News reports currently suggest a broad range of terminology to describe current economic conditions. We hear that there is a simple slow down with expectations of recovery before the end of the year to a full blown recession bordering in depression lasting as long a five years. No matter what your beliefs, one thing is for sure, we are experiencing an economy that includes an enhanced feeling of financial uncertainty that is having an impact on business and consumer activity.
This does not have to be bad news. Uncertain economic times create opportunities.
Traditionally recessions are times when the weak get sorted out and the complacent get pushed aside. They are therefore times of great opportunity for companies that see and seek the opportunity to break away and experience unprecedented growth. When times are good, virtually anybody can make a profit. But, in tough times true strengths and weaknesses are revealed.
Strong companies will continue to do what strong companies have always done. They will stick to their mission and vision. They create a strategic plan and related budget. They focus on their core values, customer service and they run their business for continual improvement and innovation.
If your business needs assistance with being a strong company during our current economic times, call a Principa CPA so that you can start a focused discussion.
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