Are you ready for the upcoming crisis?
Whoa! What a way to start a topic! I don’t intend this to be a letter of doom and gloom, think of it more as a note putting you on notice to be ready.
The Canadian economy itself is in a recession, and is in no danger of recovery anytime soon. Japan is in a recession, China is in a slowdown, Russia is a mess, parts of Europe are both up and down and then there is the USA, that while not in a recession is forecasting a slowdown for this year. See this article
So what does all this mean? If not an all-out slowdown, it certainly means a softening in the global market. The real question is how do we continue to do business and grow our respective companies both here and abroad? I think the first thing is we actually have to take a step out and bet on ourselves, we have to realize that recessions are cyclical, they come and they go and in essence they are very good for our companies. That’s because they strengthen those of them that make it through them; if your company takes a beating – you learn new ways to adapt, survive and hopefully thrive. If your company isn’t affected by any of the downturn markers or softening in the marketplace, congratulations – you’ve got a strong business model, but no one says you should sit back on your laurels, it’s likely a good idea to re-examine what is and isn’t working, just to make sure you aren’t caught unawares.
What else can you do to ensure your insuring yourself? Well D&D Leasing is looking towards the future and betting on our own infrastructure, we have a fervent belief that while in the last cycle it was talent that was the key resource; the next differentiator is going to be your tech. How are you going to be poised? Are you going to be poised to meet the demands of your customers? Are you embracing what the possibility of future tech may hold? Tech isn’t just for Fintech, IT and those “other” companies; we all need to be looking at technologies that can help us leap frog our competitors and more importantly, keep us relevant with our customers.
So tell me what are you doing to side step the upcoming crisis?