How To Dump The Slump
At least in the opinion of some…
“As the CEO of Commonwealth Worldwide Chauffeured Transportation, Dawson Rutter painfully rode out the downturns of 1982, 1991, and 2001. Now the Boston-based entrepreneur is putting to work the lessons he learned.
He has beefed up his sales staff from five to 14 in the past year because he remembers that competitors who slashed their marketing efforts got killed in 2001. He is concentrating on executive travel because he watched businesses with low-end customers get hit by price wars and defections. And he plans to invest in new cars - beyond the RR.L he just purchased - so he is poised to take advantage of the post-recession boom.”
Seems Dawson was prepared eh? I wonder if he knew this - “A Whole Lotta Greenbacks Tucked Safely Away.” I’ll bet he did.
“With meager cash reserves and credit, little fat to cut, and a dearth of geographic and industry diversification, small businesses are typically hit harder by a slowing economy than are large corporations. During each of the past three recessions, about 500,000 small businesses closed or went bankrupt, says Villanova School of Business professor John Pearce II, who culled the figure from federal bankruptcy data.”
Yet, there are those who are able to make a better go of it;
“But today, as in past downturns, some small-business owners - even some in housing and construction - are nimble and savvy enough to thrive. Where others see only calamity, they see cheap credit, bargains on equipment and property, and new opportunities to hire topflight employees.
There are a few common themes to their success: They didn’t wait for Congress to decide on a stimulus package; they moved quickly to adjust their products and business plans to take advantage of more lucrative niches. Some diversified. Others identified new customers. Almost all cut behind-the-scenes costs.”
Then, at a different level - “And the most aggressive, like Rutter, are investing in new technology, equipment, and personnel to seize market share from competitors large and small who entered the hard times poorly prepared.”
My thought is… if you’re laying back because of fear it might be wiser, in some situations, to forge ahead through the fears because it could be that the fears are unfounded. It could also be that you are more than you think you are. Don’t sell yourself short! Take these folks for example.
Tags: Business Tips, Economic Downturn, Economic Slump, recession, Slump Busters, Success StrategiesRelated Stories
POSTED IN: Business Tips
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