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The Obama factor – how will it affect your business? November 6, 2008

Posted by businessgrowthmastery in Economic Environment, General, Leadership.
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Yesterday, the world woke up a different place.

Barack Obama was elected President elect in the US with a clear mandate to implement his pledge to deliver change – change in the US and change in the way the US manages its affairs on a global scale.

So, how will this affect your business?

There is a new found sense of optimism coming out of the US. Will this last? It’s probably too early to tell but if Obama is able to ride this wave, and instill some confidence back into the US economy, then it is widely believed that the downturn won’t be as hard as first thought.

One of his early issues that neds to be resolved is the impact of the credit crunch – this hasn’t really been felt properly in the US at the moment – I was there last week and the amount of credit that is still being pushed is amazing. If Obama can prevent a real tightening of the credit availability – as presently being felt across Europe, he will successfully be able to keep the economy moving.

And this can only be good for business in the US and globally.

As we have found, when the US ecomomy catches a cold, the world starts to suffer. If Obama can apply the right medicine, the suffering felt across the world will be controlled.

So what do I recommend that you do to ensure that your business can ride out this period of economic downturn?

1. Remember that there is opportunity in every crisis – the business that adapt to the circumstances and look for the opportunities that are ther thrive and come out of the downturn much stronger

2. Keep a tight ship running – control your costs, manage your cashflow and chase down your debtors

3. Market, Market and Market yourself more than ever – make sure the world know your story. Whilst everybody else is keeping their heads down, make sure that you are constantly promoting yourself.

4. Enjoy the experience – remember, if you are constantly thinking negative thoughts about your circumstances, these are self fulfilling – Enjoy the experience and you’ll come out of this uncertainty much stronger both personally and in your business.

So, in summary, the Obama effect can and will have a positive impact on your business – if you believe that it will!

Ride the crest of the Obama wave and drive your business in the coming weeks and months.

Tony