Home > Business and Strategy > Another recession in 2013?

Another recession in 2013?

I just read in Forbes that economic factors could collide in mid-2013 and the recession deepen again, apparently predicted by Peter Schiff, who has an accurate track record in predicting economic falls. But he’s not the only one. I have read a number of commentators recently predicting that if this or that intervention does not happen, we are in for more economic trouble in 2013. This has to be potentially bad news for most organizations, no matter whether you are privately owned or government funded. There are government employees in Europe currently living off the goodwill of their friends and families while they wait for many weeks pay owed to them, and still unpaid. There are businesses everywhere struggling, restructuring and closing. So should you, and how do you, prepare for that?

Many people I talk to are fully expecting the economy to take some years to recover and ‘boom’ again. So it might be wise to plan for that scenario. However, it would also be wise to plan for both scenarios, on a business and personal level. If the economy continues to slowly recover, what ought you to be doing and committing to? If the economy goes back into a severe recession, what would that mean for your business or your job? By considering different scenarios, you can mitigate risk and be ready to exploit opportunities.

The economy is not the only factor you can consider in your scenarios. Anything out of your control that could have a major effect on your organization is worth applying scenario consideration to. This requires some strategic thinking, and some systems thinking to understand how different scenarios could impact different elements of your business.

We can’t really know for sure what the future holds. Not taking the time and energy to consider the possibilities though is foolhardy at best, and at worst might mean the demise of the organization or career you have worked hard to help build.


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Categories: Business and Strategy
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