Life Lesson or Momentary Pause?

Has the turmoil witnessed during this recession really taught consumers a long-lasting fiscal lesson?

According to BIGresearch, a whopping 37.0% of consumers in June admit they haven’t saved any of their income in the past 12 months, while one in five (22.0%) discloses saving more than 10%. At the very least, younger generations appear to be vigilant about feeding their piggy banks...three in five of those 18-24 (58.5%) plan to save “more” than they did last year, compared to just one in four 45-54 year olds (27.6%).

One potential reason for the lack of savings is the decline in consumer debt. Americans are paying off their cards. Credit card debt has actually declined by double digits in the past three months.

Relationships Matter

Regardless of size, advisory boards can help businesses learn more about their organizations, their products, and their sales staff. In downturns, having a relationship with key customers and learning what they need is key.

Advisory boards also help companies with small marketing and research budgets stay current with trends. It also gives firms an outside sounding board to test new products or initiatives. Customers, vendors, and service providers are all potential advisers.

Having created several advisory boards, I can tell you that it is quite easy to do and requires little expense.

If done correctly, the insights, reward and feedback can be invaluable.