Challenges facing shipbrokers over the next 12 months

A reader of the blog sent me a question that was part of a trainee application process.

'The global financial markets have changed quite significantly. What are the challenges that shipbroking companies will face over the next twelve months?

Being the guru of shipbroking - how would you answer?

Here is my answer

qte

Hello Anon

Because you called me 'the guru' of shipbroking I will be gracious enough to give you an answer.

I first have to say that 'dont you love these questions - not!' Most likely dreamed up by a HR department that needs to justify its existense and hiring process..

Why we expect / suspect that a 21 year old can see past the pub, their lobido and their next paycheck is anyones guess. Having said that we should try and answer the question with as much aplomb as possible..

Any campny, not just shipping companies, would need to consider the following things during a financial crisis
1) Decrease debt
2) Decrease costs (hring juniors is a good way of doing this, also no biz class travel, long lunches etc)
3) Maintain current client base (its harder to find new clients than to keep good ones)
4) Offer new services (finance is the latest hot thing)
5) Keeping successful shipbrokers happy in non financial ways. (training courses, friday pizza, beer etc)
6) Keeping up morale as revenues decrease - anyone for Tony Robbins?
7) Providing ongoing training and leadership - Yes i said training and leadership!
8) A big one is the fact that shibrokers earn their revenue in USD. And the USD has taken a huge hit against most currencies. So Shipbrokers need to manage this risk.
9) Greater access to China, India and part of South America
10)Market their products in a more effective manner.

It is written..(not very well)

(BTW I would not write all those down - pick your top five and the ones that are least likely to offend!)

Thanks for the great question

Cheers
VS

unqte