Friday Five Business Briefing – December 6, 2019
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Here’s news to help you run your business better, including multiple economic outlooks for 2020, how to sell to the C-suite, and what gifts employees really appreciate at the holidays.
- Economic outlook for 2020 — What’s in store for the economy in the coming year depends on who you ask. Here are the outlooks for five areas:
- In housing, Professional Builder reports that 2020 could be a comeback year for the industry.
- Retail sales could grow as private consumption is projected to grow by 2.1% according to FocusEconomics
- The number of jobs in Michigan will grow by 9,000, a rate of 0.2% This will be slower than the 0.4% we experienced in 2019 as reported by Kiplinger in their outlook for all 50 states.
- Deloitte analysts have tempered their expectations for Earlier projections of 2.0% GDP for 2020 have been revised down to 1.3%. Two reasons for the constrained growth are the difficulty of filling critical jobs and the uncertainty of tariffs. Download the full report.
- Liquid fuel prices are expected to be lower on average in 2020 than in 2019 because of rising global oil inventories. Get additional projections for gas and coal from the U.S. Energy Information Administration.
- Selling to the C-suite — If executives disengage from your sales presentations, the problem might be in how you handle the data. See what drivers you need to address to capture the attention of executive decision makers.
- More clean energy and jobs in Michigan — Gov. Gretchen Whitmer recently signed a bill into law that restores tax exemptions for commercial and residential renewable energy projects. The new law applies to small-scale, on-site projects up to 150 kilowatts that offset a portion or all of an owner’s electricity usage. It restores tax exemptions that expired in 2013.
- Invest in yourself and your business at the same time — Develop your mindset, skill set and network to be successful personally and professionally. Watch this interview with the co-founder of Cashflow Tactics to see how your growth is vital to your business growth.
- Choose carefully when it comes to employee gifts — Don’t find your gift on the list of the worst corporate gifts employees have received. (Season tickets to the CEO’s son’s little league!?! A tourniquet!?! Yikes!) Cash is always welcome. Thoughtful but not-too-personal gifts are also well received. And, according to CNBC, four out of five employees say receiving a holiday gift from them employer makes them feel more appreciated and motivated at work.
Thank you to our Friday Five sources: Professional Builder, FocusEconomics, Kiplinger, Deloitte, U.S. Energy Information Administration, Forbes, MiBiz, Entrepreneur and CNBC.
Do you have business banking questions? Contact our knowledgeable business development managers or call 800-991-2221. We’re here to help you grow your business!
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