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Monday, January 31, 2011

The impact of global unrest on local business

Much coverage is being given to the protests going on in Egypt right now. This morning’s New York Times offers insight as to the potential for global impact, resulting from this rapidly evolving situation. Click here to read the story.

I’m watching for the potential local impact this situation might have on small businesses.

Implications: There are many implications to this story. New unrest in any part of the Middle East, of course, can impact the supply of oil to the rest of the world. When supply is short or uncertain, the price of oil generally goes up. Anything that is manufactured, distributed or sold through the use of petroleum can typically be expected to cost more. (This issue is not limited to cars and trucks.)

If price is the only reason you’re giving consumers in the hopes they will choose your product or service… what happens when your prices go up?

Is it time for you to be thinking about—and communicating—how your product or service adds value to the life of the people who buy it?

Mike Anderson

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