We’re a tough bunch here in Michigan. We’ve made it through a difficult time in our state’s economy and finally, there seems to be a light ahead.
According to Joseph F. Bastian, president of The Human Performance Network, “the worst is behind us.”
What does that mean to you and your business? Can you finally invest in a profitable and promising future? For now, think of it as an exercise in process improvement.
According to Bastian’s column in a recent edition of dBusiness magazine, the recovery will be slow but steady. We can’t expect a quick fix, but we will see our way of this tough terrain. Bastain noted the following from the University of Michigan Research Seminar in Quantitative Economics:
For now, the economy continues to struggle with the impact on consumer spending of both poor job prospects and ongoing debt reduction, the belt-tightening within state and local units of government, and the aftermath of the housing collapse. The impact of the fiscal stimulus on economic activity is dwindling, and any stimulus from the Fed’s second stage of quantitative easing will take time to develop.
The real change will occur around the middle of next year when residential building begins to grow again and consumer spending increases. Be confident and take careful and decisive action, knowing better days are ahead.
As Bastian recommends: “become an innovator in 2011. It is the newly-skilled, entrepreneurial individuals that will be the first hires in 2011 and beyond.”