Tag Archives: crisis

Top 10 Business Tips for 2009

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2009 will be a very difficult year: every media carries on giving us terrible news and dark predictions.

And 2009 could be a very hard year moreover for new and young businesses: “the credit squeeze and the onset of recession could combine to make the trading environment during 2009 somewhat challenging”, explains the Westbury Blog. So here are some top tips written by Howard Graham to make you stand above the crowd and ensure that your business is well placed to grow and prosper during the year:

1. Have a plan.

2. Differentiate yourself.

3. Know the numbers.

4. Use your time well.

5. Get good people around you.

6. Streamline internal processes and systems.

7. Get online.

8. Manage that cash.

9. Work “on” not “in” the business.

10. Continually improve yourself.

Do you need to know more about them? Click on Westbury Blog!

Obama’s Speech: Written for America, Applied to the World.

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“My fellow citizens: I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors…

Serious challenges

That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land – a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights.

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America – they will be met.

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.

On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.

…

‘Era of peace’

For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus – and non-believers. We are shaped by every language and culture, drawn from every end of this earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

…”

Barack Obama – 44th U.S. President. Speech to the Nation – Speech to the World.

Our monday review

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Good morning. Let’s start the week with a quick update from the Business World:

1) “London rallies on China’s £375bn stimulus plan,” says the Timesonline.co.uk today. “Shares in London rose by over 130 points in early trading as mining stocks soared on China’s surprise plan to pump four trillion Yuan (£375 billion) into the world’s fastest growing economy.”

2) “Gordon Brown hints at tax cuts,” writes the Guardian.co.uk. “Prime Minister suggests taxes will be reduced to push the UK out of recession. At the weekend the Financial Times reported that ministers were drawing up an emergency package of tax cuts. It said that, according to experts, cuts would have to be worth about £15bn to have much effect.”

3) “Jobless total set to soar to 1.8m,” reveals the Financialtimes.com. “Unemployment is likely to have risen above 1.8m, the highest level since 1998… Economists at the Royal Bank of Scotland and BNP Paribas expect that unemployment will continue to rise sharply next year and could reach 2.7m by the first quarter of 2010.”

4) Reuters.com writes, “Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday, falling victim to tighter credit terms from vendors and a loss of market share to Best Buy Co, Wal-Mart Stores Inc and other rivals… Circuit City filed a week after saying it would close 155 stores, or more than one-fifth of its retail base, and eliminate 17 percent of its U.S. workforce. It also said it was considering all options to restructure.”

5) The Christian Science Monitor starts its new life today: from daily-print format to a multi-platform news organisation with a 24/7 daily online publication, a weekly print edition and a daily electronic subscription product. Here we have the future of journalism: this event marks the definitive step to the digital age, as Marketwatch.com explains.

How much did the crisis cost?

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How much money did the crash cost? Today the Bank of England said that the market crisis has cost $2.8 trillion to date, leaving the world’s financial system in a situation similar to the aftermath the First World War. This is just the first half-yearly health check of the City, but the Bank of England has underlined how a new regulation is necessary. Policymakers have learned the lesson from the mistakes that have led this crisis, that doesn’t seem to be over: the report also expressed cautious optimism about the effectiveness of the recent change of trend.

Today The Guardian explains: “The £50bn pledged by the government had helped underpin the system and would provide a breathing space for UK banks so that they did not have to sell assets at cut-price values immediately. The Bank’s estimate exceeds that made by the International Monetary Fund recently. The IMF concentrated on US institutions and did not include losses from the turmoil of recent weeks. Estimated paper losses from UK banks on mortgage-backed securities and corporate bonds are currently £122.6bn, the Bank report said. Gordon Brown insisted yesterday that it was right for the government to increase borrowing in order to fund investment to help the economy through tough times. But he moved to reassure markets that he would not preside over a reckless increase in borrowing during the recession and said he would reduce it as a proportion of GDP once the economy picks up.”

To know more about this click here!

5 news bites for your coffee break

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Here is a quick press review selected from the most interesting business news of the day:

  1. Pound Falls to 5 Year Low Against Dollar: the pound slid to the lowest level in more than five years against the dollar after the Bank of England Governor Mervyn King said Britain’s worst banking crisis since World War I is likely to push the economy into a recession – read more on bloomberg.com.
  2. Factory gloom ‘worst since 1980’: the slowdown in the UK economy is now spreading to sectors previously resilient to weaknesses in the banking and housing markets. The crisis is spreading into all sectors of business, affecting unemployment and inflation – read more on BBCNews.co.uk.
  3. Soaring art market returns to earth with a bump: the global financial crisis has finally caught up with the art world. Experts warn that things are likely to get tougher: what’s happened in the financial markets will also damage the art market because liquidity is tighter everywhere – read more on Reuters.co.uk.
  4. European business backed up: during this crisis, resultant cuts in jobs, production and investment, means companies must hunker down hoping to survive what they fear will be a ferocious reversal – read more on Ft.com.
  5. David Beckham will join AC Milan on loan in January: the English football player will move to Italy for few months at the beginnig of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, and Milan wants him: Beckham’s commercial value means full stadiums and read sponsors. Maybe not all rich men are crying – read more on Thetimesonline.co.ukthe English football player will move to Italy for few months at the beginning of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, a sentiment reciprocated by the Italians: Beckham’s commercial value means is nothing but good news for club merchandise and ticket sales – read more on Thetimesonline.co.uk

Property prices continue to fall

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Another dark day for the Stock Exchange throughout Europe. But the headlines are once again concerned with dropping house prices: “home sales fell to their lowest level in 30 years last month as the seizure in the mortgage market continued to drag house prices down”, says The Times online. London trembles. This represents a drop by approximately 60 percent over the past year, at a rate of 1.7 percent for June alone this year, according to a recent survey conducted by Knight Frank. So is this good news or bad news for your business you may ask… Well, this trend has obviously affected the letting costs for office space and as a result, the City of London currently has a 6.7 percent vacancy rate. However it may surprise you to know that there has been a 14 percent rise in lettings in the West End. With our LondonPresence W1 office, such matters are our concern – not yours (unless of course property is your business!).

But what can we do? If you’re looking to purchase in London should you wait? Thinking about selling?- How difficult is it really? It’s a tough time for all of us, especially for those of us in London. The stagnant market is symptomatic of a broader lack of confidence in the economy and of course it’s not just the property market that is being affected by the current crisis. “Asian stocks stage widespread decline,” marks The Financial Times. Inflation climbs to 3.8% from June, reports the BBC website. Bankers and traders work warily and such trepidation is now typical of every sector. Consumer spending is also showing signs of slowing down; sales in shops for June were down 0.4 percent compared with the same period in 2007. Everyday the Bank of England is trying to balance the growing evidence of an economic slowdown against the problem of rising inflation. Recently it has held interest rates at 5%, an expected position to try to save our economy from the risk of recession. Even drinks sales in pubs across London have declined!

There’s no doubt it’s a frighteningly worrying time and it’s a tough time to be managing a business that’s for sure! By having a virtual office in the current property climate, you’re relieving at least some of the pressure from this potentially imminent recession- and trust us, every little helps!