Remember Black Wednesday? The day John Major and Norman Lamont sending the UK crashing out of the ERM (Exchange Rate Mechanism), and a 5% interest rate hike to 15% – in one single day?! No?
You’re not alone. A generation has passed since that day and interest rates have spend a decade or so at or below 1%. But now the prospect of rising interest rates looms large again, and whilst we are still a long way from the kind of conditions we had in 1992, it is a time to consider how your business is and will manage the economic shocks we are seeing now.
There are at least 3 key factors to consider today:
- Wage inflation – it’s an employees market at the moment, and to attract top talent, do you need to be paying more in labour costs?
- General inflation – costs for products and raw material are increasing…are you/can you/should you pass on to your customers?
- Interest rates – do you have business loans or retained earnings – are they working for you in the best ways? How are you leveraged in your business?
Standing still – as is always the case – is not really an option in the face of this so called “perfect storm” of factors. So, having a clear growth plan for how your business is going to grow in the future has never been more important.
Even in these troubling economic times, our 1-2-1 coaching programmes at ActionCOACH are guaranteed to deliver results. If you don’t grow your gross profit, we pay you back your investment in coaching. Has there ever been a better, or more necessary time to hire an ActionCOACH? We don’t think so.
So don’t lose interest in understanding how your money is working, work with us to get the rate of growth you need to weather the storm.
