A fastener distributor told me he had grown his business in the last recession. That’s surprising because he mostly sells to construction companies and manufacturers, the two sectors most hurt by recession. He had been careful to keep products in stock while competitors had over-trimmed their inventories. When customers could not get orders filled by competitors, they turned to this company.: In the last recession, the dollar value of diaper sales declined.
In the recovery it will be time to start thinking about “extra bacon, extra cheese.” When we finally have money in our pockets and the ability to eat out, who wouldn’t want extra bacon and extra cheese? Laying the groundwork to gain in the recovery means being fast to adjust product offerings and promotions to reflect customers’ changing demands.A discount airline called airTran entered the 2001 recession with a small fleet of old airplanes.
A company with visions of better equipment—whether computers, trucks or manufacturing machinery, should look around for late-model, lightly used equipment coming from companies downsizing or going out of business.Would this be a crazy time to buy a restaurant? Someone, somewhere, owns five restaurants today and has been successful operating them, building up capital over recent years.
These ideas may not apply to a particular business, but a good management team can brainstorm on growth strategies appropriate to their situation. Companies that thrive in the next year won’t simply be lucky; they will have looked for opportunities and executed well.
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