Crowded tavern getty Economic news comes out frequently, creating a cacophony of often-conflicting trends, dominated by the scariest items. Business leaders must understand the economic issues driving their companies’ profits, but at the same time cope with challenges of sales, marketing, personnel, production and finance. It seems impossible to keep up on economics while also running a business. Fortunately, the concept of an economics tavern can help both corporate executives and small business owners tune in to what’s important while filtering out random noise. Imagine walking into a noisy, crowded bar, maybe Friday afternoon after work. Standing at the bar, bits and pieces of a dozen conversations are overheard and mostly ignored. Then, one particular voice stands out. If I am at the bar, the voice could be talking about sailing or visiting Rome or woodworking. Tom would hear the discussion about artificial intelligence, Christina would eavesdrop on a Swedish conversation and Anna’s ears would perk up if someone talked about raising chickens. At the economics tavern, talk is about unemployment, the trade deficit, interest rates and a host of other subjects. A business leader must pick out the appropriate topics to hear about, and that requires preparation. Most […]
