The Economy, The Economy, The Economy

We all know the economy is in a down turn, but that doesn't mean YOU have to be. 

A depressed economic situation can actually be good for our industry.  This type of economy forces us to run "lean and mean."  It also instills in us an awareness we've long forgotten. 

We have the ability to operate at a higher level of efficiency with less staff than we ever thought possible.  We now maintain a higher quality of inventory control.  This type of economy should compel us to make better choices about the inventory we stock and the products we sell.  It forces us to deliver and commit to superior customer service.

A depressed economy allows us to maintain a more competent and committed staff.  It also causes us to reflect on our business practices and find ways to cut costs and generate additional revenue through creative new approaches.  In a rough economy, we must take action and implement change.

Focus on what's selling and sell more of it.  Make better choices about the inventory you stock.  In an economic recession, it's tempting to hold back on your inventory purchases especially when margins and cash flows are tight.  You can't sell what you don't have.  You must find a happy medium.  Product selection is always important, but in times like these, unique quality products at reasonable prices are essential.

Fortunately or unfortunately, depending on which side of the equation you're on, bad times eliminate competition.....

Di