The recession cycle rolls out in three stages. In the first, there is a tendency to hope for the best - we think we can trade through, by working harder. In the second stage, the crisis looms large and non-essential costs are cut. In the third stage, signs of new growth appear and those who have managed well have the resources and client relationship strength to start grow too. Expect this final stage in about 2012, if this recession follows the usual pattern.
So what are the priorities for brok
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