We are expecting a Google Panda update at any time (although this has been slightly delayed due to technical problems). Unlike some updates, this is purely a 'refresh', rather than a full algorithm update. Panda focusses on sites with what Google deem as 'Poor quality content'.
We’ve seen very clear impact from previous Panda updates, where sites with poor quality content see significant drops in rankings that have seriously impacted companies revenue.
As always there will be winners and losers from any kind of Google update. The question will be, where will your site be after this update? If you’ve been hit in the past by a Panda update and fixed your site content since, you could very well see improvement in your rankings come from this update.
Start working on improving your content asap. While the update is expected any time, there is still a chance to have Google index your improved content, and get benefits from this update.
Here are a few things that would be deemed poor quality by Google:
Often times you may not have time to write your own content, but this is something you can outsource very easily and often get better quality content written by a professional copywriter. The cost is usually easily justified as lost Google rankings often translate to a much higher loss in revenue.
It could be as low as $20, but multiplied by only 10 sales , and that loss could have paid for a piece of good quality content to be written. On the flip side, good quality content will increase your Google rankings, and further increase leads/sales. Good quality content pays for itself very quickly and increases profits very quickly.