Have you noticed recently that when you attend industry gatherings people have stopped asking “how’s business” and instead ask “how are things?” I’ve come to the conclusion we have all thrown 2009 under the bus and are crossing the days off the calendar until Dec 31…at which point there will be one big collective ‘good riddance.’ So after hundreds of conversations, here is my answer to the question “how are things?”
First, (almost) every business in
I believe 2010 will be better than 2009 but not until the fall. I do not see any real increase in meetings activity in
We have adapted to less revenue, less expenses and less resources; but our expectations have not decreased by the same percentage. I’ve seen a budget for an event cut by 50% and the expectations stay the same. This trend will not continue forever. Businesses can only take a hair-cut for so long before making one of three choices: (i) stop discounting/charge more/increase revenue, (ii) cut fixed costs thus reducing their offerings to clients, or (iii) cease to exist.
If you study history, recessions are a necessary evil of a capitalist based society. They are nature’s way of thinning the herd and eliminating the weak. The pendulum will swing back, but it will swing very slowly with this recession.
I invite you to agree, disagree or comment on my prediction for 2010.
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