(Credit: This prophetic cartoon on the right appeared in one of the fall 2008 issues of the New Yorker magazine. It delivers several important messages from negative (depression, gloom and doom) to Positive (i.e what's the silver lining behind every cloud, or the opportunity behind every threat; resilience, and make do with what you got!)
I was reminded of it after reading this morning's news from Canada’s Globe and Mail newspaper-Dark(er) Days Ahead
The quarterly C-Suite survey was conducted for The Globe and Mail; Report on Business and Business News Network by Gandalf Group, and sponsored by KPMG. The survey interviewed 150 executives between Jan. 29 and Feb. 12. Respondents represent ROB 1000 companies from across Canada.
Here's a summary:
- 90 per cent of executives expect the economy to decline in the next 12 months (Now here is the flaw with most survey methodologies....They never tell me exactly what I really want to know...I always wonder about the extreme outliers. What do the other 10% think and Why? Why don't surveys ever focus on this "left behind" group?...Their ideas are far more significant then the majority. Are they more optimistic, expecting a quicker turnround? Will the economy be flat or in neutral gear, anemic but not growing or dropping much? Are they just in counter-cyclical business or industry, that's level or even growing in a recession or have they just surfaced new opportunities that the majority of us don't see or can't even imagine yet? Are they just plain contrarians or are they still in the denial stage? or Are they doing something creative / innovative that the other 90 % don’t know about? Do they just see more Opportunity Windows, then the rest of us, because they are now more vigilant for new "opportunity spaces" and "opportunity sensitive areas"? and less gloomy? Are they more Opportunity Savvy then the rest of the other 90%. and more personally, who should I be targeting with the Opportunity Clinic workshops? the 10% who already get it or the 90% who don't and may turn out to be a recession/ depression casaulty?) see Opportunity Clinic
Half think it will be more than a year before growth returns ie 2010
Two-thirds say it is now more difficult than ever to access credit
Two-thirds say the economy has forced them to focus on the short-term at the expense of long-term growth plans,
(significantly) Half are more concerned about corporate survival than they were six months ago.
Hunkering down for survival now seems to be top of mind for many executives
The key, said on exec, is to conserve cash and be ready to expand when the economy improves. But he does not expect a turnaround at least until 2010. (N.B.the concensus used to be end of 2009)
The goal, for everyone, is to ensure survival.
"If there is an upside to the recession, it is that some competitors will be "weeded out," said one C-suite exec. There might also be deals that can be arranged with landlords who will be willing to offer better prices on available retail space.
All companies have to ensure they come out of the recession healthy enough to exploit those opportunities..(see the Opportunity Clinic)
Do you agree? (out of 150 c-suite execs)
I'm confident our company will weather this downturn: 97% agree This is the worst economic environment in my time: 82% agree The economy has forced us to focus on short-term at the expense of long-term growth: 67% agree I am more concerned about our company's survival than I was six months ago: 53% agree
I'm confident our company will weather this downturn: 97% agree
This is the worst economic environment in my time: 82% agree
The economy has forced us to focus on short-term at the expense of long-term growth: 67% agree
I am more concerned about our company's survival than I was six months ago: 53% agree
Author of the soon-to-be-released book: Hard Times Golden Opportunities.. about opportunity recognition in a recession/ depression features 45 opportunity scenarios.
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Related Recession / Depression Posts