It’s getting a little ugly up there in the Northern Hemisphere.
The debt deal might have been done in the US, but there are mounting fears about the United States’ credit rating and concerns about whether the US economy is building momentum are weighing heavily on global sharemarkets.
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In Europe, it’s the same old story. The debt crisis continues and economies remain stuck in first gear.
It is at times like these that companies need to pick their customers carefully. I am not talking about knocking back business here – what I mean is that you need to understand which customers are most affected by these global trends and act accordingly.
If some of your customers sell most of their goods into North America or Europe, they are likely to be under pressure. Think about their needs (they might make smaller orders more often rather than big ones) and their requirements. It’s also prudent to think about their ability to pay your bills.
Conversely, look at customers that are more exposed to the local market and Asia. They might be doing better, but might have different requirements, such as faster delivery or more customisation.
Staying close to customers is crucial right now, so do your homework.
Get it done – today!