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Video : Downturn Tip One – Act Now
In this video, Phil Walker gives you his first tip on approaching downturn.
The first thought that springs to mind is, act. You must act now. Although the bank don’t forecast a recession to actually be announced until the fourth quarter of this year, it seems more and more likely that that will be the case.
But there’s absolutely no point in waiting until then. Waiting until a recession is officially announced before you act. Undoubtedly, there are some sectors where already impacts are being felt more keenly than in others.
Perhaps you’re lucky and you’re in a sector that is on the lag-side of this kind of downturn, but there are other retail and consumer-behaving industries that are affected much more keenly already. And so they’re the ones who are already bearing the brunt of the beginnings of this downturn.
So, yes, formally, a recession wouldn’t be announced until quarter four most likely. However, acting now is key to setting you and your business up, not just for the best kind of case of survival through a downturn, but also in order to take advantage on the up curve out of the other side, to quote a sporting cliche ‘“bounce back ability is key”.
So those who can take their hits most effectively over the next months, years, will be in the greatest position to reap the benefits of an increase in productivity, an increase in consumer confidence as we come back out the other side.
So yes, tip number one, act now.
Phil co-founded Mettryx following a 16 year finance career “in-house” across a range of industries, in order to provide senior, on-demand, finance services into SME organisations. His expertise range across fractional FD/CFO duties; FP&A consultancy; strategic finance projects support; international expansion; ERP/EPM implementations.
Video: Downturn Tip One – Act Now
In this video, Phil Walker gives you his first tip on approaching downturn.
The first thought that springs to mind is, act. You must act now. Although the bank don’t forecast a recession to actually be announced until the fourth quarter of this year, it seems more and more likely that that will be the case.
But there’s absolutely no point in waiting until then. Waiting until a recession is officially announced before you act. Undoubtedly, there are some sectors where already impacts are being felt more keenly than in others.
Perhaps you’re lucky and you’re in a sector that is on the lag-side of this kind of downturn, but there are other retail and consumer-behaving industries that are affected much more keenly already. And so they’re the ones who are already bearing the brunt of the beginnings of this downturn.
So, yes, formally, a recession wouldn’t be announced until quarter four most likely. However, acting now is key to setting you and your business up, not just for the best kind of case of survival through a downturn, but also in order to take advantage on the up curve out of the other side, to quote a sporting cliche ‘“bounce back ability is key”.
So those who can take their hits most effectively over the next months, years, will be in the greatest position to reap the benefits of an increase in productivity, an increase in consumer confidence as we come back out the other side.
So yes, tip number one, act now.
Phil co-founded Mettryx following a 16 year finance career “in-house” across a range of industries, in order to provide senior, on-demand, finance services into SME organisations. His expertise range across fractional FD/CFO duties; FP&A consultancy; strategic finance projects support; international expansion; ERP/EPM implementations.
