My mind is my biggest asset. I expect to win every tournament I play – Tiger Woods
All you see in the news these days are journalists pretending to be economic experts, forecasting an impending recession.
Last week when I first heard the news about the Federal Reserve’s prime rate cut, the “reporter” didn’t say that “the Fed indicated that future cuts would occur if the economy gets worse”.
Instead, the reporter, speaking clearly as a reporter and not in an editorial piece, said “future cuts WILL (my emphasis) occur AS (my emphasis) the upcoming economic recession deepens.”
Isn’t it interesting how a no-name radio reporter can do what Greenspan and others have never been able to do? IE: Accurately predict exactly what the economy will do in the next 3 to 6 months.
I don’t recall seeing macroeconomic forecasting on the course curriculum in journalism school, not even at the leading j-schools in the country. Maybe I missed it:)
Rather than sit around waiting for this “upcoming economic recession” to impact your business, I have a better idea.
- Ignore the economic forecasts of those who cannot impact your business. Katie, Brian and Wolf no more have the ability to have an impact on your business than the man in the moon.
- If an economic recession does occur, choose NOT to participate. Everyone else will be cutting back, weakening their companies. They will let go of people who might be hungry enough to be your next superstar. The weakest of them may fail, or come close to it. Almost anyone can run a company successfully during good times. During less prosperous times, the real management shows itself by preparing for the next boom and strengthening themselves. One option: Buy the weak competitors, not so much for their assets, but for their active customers. Those customers might simply have been too lazy or uninformed (your marketing should be addressing this) to have changed to your company.
If you choose to accept the media’s sentence, you deserve whatever the “upcoming” recession may bring. Instead, be like Tiger. Expect to win. Take the steps that lead to success, not the steps that lead to mere survival (if that).