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The Road to Recovery

The Dow Jones Index has recovered from 8,776 points at the end of 2008 to a closing of 9,605 as of September 11, 2009. That’s certainly good, but not great. At the same time, the economy seems to be turning upward, leading many top U.S. economic policymakers to proclaim the recession over and the economy on the road to recovery.

Those last few words are key. “The road to recovery” does not mean that we are there yet. Rather, we are on the way back. We can begin to our hold our heads a little higher as we move away from survival mode. However, it would be a mistake to assume that “the” recovery will automatically be your recovery. Focused planning and diligent execution are key to transitioning successfully into the new economy.

In last month’s blog we addressed two areas germane to planning and execution for the long run.

Understand Your Employee Retention and Hiring Advantages...and Seize Them -- Now considered a recent BusinessWeek column by Jack and Suzy Welch and how small- and medium-size businesses have opportunities and advantages like never before with regard to their people. Your people are your most important business asset. Are you doing everything to ensure that they stick around once the job market improves?

The discipline of planning is crucial. In Decision Impaired or Impaired Decisions?, we reported on a presentation by Neil Novich, retired Chairman, President and Chief Executive Officer of Ryerson Inc. titled “How Can Such Smart People Make Such Bad Decisions … and Is There Anything We Can Do About It?” The article speaks to the five key areas in which bad decisions are made and suggests ways to avoid them.

Also, please be on the lookout for what we believe is a very important article we’ve authored on how you can address and attack the road to recovery in your world. In “Surviving the Upturn … Be ‘The Other’” we’ll present and discuss a series of critical actions you can take to positively impact and hasten your own company’s recovery. We’ll help you build a process to better understand your possibilities and then create your “new normal.”

We believe that sitting still in the current environment is not an option. Purposeful, focused action will serve you well. With that in mind, we leave you with the following thought:

“You create opportunities by asking for them.”
– Patty Hansen, co-author of many of the stories in the Chicken Soup for the Soul series.

 

 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.