I don't know about you, but a bit of quantitative easing wouldn't go amiss in my own household at the end of every month - and especially after Christmas! Wouldn't it be great if we could all take a leaf out of Gordon's book and just print off a bit of spare cash whenever we felt like it?
With the banks in financial meltdown, borrowing money to bolster a cash-strapped business is just not an option these days.
And it isn't just a question of "survival of the fittest". Most businesses that I come into contact with are the leanest they have ever been, having pared overheads back to the bone. Painful, but necessary.
In 2010, therefore, everyone is going to have to be more resourceful and creative in trying to take their businesses forward.
With this in mind, we asked some industry insiders to do some crystal ball gazing and let us know how they think next year will shape up.
Surprisingly, most of those who responded - and there were some big hitters amongst them - were extremely bullish about the coming year.
There were many common themes. Read our feature on page 26 and you'll see what I mean. Meanwhile, here are a few of their nuggets:
- The need to demonstrate best value for money and added value is critical;
- The biggest challenge will be from shrinkage in the overall market;
- Cashflow will continue to be challenging;
- Competition will be strong from companies who are prepared to cut margins to win business;
- The trend for last minute ordering will continue, which will result in more buying from Europe;
- With a nervous market, buyers will be more careful and discriminating;
- Decorators will need to focus on marketing activity to communicate their products and services;
- There will be a greater focus on supplying local businesses;
- And, of course, there will be more people chasing a smaller market.
Price wars are inevitable, but we must be cautious about damaging the industry, its image and genuine companies.
Let's all hope for a brighter 2010. From all of the team here at Printwear & Promotion, have a very happy Christmas and a prosperous New Year.
AND - don't forget to enter our garment decoration awards!
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