepare for the Worse but Hope for the Best

Written by: James Dicks

Article Overview: James Dicks examines the financial year ahead for small business and the American consumer.

Prepare for the Worse but Hope for the Best

While I don't have a personal crystal ball to predict the future, I continue hearing the so-called "financial experts" forecast that 2010 won't be any better than 2009; some even say it will likely be worse. Now I'm not saying that we should just give up, roll over or panic, but I am saying that as long as we have an inkling of what may lie ahead, we will have a better chance of planning for our future economic situation. As they say, prepare for the worst while hoping for the best.

The global economic situation turned from bad to worse during the past 18 months and it probably won't get much better in the near term. You can be assured that unless you keep the proper attitude, plan for any possible financial downturn and create a solid set of goals for the coming year, you will be in a weaker position. I've seen some prognostications across the board that the typical American consumer will have to "tighten up the belt" just a little more in the coming months. Some retailers are saying that even if the customer has the wherewithal to pay for items, the chances of finding them might be hindered because many retailers are hesitant about holding a large inventory.

One thing is certain. It's the American (and global) consumer that will ultimately bring us back to financial solvency but not until they are confident enough to start spending their hard earned dollars (yen, euro, or pounds) again. The current global economic downturn has really exposed the financial "underbelly" of many personal households. No family ever handles a job loss well, but the ones with enough cash on-hand and a well thought out emergency plan will be able to handle it better than ones that don't have them. The strong economy of the past, fed by a number of factors including cheap credit, concealed the damaging decisions that many people made in their personal financial lives.

So, let's say the economy begins to improve this year; you can be sure that the recovery process will take many more years to come. Let's remember that there are 15 to 20 million Americans out of work and that number doesn't seem to be getting any smaller as job openings haven't increased either. The paradigm of how the consumer spends has definitely changed and isn't likely to change back to the way it was before. Today the American consumer base is either trying to pay off their debt or, more likely, allowing their accounts to default because they can no longer afford to pay the bills without employment.

America's small business has the biggest challenge ahead of them. It is small business that keeps most of America employed but in the current situation and under the current set of rules, expanding the workforce just isn't very likely. Through all this, if your small business is still breathing (even if only shallow), start the new year by double checking your business plan and see if it's still valid in today's economic reality; some changes just might be necessary. This can be a great time for you to use your networking community to find the support and information you need to make the difference between success and failure; you might even consider a strategic partnership. People and business everywhere are trying to find better ways to stay afloat and your business just may be their answer. They need to know you're there and advertising your service or product has never been more essential. If they don't know you're there then they won't be able to find or use your business or service. That will certainly hurt your bottom line.

I am very optimistic about our country and the ability of its people to find solutions. Americans do their best in times of crisis and I see the nation finding the answers that will ultimately turn this situation around to the positive. It may take some time, but we can never give up or give in. What can you do? Get up every morning, become dedicated to your plan and never allow the situation to get the best of you. This will turn around eventually but it's going to take some hard work and determination to create a solid economic base. Don't be mislead, it's going to take a lot of hard work but the sooner we start rebuilding our personal and professional economic foundations, the faster our lives will start to improve. Let's get to work.

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Article Tags: business, consumer, economy, finances, forex, James Dicks, jobs, money, premieretrade, profits, success, trading



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Fast food workers - [quote:jxsovz2s] so why do franchises treat their employees like "worker bees" (i.e. work them till they quit or die or at least wish for their own deaths)? [/quote:jxsovz2s] I think that if "worker bees" approach their job with the right attitude, they can accomplish much. There are plenty of other people at the restaurant, so one is able to meet and interact with lots of people, see their personalities, etc. which is good for evaluating employees when you're in a position to hire them yourself. I think the main fault with fast-food restaurants is that they have such a hard time getting employees that they'll take anyone they can get, and then they only give them a couple of hours training before they put them out on the floor. Worse, they put them on the floor during the rush hour, and pretty soon they're in the deep end and not having fun because they don't really know what they're doing, and their managers are snapping at them and the customers are snapping at them and they get so frustrated that they quit. I suppose there are people who can pick up things very quickly and those are the ones that stick around...but there is certainly a high turnover rate. I talked a bit about this a month or so ago, when I related my experiences at a Kentucky Fried Chicken, where it was a comedy of errors, with me having to wait 20 minutes for my food, and then [i:jxsovz2s]still [/i:jxsovz2s]getting the wrong order. (And not the first time I'd had problems at this restaurant.) I have nothing but respect for fast food workers, and if they do screw up, I feel that 90% of the time it's the fault of the managers who didn't train them properly. But I doubt if the managers screw up because they don't care - [i:jxsovz2s]they [/i:jxsovz2s]probably haven't been trained properly in how to train their workers!
Re: WHAT MAKES YOU SMILE ???? - Hey Thanks for the post. Hope you're ok . . . . . Barry
Congratulations! - Hope you'll keep us up to date on the progress of your expansion, and hope it goes over very well!


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