Over the last two centuries, we have seen significant advancements globally.
The last twenty years alone have seen enormous changes.
Yet, the number of households with flat or falling incomes from wages and capital before taxes in the twenty-five most advanced economies reached 70% ( McKinsey, 2005 to 2014).
Contrast this with 1993 to 2005 where only 2% of people had flat or falling incomes.
For many people in the most advanced countries, their standard of living has fallen over a long period.
Access to low-cost borrowing and falling prices for imported products (mainly China) have reduced the severity of the impact to date.
As we enter 2023 we see the RBA forecasting
- rapid inflation, and
- falling real wages,
Along with
- increasing finance costs
- banks estimating falls of up to 15% in real estate prices.
- possible multi-year recession.
Years in the making – we now have a cost of living crisis with further falls in incomes from wages and capital before taxes in the twenty-five most advanced economies.
How to win in a transforming world.
Averages
- No business can afford to be average it will not survive today or tomorrow. Double down on planning and strategy built on powerful insights. Deliver real change that delivers above-average performance.
Attention
- Today obscurity + attention – not seen or heard is a bigger problem than money. Find the budget – start with boldly owning more share of voice in your market.
- Understand that if your business doesn’t care enough to give the market your story (your strategic narrative) the market won’t care about your business.
- Know how to connect the dots for your new buyers, customers, and clients. It means – to stand for something, inspire more people – be their hero.
Agile and low cost
- lift your operating rhythm – get the clock speed up across your business. Get more done.
- Focus on driving cost efficiencies.
Optimistic
- Never lose faith.
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If you have read this far, thank you for your attention. It means a lot.
I hope this helped you even a little bit in better making sense of this topic. If so please share it with a friend who might also benefit from it.
Thanks for reading,
David
