Posted by Eric Hubbs on Thu, Jun 03, 2010 @ 01:54 PM
By Eric Hubbs
How does the saying go, "Don't count your chickens before they've hatched?" This seems to be the theme of our current economy. Word on the street is it's getting better and that there is a visible growth trend; however, it's crucial for business owners to understand what is generating the momentum and to remain cautious and calculated in our financial decisions - as difficult as it may be.
Beacon Economics presented their 2010 San Luis Obispo County Economic Outlook at the Paso Robles Event Center yesterday. Principal Christopher Thornberg and Director of Regional Research Brad Kemp spoke to a group of Central Coast professionals and delivered their economic forecast. While optimistic about the trends and growth, they remained realistic that we are not out of the woods yet. The primary sources of the spending increase are not sustainable. The equity market is up - good news - but based on the facts, the P/E ratio is overvalued, and it is evident that the market is not consistent. Even with the impact of the government stimulus, of which less than half has been spent, it's just a cushion for the moment, not a solution. And it's not an infinite resource. If we do not make educated decisions right now, we may find ourselves backpedaling.
They cited serious structural problems, a politically motivated band-aid covering the severe financial wound. Rob Garcia of Rob Garcia Wealth Management compares it to a poorly run business thriving in a good economy - the problems don't surface until bad times, and then it becomes that much more difficult to save the struggling business. He said until structural adjustments are created and implemented to improve the business operations, "it's like kicking the can down the street."
That's not to say there is no hope, because the good news is - there is! There is opportunity, and it takes creative actions to recognize and capitalize on them. Although numbers indicate San Luis Obispo County has experienced an extended recession, greater than surrounding counties, they also indicate we have faster recovering markets within arm's reach. Businesses within San Luis Obispo County can target these outer local markets and tap into their potential. Utilizing powerful resources to gain real knowledge and understand the present trends is vital, and can have a tremendous impact on the success of your business.
To help you make more educated decisions, view or download the 2010 San Luis Obispo County Economic Outlook presentation by Beacon Economics at http://www.beaconecon.com/.
We want to hear from you. Please share your thoughts, reactions, and creative solutions by commenting below.
Posted by Dillon Ferdinandi on Fri, Apr 16, 2010 @ 02:44 PM
I have often heard that children of entrepreneurs are more likely to become entrepreneurs themselves. And until recently, I have always felt that I was an exception to that rule. You see, I didn't grow up in your typical household. I have 16 siblings. Yes, my parents - the same two parents - had 17 children. And while there is no doubt I am an entrepreneur to the core, I never saw that side of my parents growing up - my dad worked hard at his job; my mom worked hard at hers (which happened to be raising the 17 of us).
The fact is, I have been driven by my entrepreneurial spirit and desire to do business as long as I can remember. Growing up, my best friend Sal Competelli and I were always creating new businesses - from lemonade stands and carnivals to neighborhood newspapers and even Mic-Sal's donuts. We may not have made a lot of money in our ventures, but the entrepreneurial bug had bitten us both - we are both business owners today (only now on a little larger scale).
Knowing that parents are highly influential to a child's entrepreneurial spirit, I began to re-evaluate my parents, their traditional roles, and how they may have inspired my love for business. Once I took the time to really think about my childhood, I recognized that my parents were, in fact, entrepreneurs and business owners in many ways. With 19 in the Gunther family, my parents operated our household just like a business - it's how they maintained a happy, balanced, orderly home.
- They were organized - from getting us out the door for school each day, to giving us schedules for chores, to making sure we were all in the van on time when were going on road trips.
- They were managers - they defined clear roles for all of us, recognized our accomplishments, helped us recognize strengths and weaknesses in ourselves and in others, and helped us develop both speaking and communication skills. As all great managers do, they encouraged us to be passionate in everything we did.
- They were leaders - teamwork was not an option, it was crucial; so they were creative in finding fun ways for us to work together as a team. We performed annual talent shows together and were given team projects at our annual camping trips (which still continue to this day).
- They were community-oriented - our holidays were always festive and filled with lots of people, and our doors were always open for those who had nowhere to go. Holidays were always a time when we connected with others in our community.
- They were strategic with finances - we worked off a budget but always included team activities and community giving - if not through money, through time. My parents made a point to teach us, by example, about financials.
Unbeknownst to me at the time, my parents gave me a head start in business. They provided me with fundamental attributes and systems that I learned to love at a very young age and have carried forward to my career. Looking back, I realize that my passion to help others succeed - to create processes, to be good managers, to build strong teams, to understand financials - are lessons I learned from my parents. Teaching lessons to other entrepreneurs brings me great happiness and fulfillment in the form of memories - both old and new.
This is the first in a series of articles on Michael's entrepreneurial story and how being raised in a large family influenced his career. Email him at MGunther@collaboration-llc.com or call (805) 541-9040.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.
Posted by Beth Fillerup on Thu, Jan 14, 2010 @ 04:51 PM
2009 will go down as one of the worst economic years since the Great Depression. And yet, life and business goes on. As we start a new year as well as a new decade, it is up to each of us to focus on the opportunities and attitudes that will allow us, and our businesses, to thrive in 2010.
Let's start by looking at some of the opportunities available to us in the coming year:
Less competition. Many businesses have had to shut their doors this year, bringing the "survival of the fittest" into play. Fewer competitors mean larger market share for the businesses that were able to survive.
New services or products. With the changing buying behaviors of consumers and businesses alike, we have the opportunity to redesign or create new products or service offerings to meet the demands of the market.
Abundance of talent. It's unfortunate that high unemployment will most likely continue this year, but it does provide us with the great opportunity to pick and choose from the abundance of talented individuals who are looking for jobs and add them to our teams.
Sluggish Economy. Yes, I see this challenge as an opportunity. The economy is expected to be sluggish at best this year, and credit will be even tighter. This presents a chance to continue sharpening our leadership skills, become more determined and intent on growing our businesses, and become better stewards of our finances, taking our businesses to new heights. It is often adversity and difficult times that bring the greatest growth.
In terms of attitude, I think Chuck Swindoll puts it best. I got his quote from a restaurant in Charleston, South Carolina many years ago. The restaurant gave it out to all patrons and, not coincidentally, the employees all had great attitudes.
"The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than education, than money, than circumstances, than failures, than success, than what other people think or say or do. It is more important than appearance, giftedness, or skill. It will make or break a company... a church... a home. The remarkable thing is we have a choice everyday regarding the attitude we embrace for that day. We cannot change our past... we cannot change the fact that people act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude... I am convinced that life is 10% what happens to me and 90% how I react to it. And so it is with you... we are in charge of our ATTITUDES."
The Bottom Line
As a business owner, to thrive in 2010 will require you to be mindful of all the opportunities presented to you, as well as to maintain a positive attitude no matter the challenges that you face. We know this is going to be another up and down year for businesses, and we also know that, much like in 2009, the businesses that are going to succeed are those where the leaders show true leadership.
Is there a topic that you would like Michael to discuss? If so, email him at mgunther@collaboration-llc.com or call (805) 541-9040 to let him know.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.