Home – New Forums Other discussions Qn: What was the biggest impact of the Global Finance Crisis on your business?

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  • #966984
    The Profit Frog
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    Many micro- and solo-businesses were hit hard by the GFC.

    We know, sadly, that many businesses closed, while other business owners had to make tough decisions re staff they hired, and services they could offer.

    How did the GFC impact on your business?
    What was the one most obvious effect from the beginning?
    What have been the repercussions since?
    Are you still picking up the pieces or have there been various government supports (like the Stimulus packages or tax cuts) that helped you avoid severe fallout?

    I’d really like to understand whether the GFC was as drastic and harsh as made out by the media, or if it was highly over-dramatized.

    Thank you.
    Two Hands…

    #1022402
    The Profit Frog
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    twohandsdancing, post: 26404 wrote:
    Many micro- and solo-businesses were hit hard by the GFC.

    We know, sadly, that many businesses closed, while other business owners had to make tough decisions re staff they hired, and services they could offer.

    How did the GFC impact on your business?
    What was the one most obvious effect from the beginning?
    What have been the repercussions since?
    Are you still picking up the pieces or have there been various government supports (like the Stimulus packages or tax cuts) that helped you avoid severe fallout?

    I’d really like to understand whether the GFC was as drastic and harsh as made out by the media, or if it was highly over-dramatized.

    Thank you.
    Two Hands…

    I just want to add, this is not a SPAM – as I was advised by the adjudicators that some people thought…
    I genuinely want to know… and I hope I can share some thoughts with those who have…

    Cheers,
    Terri

    #1022403
    King
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    why would it be spam??

    I noticed the GFC, still do as many of my markets are overseas and are still hurting.

    Interesting the orders have been fewer, but larger……go figure.

    #1022404
    Dream Group
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    Surprisingly, our company has grown significantly over 70% during the GFC.
    It is interesting that some other business owners have also expressed that they have seen a growth as well.
    I guess it depends on the industry and the business owner’s reaction to the “crisis”.

    Regards
    Warren

    #1022405
    tigermike
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    Dream Group, post: 26557 wrote:
    Surprisingly, our company has grown significantly over 70% during the GFC.
    It is interesting that some other business owners have also expressed that they have seen a growth as well.
    I guess it depends on the industry and the business owner’s reaction to the “crisis”.

    Regards
    Warren

    I agree Warren, there has been growth maybe not so much with traditional bricks and mortar businesses but those with good online businesses are doing well. Even with the GFC when things get tight people save a lot more money when they shop online. Not to mention the savings of time, petrol, crowds and the fact it is good for the environment.
    Cheers Mike.

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