Earlier in 2010, William Gross and Mohamed El-Erian, the heads of Pacific Investment Management Co (better known as PIMCO), coined a term to describe the what the economy might look in the future. The term they coined is “The New Normal,” and it was meant to describe the economic landscape for the next several years or possibly decades.
El-Erian said, “When the U.S. and global economy reset after the crisis, the global economy will look different. This has implications for investment strategies, how you run a business and what you offer your clients.”
When we speak with owners and managers of successful, small to mid-sized businesses, it seems that they have come to a similar conclusion, only they describe the “New Normal” slightly differently. They tend to describe the coming economic landscape as a place where new opportunity is likely to crop up more frequently and in new and different ways. They are optimistic about a market that accepts and adapts to change very quickly, and they see the future, uncertain as it is, as a time when they will be able to adapt their offerings to customers and win new business while others are struggling.
We’re optimistic, too. What is your organization doing to adapt to the “New Normal”? Drop us a line at firstname.lastname@example.org.