Business growth amid economic downturns

THERE is no doubt that Omicron has impeded most economic recovery efforts. Just in the past month alone, news agencies reported that the Covid-19 variant had slowed business growth in the United Kingdom to its most glacial pace in a year and the International Monetary Fund had adjusted its global growth forecast to a modest 4.4 percent amid higher inflation and positive case numbers worldwide. Here at home, the Philippine Statistics Authority likewise downgraded its third-quarter gross domestic product growth figure from 7.1 percent year on year to 6.9 percent.

By all accounts, it seems the world's economies are once again on a downtrend but that does not necessarily mean businesses also have to delay the execution of their growth strategies. Reports from McKinsey show that so long as companies are in a position to allot funds away from the immediate crisis response, investing in growth at this time could offer the best results. It is just a question of how. Let us walk through some crucial steps in order to come up with a growth strategy that holds firm.