Industry execs predict gloom, boom for 2008
That is the actual headline of the January 25th edition of Minneapolis St. Paul Business Journal*. It’s their annual Industry Outlook special report.
Believe me, I read the special report. I’m just like you - I want to know how to maximize my business in this economy and how to minimize any downsides.
Only 3 industry sectors are predicted to have a good outlook. Those sectors are Technology, AD/PR, and Health Care.
The good outlook for Health Care is obvious. No matter what is happening in our economy, people still require health care. And Minnesota has always been an innovator and leader in the health care field.
The technology predictions are good because corporations and individuals continue to demand more bandwidth, at higher speeds, and we have an increased need for data storage. It also makes sense to me that in an economy that threatens recession, a very good ROI is going to be in leveraging technology. Technology works for us 24/7, and at a fixed or predictable cost and efficiency. Technology, done correctly, really adds value.
The only other “up” outlook is for AD/PR. Why AD/PR? In a down economy it’s all about getting the eye of the consumers. And companies will want to do that very intelligently and strategically. PR will benefit because again, companies will want to put their best face forward. Ads and PR will showcase to consumers the value of a company’s products and services.
Will the dour predictions prove true for the other sectors - airlines, banking, energy, food, hospitality, insurance, manufacturing, med tech, media nonprofits, real estate, retail, and sports business? There will certainly be individual winners in those sectors too depending on how they are planning to outsmart their competition for the dollars in consumer’s pockets and on how well they carry those plans out to be the valuable option that cash strapped consumers will choose.
BUT, I firmly believe that coaching will do for companies what beefing up IT infrastructure and clever advertising and PR will do. It will help individuals and companies be their best and put their best foot forward and maximize efficiencies of their people to get the competitive edge. People that are being coached will not only be more valuable to the company, they will give more value to the consumers whose dollars they are wooing. Talk about leveraging and great ROI!
Coaches are in the business of adding value. Coaching helps people to achieve greater bandwidth and put their best foot forward too. We add value by helping our clients expand their options, giving them viable and timely information, success tips, holding them accountable, and giving them encouragement. These efforts of ours assist our clients in solving their problems and even more - expanding their potential. In this economy, we need everyone to be living and working at their highest level of ability.
Top performers in every industry sector, the ones that consistently outperform their competition, are invariably the companies and individuals that recognize and utilize the value of coaching as a strategic leveraging tool. Especially in a down economy, they need to rely on proven tools and techniques even more, and that need will be compounded in the less than favorable industry sectors. Here is a quote from Fortune Magazine: Asked for a conservative estimate of the monetary payoff from coaching they got, these managers described an average return of more than $100,000, or about six times what the coaching cost them. This figure is consistent with reports across the spectrum. In fact, this figure is often conservative.
Coaching used to be perceived as a perk for the executive levels of organizations. Now, with the understanding that coaching is not a perk so much as a very wise investment, it is spreading down the ranks and is available to anyone that has a mind to be coached. Many individuals are even paying for the coaching from personal funds because it helps them gain the promotions that they desire. Others are being creative and adding coaching to their individual development plans funding.
However you manage it - here is to your best year yet! And here is another quote: In any moment of decision the best you can do is the right thing. The worst you can do is nothing. - Theodore Roosevelt
Light the Fire!
Denise Pederson
http://www.coach-companion.com/
* Read the article on http://twincities.bizjournals.com/twincities/stories/2008/01/28/story1.html
