The price of oil bounced up 10% in one day. The Canadian dollar is up about one-third of a cent because of the oil price increase. Essentially, the Canadian dollar is a resource currency.
Canada’s economy would be stronger if we were a value-added economy instead of a resource based economy. We’ve got great talent and knowledge to provide value. Our banking system is one of the best in the world. We’re world class in transportation and communication because, well, we’ve got a lot of distance to cover to talk to or visit someone.
A knowledge economy requires investments in Research and Development, science, technology, engineering, health care, and business.
The same applies to your business. You don’t want to compete on price, which is a race to the bottom. Although price will always be a factor, your value to your customer depends on your knowledge, your expertise, and, ultimately, the results that you create for your customers.
Knowing your results will give you economic power and prevent your business valuation from becoming a yo-yo.
Copyright 2015. Phil Symchych. All rights reserved.