13/10/2022
Business Leaders might take note that 'the authorities' appear surprised & shocked that the UK's economy contracted in August and they now expect the Uk to enter a technical recession after the following quarter. At Future of Hospitality, we've been suggesting this since May. I'm curious if Australia will have a similar 'shock' in the next few weeks.
If you're still believing the institutions and the government then what I'm about to suggest may challenge your view of the world.
Whilst our governments want us to believe that these problems are all down to Putin, which means they must 'drop these bombshells' (no pun intended) at short notice to make that narrative believable, I put it to you that they've known this has been coming for some time, well before Putin invaded Ukraine, but of course, the Russia-Ukraine conflict has added considerable fuel to the fire (or for gas coming from Russia to Europe, it's removed fuel from the fire!). The taxpayer money that the West used to flood economies to keep them liquid and alive is more likely to have trickled up than trickled down and what most people are going through now is no more than the result of that money being taken out of the economy by those who 'steer' our political leaders through their 'mates deals', donations, vested interests and other, sometimes criminal connections. We are now paying the price.
The bottom line is that you have decisions to make, whether they're for your business or your employer's business. What I'm suggesting is that you take what those in power are saying with a 'pinch of salt'.
I've been predicting we might see 40% of hospitality businesses fail by mid-2023. It's not a prediction I relish and I sincerely hope that I'm wrong. I expect I've been on the conservative side of the number.
Use the data in your business. Make agile decisions. Be innovative. Have hope but plan for the worst.
I don't want to focus on the timing though. What I do want to focus on is that they're not telling you truth and you must take responsibility for making decisions about your businesses
https://bbc.in/3MxtZMD
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