The Dangers of Just One Opinion?
Like most business people we have been trying to peer into our crystal ball to see the future and to help us we have been reading leading economists views only to see there is no consensus. The danger here is you pick one whose opinions reflect your own, and act upon them, at a time when politicians make policy on the hoof and throw all your plans out of the window.
The same applies when politicians say they are ‘Following the Science’ which implies there is only one scientific opinion and we all know this isn’t the case.
These two instances illustrate we all need to canvas a range of opinions and then use your business experience to apply the most logical approach to how you frame your future. The skill here is to keep reviewing progress, as the business world unfolds, and not be afraid to make changes as the situation changes. No idea, or plan, is wrong as long as it works.
It has been fashionable for some time now, whilst interest rates have been low, to borrow money, finance assets and hope you can trade your way out of a problem – which is ok as long as there is someone to sell to. We suggest those who couldn’t pay March’s wage bill, or their vat, will have learnt a valuable lesson – if their business survives the coming months.
This pandemic, and the coming recession, will just reinforce the lessons we have learnt in a number of previous recessions,
1 Look after your customers and staff.
2 Treat your suppliers with respect.
3 Don’t trust your bank to help you.
4 Cash is king!
The corona virus has been a big wake up call for everyone and is an opportunity to re-shape your business for a very different future. We are here to help you make some sense of this changed world and our initial discussion, or zoom meeting, is free of charge so please give us a call – 07967 123201 or email andrew@thetakeoverexpert.com
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