For the first time in a long time the stakeholders in Irish business face into the New Year with a real sense of trepidation. The rate of economic growth more than halved over the last 12 months and the Economic and Social Research Institute is warning that it could fall to 2.3 per cent next year, its lowest for 16 years.
It will without a doubt be a tough year. And just how tough should become apparent by the spring as a number of internal and external trends become clear.
What will hopefully be the final act in the credit crunch drama that dominated the global business environment for much of the second half of 2007 is expected to play out. Closer to home the direction of the property market should also become clear once the spring selling season is under way. And the resilience of the other engine of the economy for most of 2007 - consumer spending - will also be known.
What will take longer to manifest itself is whether or not the resurgence in exports that many hope will propel the economy in the absence of domestic demand is going to take hold in time to buffer the effects of the stalled property market and declining consumer spending. There was at least some good news on this front just before the Christmas break with the Central Statistics Office reporting that net exports in the third quarter of 2007 were some €548 million ahead of the same quarter in 2006.
Nurturing these nascent gains through tight control of costs will be a focus for all business and will set the stage for the next round of wage negotiations.
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The outlook may be challenging, but even the most pessimistic do not expect a return to the dark days of the 1980s and one of the reasons - apart from the radical turnaround in economic fundamentals - is that the business culture here has changed so much over the Celtic Tiger years.
Leaving aside the obvious, Irish business' biggest asset as it faces into a more uncertain climate is arguably confidence. Veterans of the business scene in the 1980s will tell you one of the biggest obstacles was in many ways the complete absence of hope. Without a doubt, we appear more entrepreneurial, more credible on the world stage and, above all, we are more skilled.
Business has come a long way since the 1980s but, perhaps, not as far as some might think. More than a little of the new-found gloss was taken off the collective reputation of Irish business by the events surrounding the outcome of the Supreme Court appeal in the Fyffes versus DCC case.
The investment community and many in the wider business environment have in effect voted with their wallets in failing to call to account the chief executive of DCC, Jim Flavin, who was found to have dealt illegally in shares. The whole episode speaks volumes about business ethics and those who think that poor ethics did not play their part in the economic difficulties of the 1980s have short memories.
It is worth noting that the only agency that is currently scrutinising Mr Flavin - the Office of the Director of Corporate Enforcement - was set up in direct response to the abuses of company law that occurred in the 1980s and came to light in the mid 1990s.
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There were many other lessons to be learned from 2007, one of them being the danger of overreaching. Developer Sean Dunne has put himself in a position where to fulfil his dreams for Ballsbridge - and presumably turn a profit on his multimillion investment - he will have to be allowed build a series of tower blocks that seem contrary to current planning regulations. Mr Dunne remains confident, but the wisdom of his decision will be tested.
Less attractive aspects of the new Irish business culture were also on display during the year in a series of bruising takeover plays. Egos rather than reason seem to dictate events at Aer Lingus, which received an unwelcome bid from Ryanair, and Irish Continental Group, which also received takeover approaches as well as the ongoing jousting between Denis O'Brien and Sir Anthony O'Reilly at Independent News & Media. All three contests have ended the year in stalemate to a greater or lesser extent, and the temptation must be to judge that if cooler heads had prevailed more progress might have been made.
Hubris may also have played a part in the failure of both the management at C&C and Irish Nationwide to take their opportunities. Whatever chance there might have been for a big payday at C&C disappeared along with the summer sunshine as the weaknesses in the cider maker's business strategy were cruelly exposed.
Irish Nationwide would also appear to have blown its chance of a sale at anything approaching a full price. The credit crunch combined with some embarrassing revelations about the inner workings of the society look set to eat into any windfall that might come members way if a sale is achieved.
It may be dangerous to read too much into the experiences of a small number of high profile businesses. In many ways they are probably best seen as typical examples of the sort of froth that comes towards the end of a sustained boom.
It does not follow that similar behaviour or values flow right through the wider business community. But if there is one lesson to be learned from 2007 it is that confidence will stand to Irish business in the coming year while over confidence also has its dangers.