Ditch the Rumors! Get Trade War Facts

Making good decisions in this trade war relies on having good information. As a prairie CEO, where are you getting yours?

Decisions are only ever as good as the information and assumptions on which they are based. Therefore, it’s important to consider the following: 

Know and face the key current facts about the trade war. Keep up to date on the latest decisions by governments, in the US, Canada, and abroad.

Use multiple credible, trustworthy, factual, balanced news and information sources. 

With economic forecasts, check their assumptions. 

Keep in mind that most forecasts are based on recent economic data, how things are trending currently and what is currently known. That trend line and those conditions can change, which leads to several updated forecasts over time. 

To get a better sense of what could happen, look for forecasts with more than one potential scenario, rather than only one forecasted outcome.

Avoid getting your news from social media. As we know, there is often false information or the information is biased.

Recognize and work with the human tendency to initially overlook weak signals, then overreact to emerging issues before we eventually take a more calibrated view. 

We don’t notice things starting to flare up. Then, when we realize there’s a real issue, we may feel panic for being unprepared, and can overact and make poor decisions.

Ultimately, we will come to a more balanced, measured view.

This can happen even if we have been through similar situations in the past, notably the 2008-2009 financial crisis and the pandemic-induced downturn just five years ago, and the subsequent supply-chain shortages in the couple of years after. 

A great way to filter and make sense of information is for you and your leadership team to do a Strengths, Weaknesses, Opportunities and Threats (SWOT) exercise.

It helps bring clarity to what is happening inside and outside the business that is most relevant for decision-making. 

A good business growth executive team coach should be able to guide you through this exercise.

For other ways to navigate these challenging times with confidence, get the free complete Trade-War Success Guide for Small to Mid-Size Companies below.

Access Your Trade War Success Guide

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