I’m surprised that there isn’t at least one comment on my blog this morning from some “well-wisher” wondering whether the very public demise of Lehman and “emergency purchase” of Merrill Lynch has spoiled my cornflakes. For an “excellent” review from the Financial Times of the likely impact on consumer spending and property prices in the UK, you can read if you click here. I’m perhaps more concerned about AIG – after all, what will we do if Manchester United’s largest sponsor goes down the pan? OMG – I can see them selling Ronaldo to Man City. Its been quite a few days, starting with the collapse of XL and continuing on with world markets shuddering and job losses rising. If anything – even more of a pointer to focusing on those demographic markets that appear to be recession (can we call it that yet?) proof. I love how George W appears on TV last night and refers to an “adjustment” in financial markets – bloody hell – “adjustment” – was that Alistair Campbell I spotted behind the curtains? No doubt Gordon Brown will shortly be explaining that all of our woes can be attributed to the American sub-prime market. The “blame-storming” will commence shortly. Been here – mid-70’s oil crisis, 1987 market collapse, 1992 recession – seen it all before. Things get better. In the meantime (and in case you were wondering), its business as usual at my place – preparing for the launch of the Private Sector Division at the Showcase. And for those of you who read this and run a business… To scratch that record yet again:
focus on the over 50’s;
accept that 25-25’s are in economic free-fall;
be wary of the family market and get those direct debits signed for “membership”;
make sure your customer service is concierge class;
educate your patients so that your hygiene FTA rate doesn’t start to creep up;
think up some KEDO’s (knock ’em dead offers) because your customers are expecting it;
the shortest route to the money is to whiten teeth;
if you have expansion plans – think very carefully about them and their timing.
They say that consultants take the credit for things they didn’t do and the blame for things they couldn’t influence.
But I am rather pleased that I advised a client who was looking to purchase a practice in Canary Wharf a few weeks ago to “walk away”.
I bet he’s loving me this morning.
Mind you – might be worth going back in this week with a crazy offer……
Cash is king in these times dear reader – remember that.