Second-quarter numbers are starting to roll in and they don’t look good to anyone who was hoping for robust growth in 2017. However, the numbers do not indicate the sky is falling either. Through the first two-thirds of the quarter, economic growth has been somewhat lacklustre. There is a silver lining, as you learn from reading this post. My experience in small business coaching can help you find and exploit that silver lining.
According to the official numbers out of the Office for National Statistics, manufacturing increased a mere 0.2% in April following March numbers that showed a 0.6% drop. April’s growth was well below the 0.9% forecast by Reuters earlier this year. In addition, industrial output was also up 0.2% after a 0.5% decrease in March – much less than the expected 0.8%.
Economists were hoping for a better second quarter after the UK economy fell to the bottom of the European growth league during the first quarter. They were hoping for strong manufacturing and industrial output to lead the way even as the wider economy remains somewhat cautious in advance of Brexit negotiations. Such robust growth did not occur. That’s the bad news. The good news is that there was still growth.
The Silver Lining
As the owner or CEO of a small or mid-sized business, you may be tempted to look at the lacklustre numbers and worry about the prospects for your own growth throughout remainder of the year. Here’s what you need to know: all economic growth, no matter how small, represents opportunities for businesses to grow as well.
The primary factor holding back our economy is the strength of the pound against both the euro and dollar. The results of the recent general election haven’t helped either, but that’s more due to perception than anything directly related to the economy. Both factors can be overcome with the right attitude.
As someone involved in small business coaching, I can tell you that moving a business forward in times of slow economic growth is entirely possible. Those who manage to do succeed by looking for new opportunities rather than allowing the current environment to dictate a future path.
If you’ve worked with small business coaching and mentors before, you know that they always push their clients to explore new ideas. They encourage the concept of stepping outside the box and taking some chances. That’s the kind of mindset it takes to succeed in our current economy. Yes, it can be done.
The reality of the matter is that your company was started because someone was willing to take a chance and invest in an idea. You didn’t grow your business to where it is today by being afraid of the economy. Instead, you looked for opportunities and pursued those you found. The same entrepreneurial spirit that got you from start-up to established business will drive your company’s growth during these lacklustre economic times. Growth opportunities are there if you are willing to find and seize them.
Sources:
Guardian – https://www.theguardian.com/business/2017/jun/09/clouds-gather-over-uk-economy-as-more-data-points-to-lacklustre-growth
By Peter Smith.
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