Taking stock could help us out
Politician, inventor and scientist Benjamin Franklin made the people of an emerging United States sit up and take note in the tumultuous 18th century.
As the son of an Englishman who emigrated in the 1680s Franklin came to understand much about times of great change. One of the States’ Founding Fathers, he lived through historic times of rebellion and revolt; and he went on to carry the new nation’s message of hope and expectation across Europe.
It was Franklin who famously wrote: “In this world nothing can be said to be certain, except death and taxes.”
Were the first US Postmaster General here in Wales today perhaps he’d add a third certainty: cuts.
Cuts are at the forefront of everybodys’ minds just now; and there’s so much happening with the Welsh, UK and world economies that we’re all wondering exactly what’s around the corner.
Summer, it seems, will be another period of calm before another storm. There was an unusual calm before the General Election and an extraordinary calm in the days before the Coalition Government was finalised.
As business people, we’ve had to become used to adapting quickly and efficiently to momentous occurrences and great change.
Politicians are changing too. In Wales, for instance, I’m glad that some of today’s big issues have been addressed. Yes, there are still tough times to come – but I welcome the fact that we’ve been able to act with decisiveness as we tackle the nation’s huge deficit.
Of course, nobody really wants to see spending cuts and all the problems that go with them, but the fact is that if we didn’t act in such a way, we’d simply get further into debt. Result: a lot more pain.
There’s no easy solution but there does seem to be a pulling together and the start of the great collective effort.
The more Welsh directors I meet, the greater my sense of a countrywide togetherness and steely determination becomes. Businesses around Wales are preparing with great steadfastness to meet the challenges ahead; a Double Dip may emerge but the threats brought by that will be met head on by our boards of directors.
We’re living through unprecedented times it seems that whatever life throws at us as a business community we’ll take it on the chin and move forward. The political community is more willing to engage.
Wales’ ERP announcement was encouraging. The plan should give us a firm foundation to get the Welsh economy going again. Naturally, the IoD Wales will be watching very carefully to check on how the politicians drive forward their plan.
Over the past few weeks I’ve met IoD members all over Wales as they seek innovative and dynamic ideas on how to succeed in the face to long odds. Getting together like that is more important than ever.
One training provider told me that business is being forced to step up through the gears despite the fact that orders are coming in a lot later than they once did.
Ten days ago, I took part in a seminar to discuss the possibility of a Welsh stock exchange. It was an invigorating and intriguing event, organised by law firm Darwin Gray and attended by business leaders and Assembly Government officials.
Finance experts told us that a Welsh stock exchange could be viable and, with government support, could stimulate economic activity. It would certainly improve the visibility of smaller Welsh companies and need not be overly expensive to set up.
To me, it felt like a snapshot of the business mood across Wales – times are tough but there’s a meeting of minds and a hunger to succeed.
Wales, I feel, doesn’t simply wish to redouble its efforts – it wants to push on with even greater strength.
Perhaps I should leave you with another Franklin quote, one he was credited with at the signing of the Declaration of Independence: “We must indeed all hang together, or, most assuredly, we shall all hang separately.”
Have a great summer – recharge those batteries!
Tags: Assembly, Darwin Gray, IOD, Recession, Robert Lloyd Griffiths, Stock Exchange, Western Mail
