Sunday, November 19, 2023
The US economy saw a Gross Domestic Product expansion of almost 5% in the third quarter, which is dramatic growth. The unemployment rate is under 4%. Disposable income has risen by 3% so far this year.
So why are we still seeing hotels with staff shortages and reduced services, stores with bare shelves, poor service responses from utilities, and a variety of other substandard responses to customers?
It’s because in this time of economic strength too many executives and business owners have been scarred and scared by the pandemic—now three years old—to the point that they’re afraid to make investments and afraid to innovate. It’s fascinating me, for example, that United Airlines has excessive weather delays while Jet Blue does not. Or that Loew’s has help in the aisles while Home Depot does not. Perhaps Jet Blue has special bad weather-avoidance jets, or Lowe’s has found a source of unlimited employees?
This is a great time to be a consultant. it’s not about rocket science. It’s about not fearing your own shadow.