We are in better shape than we thought
The Philadelphia Business Journal is reporting that the U.S. economy shrank at just 1 percent the second quarter, beating analysts’ expectations and providing fresh evidence that the effects of the economic downturn are weakening.
The GNP is a measure of the value of all goods and services produced in the United States. This is important news, because analysts expected our GNP to fall 6% or more in comparison to our GNP last quarter.
What does this mean for small business owners? Now is the time to re-examine your GNP. Look at your key metrics that measure profitability. While you may not have increased your revenues, have you reduced costs or increased efficiency? Do you have enough prospective clients in the pipeline? Have you reduced your risk by purchasing an insurance policy or adopting standard operating procedures promoted by your professional organization.
Update: Here is a business doing well during the recession. Miller Coors, like our GNP, has lost 1% of its market share. However the Philadelphia Business Journal is reporting that the company is saving over $500 million dollars by improving efficiency.
Good Luck.
Sharmil McKee
Business Attorney
blog@mckeeoffice.com
McKee Law Office
Philadelphia, Pennsylvania
215-242-5260
