Economic Disaster: Are We Due?

Are We Due for Another Economic Disaster?

The title of the article below is a dramatic prediction of an impending economic disaster! We can’t predict the future but from what I’ve been reading there seems to be a consensus among economists. We can all be wiser with decisions that affect our areas of responsibilities. — Bill Jhung

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America Is Overdue for Another Economic Disaster

By George Will August 19, 2018, 6:30 AM

Underneath the current economic boom, there are some truly worrying signs.

Eric Sevareid (1912–1992), the author and broadcaster, said he was a pessimist about tomorrow but an optimist about the day after tomorrow. Regarding America’s economy, prudent people should reverse that.

This Wednesday, according to the Financial Times‘ Robin Wigglesworth and Nicole Bullock, “the U.S. stock market will officially have enjoyed its longest-ever bull run” — one that rises 20 percent from its low until it drops 20 percent from its peak. And September 15 will be the tenth anniversary of the collapse of Lehman Bros., the fourth-largest U.S. investment bank. History’s largest bankruptcy filing presaged the October 2008 evaporation of almost $10 trillion in global market capitalization.

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What Can You Do to Be Prepared?

There is definitely not a magic eight ball that can predict when or how bad an economic downturn will be, but there are things you can do as a business owner to be better prepared.

  1. Know Your Cash Flow
  2. Stand Out From the Competition (Be Extraordinary)
  3. Have a Business Plan for Growth
  4. Make Sure You Are Not Undercapitalized
  5. Know Your Customers
  6. Test the Market for New Products or Services
  7. Hire and Retain a Dream Team
  8. Create an Engaging Culture (Be the Leader They Need and Expect)
  9. Be Flexible and Ready for Change
  10. Sign Up For Business Coaching with the SBDC