Back when I was a public company auditor (yes, you read that correctly), I quickly realized after discussing business with top-level executives that few were prepared to meet the challenges that (at that time) seemed unlikely to affect us again. They believed that the economy would continue its rapid expansion, consumer spending would rise by staggering amounts each year, and we would all profit greatly.
But over the past few months, the walls have started closing in and we find ourselves in a recession. Notice I didn't say "historic recession" or "calamitous recession", but simply, "recession"? It's because a recession, by its very nature, is open to interpretation. There is absolutely no proof to show that this recession will be as bad as the Great Depression even though some news stories like to throw that in. Even though times are tough and uncertainty in the market is rampant, companies need to remember that a recession is only as bad as they make it out to be.
The Consumer Electronics Association announced Thursday that it has revised electronics revenue forecasts down for next year after witnessing sales that were on par with last year. Growth is expected to be 0.1 percent--3.6 percentage points lower than it originally forecast.
I'm sure that figure spreads fear through the industry and companies will look at an expected drop in sales as an event that could destroy the market. But instead of fearing what may come, companies should capitalize on this time and allow others to fear for the worst, while they use that as an opportunity.… Read more