As the U.S. presidential elections are ramping up and the Fed continues to contemplate an interest rate hike, many small business owners are left wondering which political candidate will address and fix the issues that matter to them the most and will the economy support their efforts to sustain profitability. If one thing is clear, it’s that uncertain economic times are coming for our nation as a whole and our local small business owners are nervous about how it will affect their operations.
Although we can not predict the future, we can certainly plan for it. The fact is that times of economic uncertainty can present opportunities for small businesses, if they’re prepared. At Scopo, our strategic advisors work closely with Mercer County, NJ small business owners to achieve their goals by planning ahead. We create focused, structured, and innovative strategies that compliment any business model and deliver real results.
Earlier in the year, we stated that large retailers are rethinking their inventory strategies to profitably serve the growing needs of online shoppers. We are now beginning to see their strategies impact other parts of New Jersey and in time this will have an effect on our small businesses here in Mercer County.
At Scopo, we continuously research and analyze the global, national, state and local economic and political conditions that affect our small businesses in Mercer County, NJ. We have the expertise and capabilities to create winning strategies that are focused, structured, and innovative.
The aftermath of Brexit continues to evolve. While the Dow Jones Industrial Average has hit an all-time high, it may be short lived.
Something else is unfolding in Europe that will put investors from around the world on edge, and it involves EU's fourth largest economy - Italy.
Italy's banking system in on the brink of collapse, primarily due to its public debt rate which currently stands at 135% of its GDP. Couple this data with Italy's devastating high unemployment rate, and you have all the ingredients to a five-star crisis that would cripple the EU and create a ripple effect across the global economy.
What does this mean for Mercer County, NJ small businesses? A lot. The industries which will be greatly impacted are financial services, food and coffee outlets, automotive and motorcycle establishments, fabric and fashion retailers, energy and petroleum distributors, and more.
Scopo is keeping an eye on Matteo Renzi and the EU publication of the July 29th "stress test" results of Italy's banking system. We do not expect it to be pretty, and this could create global investors to scramble and induce chaos.
Can Mercer County, NJ small businesses hedge their exposure and risk to Italy's economy? Absolutely. Contact Scopo today to discuss how a winning strategy can create positive results for your small business and learn why "Your Scopo is Our Scopo!"
Joe Immordino, MBA