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Focus your energy and your business on key initiatives this year

With the economy expected to show signs of a slow recovery starting in 2010 according to the Bank of Canada’s Press Release (January 21, 2010), what is going to be your focus for the coming year?

If you’re like most of us in business, you’re just finishing two of the toughest years in recent business history. Two years that you’d rather not have to do again for a very long time. For many of us, revenues have been down, in many cases expenses continued to rise (especially if you didn’t take proactive steps to cut costs last year) and for virtually all of us, profits are not what they used to be. (more…)

Provided below is a summary of today’s ‘Economic Outlook 2010′ webinar hosted by Canadian Business featuring RBC Chief Economist, Craig Wright.  For more information, visit www.canadianbusiness.com/webinars

Economic Outlook 2010 (Abridged Summary Notes)

OCTOBER 30, 1:30 pm-2:30 pm, EST

To begin,  RBC is taking an overall view of “cautious optimism” towards the economy

• This was not a recession made in Canada, so we need improvements globally and in the US (where the recession began). We expect to see fiscal policy and low inflation and low interest rate will help lift us out of this economic recession.

Our growth is dependent mainly on other factors:

• Global financial market stability
• We can see this in key indexes such as the Volatility Index, TED Spread, Borrowing Cost, and Credit Standard that stability is coming back.
  • Global growth & global economy improving
    • We see an improving tone, Decline of 1.5%. Outlook has stabilized and outlook for next year has improved significantly. Continue to revise higher (3-3.5% growth range). We expect that global growth will be lead by emerging economies.
  • Recovery based on the condition that authorities make the right exit-strategy, but of course there’s a risk that errors are made and they pull out too early before a full recovery, creating a possible double dip in the economy.

Looking Ahead – and caveats in our economic recovery

The Canadian Outlook in detail

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Courtesy of Flickr

Mark Carney, from the Bank of Canada said earlier this summer that the recession is over in Canada. He said that the annualized rate of growth in the current quarter will equal 1.3%, meaning that the country is officially on a recovery.

Really? Who are they kidding? Do you feel as though the recession is over? Is your bank starting to lend you money where they wouldn’t 10 months ago? Are your customers coming in spending more freely than before? Are you selling higher ticket items? I know my business is not seeing any changes worth noting. I mean sure, business is solid, we’re not seeing any major decreases, but we’re certainly not seeing any strong growth either. And from the lending community, I am certainly not seeing any change of heart from banks. They’re being just as stubborn and tough to deal with today as they were a year ago.

So they say that the recession is over. I say that they must be so far removed from the struggles of owning and operating a small business in Canada right now that trying to relate to us entrepreneurs is a joke.

I think they should take the time to pole small business owners before they make any grand announcements like this again. I think they forget that it’s entrepreneurs and small business owners who actually make the economy tick, and if we can’t grow our businesses, then the economy doesn’t grow.

What do you think? Do you think we’re out of the recession? Do you feel as though your business is stronger now than it was last year?

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Worthy Reads:

• Read Sen. Bernie Sander’s response to comments by Federal Reserve Chairman Ben Bernanke, “it is very likely that the recession has ended.”
• Harper says recession over only in technical sense

Don’t make knee-jerk calls

“I think this downturn is as much an opportunity as it is a threat because it allows us to evaluate what is important in a very serious manner and to be able to do things better and smarter than ever before”.

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A little extra TLC goes a long way

Only if you are in constant touch with buyers and prospects will you be able to anticipate changing needs and market trends, and thereby position your company for success when the recovery comes.

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Making Money in Chaotic Times

Every company is vulnerable not only to an economic downturn but to other disruptions that may come from technological change or from new global competitors. So the question becomes: how can companies do a better job of anticipating disruption?

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Unless you live in a cave, stuff happens

The Canadian Federation of Independent Business prepared a few suggestions we’ve been working to convey to small business owners on a broad basis.

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From the Mind–and Heart–of a Child

“Kids are the ones with new ideas,” Hansen says. “They are the ones who will innovate, start new businesses and I believe the kids are the key to economic recovery.”

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Are You Ready for a Crisis? You Can Be!

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Embracing Your Inner Customer

Customers are the very root of any business, and creating policies that upset them, no matter what reasons you put forth, will backfire in the long run — either in customers deserting you (and telling their friends/partners/colleagues) or in opening up a massive opportunity for competitors who treat customers correctly

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How does a business keep from being part of ‘The Great Recession‘?

While speaking with a good friend of mine the other day, Scott Targett of Targett’s Windows and Doors, he mentioned something that really stuck with me. While addressing his entire staff recently during a company wide meeting, he made the announcement that Targett’s was choosing not to take part in the 2009 recession.

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