I was asked to speak recently at a monthly meeting of mortgage brokers. The organizer asked me if I could please find something positive to say – their recent guest speakers, a couple of them economists, had been real downers. I’d do my best, I replied.
If you want a dose of optimism check out Newsweek international editor Fareed Zakaria’s take on Canada’s situation in the most recent issue: http://www.newsweek.com/id/183670. What he doesn’t mention is that about 30% of Canada’s economy revolves around trade, compared to just 10% in the United States, which means we will be that much more affected by the slowdown in trade (just look at January’s lapse into trade deficit after 32 years of surpluses). But his argument – that Canada is in recession but not financially dysfunctional like other countries – is basically sound.
The recession is still taking its toll. We witnessed this graphically in our own little business niche this month as one of our competitors, CalgaryInc magazine, announced it was ceasing publication. Good for Alberta Venture in the short term, in that it lessens the competition for readers, advertisers and freelance talent. But I’d prefer to see our industry growing than shrinking, and I feel for the people I’ve known and in a couple of cases worked with who are now out of a job.
Beginning with the upcoming March issue, we are introducing a 10-part series of columns called Action Plan, which will identify practical strategies for not only surviving but growing and profiting in these hard times. First up, we look at growing your business by bringing previously outsourced functions in-house. With luck, by the time we get to the final installment in December, the r-word on everybody’s lips will be “recovery.”
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