September 2010 Newsletter
Batten Down the Hatches!
Batten Down The Hatches! and look out for Foul Seas Ahead! Why the Nautical terms?
Well, we are an Island you know.... And, having said that, I guess what is important from our perspective here in Australia, is we are a little insular.
I know that since 2007, the GFC has waxed and waned in and out of our financial sphere of influence and yet, having survived for a time, primarily on the back of a Liberal surplus economy, the increased resources demand from Asia, and to some extent, even the stimulus spending package of the Labour government, we are now beginning to feel the pinch in the market place.
Price sensitivity seems to be a daily topic in the news. Headlines about money saving Ideas, low cost meal ideas, shopping sites that save you money, buying groups and much more, seems to be the major focus of the times.
Even the election touched on the cost of living issues, as a point of difference between the parties, leading up to the recent Federal Election.
These are sure indicators, that things are getting tougher. I guess the only thing we can suggest to our clients is be aware of these factors and focus on your sales and clients during these lean times. At our last money talk seminar, Simon Cathro from Deloittes, who is an Insolvency Partner, raised certain tell tale signals to focus on, to avoid becoming an insolvency statistic, in these difficult times.
I guess in these times, having knowledge is certainly an advantage. If you feel that your business is struggling a little, don’t wait to ask the questions. Help is available and often if done early enough, the business can soon not only recover, but in most occasions, become even stronger than before.
Therefore, view the current climate as an opportunity to ‘Swab the Decks’ not ‘Scuttle the Boat’.