Closing this first quarter and having the experience acquired during these past three months, I am confident when choosing the word to describe the challenges we’ll continue facing this 2023: CAUTION. I wonder what the Great Depression from the 1930s would’ve been like if people had had the technological advances we have today… I always come to the same conclusion: As entrepreneurs, one of the points that we need to be aware of is trust in our colleagues, employees, strategic partners, and consumers. And also, that they can rely on us.
These are the three points that I consider essential to successfully reach the end of 2023:
A Year of Doubt
We are getting to a period of an economic slowdown that could mean the arrival of a recession in the next quarter. Kristalina Georgieva, director of the International Monetary Fund (IMF), has lowered the world growth rate to 2.9%, taking into account that for 2022 the forecast was 3.2%.
We are facing a situation of inflationary pressures, rate hikes and, very surely, a lack of investment motivation, which will prompt many companies to cut their budgets.
I believe -without a doubt- that investing in brand recognition will always be a wise and necessary bet for the life of a company in the short, medium, and long term.
Top Talent
Hiring the right people requires effort, money, and time, which is something that many companies don’t have. The solution is to prioritize the budget spending for the critical points that each business requires, this way increasing the level of expertise and profits.
I’m always concerned about providing an appropriate work environment, offering flexibility, and promoting diversity and leadership to create an attractive and competitive work atmosphere.
Digital Transformation
Artificial Intelligence is joining more and more different aspects of our daily lives. The 5G network and the Internet of Things, for example, are driving quickly through technological development in diverse sectors. That’s why it’s necessary to have a trained staff willing to adapt with great speed. I think of my company as part of the technology sector and always make sure to have the full capacity to adapt.
After the Covid-19 pandemic and with projections of an economic recovery that only point to 2024, I truly believe that we must know how to adapt to circumstances and how to react to the challenges that are presented to us. Having confidence in the solid bases we have built will allow us to get ahead in moments of doubt.
