August has been a hot month. And I'm not just talking about the heat and humidity here in Raleigh, N.C. I'm also referring to the talk about economic recovery and all the predictions of when the recession will finally end. Here's a quick recap of the summer, as well as some tools to figure out when your industry's comeback will occur.
In May, there were improvements in various areas of the economy, including CEO confidence. June saw a rise in durable goods orders, which is continuing. July saw reports that housing and automotive were becoming more stable. August (as the month winds down) is a little different, as I think patience is starting to wear thin. The U.S. government stimulus hasn't played out as planned, and consumers and investors are still a bit unsure.
As September begins, we are asking ourselves: What is the reality of the situation now, and what can companies that are currently in the midst of budget planning for 2010 expect for the future? In a podcast series that I recently finished, I decipher all of the news and the facts about the recession and establish a foundation for business leaders to plan for their return to recovery, prosperity and growth (i.e.,The Great Comeback.)
Economists being quoted in the news today are reporting what is happening within the entire macro economy. But how the macro economy is performing is not nearly as relevant as the bottoming-out and recovery that your company's industry will experience. The question is not,"When will the economy recover?" Instead, it is, "When will my industry recover?" The question is also not, "What shape will the recovery take - a U, a V or a W? No, it is "What shape will the recovery of my industry take?" One size does not fit all in this Great Comeback.
Download these podcasts and listen on your ride in to work or on your mp3 player at the gym and get a jump on your company's Comeback Planning. Or if you prefer, text transcripts are also available.
The Great Comeback, Part One: Responding to the Recession
The Great Comeback, Part Two: Five Steps to Recovery and Growth
The Great Comeback, Part Three: Your Recession Recovery Timeframe
The Great Comeback, Part Four: An Economic Update