Let’s not talk ourselves into a Double Dip!
Interesting reporting today on the British Chambers of Commerce’s (BCC) latest quarterly report which suggests that some 6000+ British Businesses believe that the British economy is weakening but may well just stagnate rather than slump back into a double dip recession. The reaction seems to be either one of gentle relief and a tad of optimism or one of cautious disbelief and a tad of pessimism.
The danger lies in talking ourselves into the latter, worrying further about the effects of further indecision over in Eurozone-land, so that we do then spin into a double dipper. This negativity will add further worry and mean many companies will continue to cut back on people and delay much needed innovation by becoming stuck in yet more inertia. Action is needed to break out of inertia. New actions.
While it is really hard to successfully launch new initiatives in the speed needed today, the danger of not doing so and falling back on tried and trusted processes and messages will allow competitors (both existing and surprisingly different ones) to reach out to your customers with something new that they value. That will leave companies trying, as Einstein said, to ”solve problems by using the same kind of thinking we used when we created them.”
The BCC is right when it urges action to be undertaken to boost business confidence. But whether that is a reduction in VAT, the removal of the 50% income tax rate or equalisation of corporation tax to woo back those HQ’s is out of the their hands. What is in the hands of the BCC’s members is the ability to try to bring in some creativity, some innovations, some new forms of testing out new ideas – but quickly. Bringing in some Business Creativity could allow companies to steal a march of their own.
There is a chance that the UK will survive the threat of Double Dip, but there is more than a fighting chance for companies, who take some quick, innovative action now, to not only survive but thrive.