A recession is here and the gilded days are over, for the time being at least. We look at how local companies are coping in several industries, and how you can safeguard your money, job and career.

1. More of the Same in 2009?

As you would probably know by now, Singapore’s 4Q GDP in 2008 dropped by 12.5%, a stunning consequence of the global financial crisis. More pertinent is the forecast that economic growth in 2009 will be at most 1%, with the chances of recession more likely.
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Detailed breakdown of indices and numbers in the Monthly Digest of Statistics:
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Biomedical manufacturing has been one of the few bright lights even as production slumped elsewhere, thanks to a sustained push by the government and enlightened business leadership. In 2008, Singapore continued to reinforce its position as a global biomedical hub.
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Transport engineering was the other bright area of positive growth, boosted by aerospace deliveries, which expanded 8.3% from last year. For a collection of the latest aerospace news, visit AAIS’s press room site.
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Is it likely to get worse before it gets better? Economists speak about the risks to growth next year and why it will take a lot longer for consumer sentiment globally to recover.
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2. The Buck Stops Here

Finance: Accountants watch your cash position and advise you when necessary on debt. They are often the best positioned to think about recoverable value in your business, and here chartered accountants from Australia give a cool-headed look at business leadership in tough times.
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Investment: Invest in your business during a recession? Japan’s economy is stumbling due to a fall in monetary business investment, so this is a contrarian position. But American business gurus have been advising companies to invest selectively to increase flexibility during a recession.
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Sales: In a recession, your customers are focused on savings, whether they be purchasers or stay-at-home housewives. It's time to look at what an economic slowdown really means for revenue and what you can do to make sure your business continues to grow. Refuse to march to the persistent recession drumbeat, says this clever article.
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Marketing: In a recession, marketing tends to be the first victim of budget cuts when, in reality, it is crucial to your company’s health as the recession unravels. Studies have shown that companies that invest smartly, aggressively and in a diversified way do better even after the recession. For many years, eGuide has helped businesses increase their profile exponentially online, at only a fraction of the cost of traditional methods, and often just as effective.
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Learn more about eGuide and Internet marketing: www.eGuide.com.sg
Request advice from a professional: +65 6513 7478

3. Your Career Or Your Life

Any half-baked manager can look good during boom times but it’s never a better time to distinguish yourself than when things get rocky. Get your people to pull in the same direction with the help of this article.
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Small companies find it harder to attract good staff, instead they rely on referrals and trusted networks. During a recession, salary expectations are lower, and the pool is larger, so if you’re thinking of switching things around, here are 10 ideas to find the right people.
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What are the recession-proof jobs? The answer might surprise you. Although this survey was done in the US, Singapore’s economy is closely integrated and just as modern. Hang on to the performers!
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Last year, Child Friendly Australia launched a campaign to challenge every adult to exhibit positive behaviour to the younger generation. These tough times, as they say, too will pass, but habits learned are for a lifetime.
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