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Saturday, October 18, 2008
Ripple Effect
We all want the downturn to not last long and not be deep. But...I am a strong believer that we do best in life when we are well informed and in touch with reality (at least as we perceive it).
Regretfully, many signs suggest to me the downturn will be deeper and last longer than expected. One of the reasons I believe this is because of the ripple effect that I am seeing….a ripple effect that appears much more severe than in the downturns that occurred in recent recessions.
The ripple effect in economics is where an event impacting one industry spreads out to other industries, then in turn spreads out to other industries.
The problem in the housing market has spread to the financial industry and now the auto industry, the retail industry and the travel industry. Every day, I am seeing more and more industries impacted as the ripples spread from the original problem. And, equally troubling, the economic woes of the U.S. are now rippling to countries around the globe.
The ripple effect suggests to me that fixing our
economic woes will take longer than we would
all like and the depth of the pain will, regretfully, be greater....especially for those that do not position themselves to prosper in tough times.
Are you positioned to prosper in tough times? Are you making the personal adjustments to ride out the storm? Has your business or employer done likewise? Or, are you spending your time watching the news about what is happening but doing little to position yourself to prosper?
In my next post, I will share five tips for saving your job. Then later this coming week, I will share five tips for saving your business.
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