economic downturn
Published November 20th, 2008
As the economic slowdown creates all-time lows, business owners fear that the upcoming fiscal year may become a recurring nightmare. But what one association wants to prove is that wholesaler-distributors can fare well at any time, even under the direst of conditions.
The National Association of Wholesaler-Distributors’ upcoming executive summit – subtitled “Profiting Despite the Difficult Economy” – will present expert opinions regarding business relationships and optimization of sales and marketing during tough times. Alan Beaulieu, Institute for Trend Research president, will also present an economic forecast and list of recommended actions for 2009.
“The program is determined by what... Read more
Tags: christina lee, economic downturn, Executive Summit, Joy Goldman, National Association of Wholesaler-Distributors
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Published October 11th, 2008
Each day this week, Wall Street investors watched in astonishment as the Dow Jones Industrial Average plummeted at unprecedented rates. Very few, if any segments in the wholesale-distribution industry are safe, experts say — but every day that passes is an opportunity to optimize the market.
“What it comes down to is making the best strategic decision, under any circumstances,” said Chuck Miller, vice-president of marketing communications firm CommCentric Solutions, “and when you have fast-changing conditions that occur with the challenges of today, you have to be able to respond quickly and appropriately.”
The most recommended solution in times like... Read more
Tags: christina lee, Chuck Miller, CommCentric Solutions, economic crisis, economic downturn, Gold and Domas Research, Jim Olsztynski, manufacturers, retailers, Richard Sherman, Supply House Times, wholesale distribution
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Published September 2nd, 2008
Q: Steve, what is your take on the state of small business right now? And if small businesses are having as much of a hard time as it seems, what are they doing to break out of the doldrums?
Rick
A: If I had to choose one word to describe small business right now, it would be unease . If I had more words, they would be nervous, retrenched, and cautiously hopeful (alas, we are usually hopeful, even when there is little reason to be.)
Although my pessimistic perspective is inherently subjective, even objective measures point to the same conclusion.... Read more
Tags: economic downturn, expert advice, MrAllBiz.com, small business, small business expert, Steve Strauss
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Published August 25th, 2008
Q: I own an upper-end shop in New York and we too are being hit by the economic slowdown. With people looking for bargains, how to we compete without hurting our brand?
Jenna
A : There is no doubt everyone is feeling the pinch of the economic downturn these days and woe to the business that doesn’t react in accordance with the times.
Back at the turn of the 20th century, the automobile was a newfangled contraption. But even so, it was apparent almost immediately that it was also a revolutionary item that was here to stay. That is one... Read more
Tags: competing with other businesses, economic downturn, economy, expert advice, MrAllBiz.com, small business expert, Steve Strauss, tips
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The following is a great excerpt from an article on Forbes.com . It highlights some strategies retailers can use to help get themselves and their customers through the economic storm:
"In the short-term, retailers need to continue providing sales incentives, discounts and promotions that demonstrate value to the consumer. Incentive packages can be offered for cost-saving items such as fuel-efficient cars or energy-saving light bulbs. Innovative ideas to help consumers spend "extra" money will be critical. We have seen this happen already in the travel industry where some resorts are providing gas cards for guests driving to the destination.
Retailers... Read more
Tags: economic crisis, economic downturn, Generating More Sales, Rebecca Button, recession, Sales
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If you’ve been reading the financial news magazines and newspapers in recent weeks, you may be a little worried about where things are heading. With financial giants toppling, and the word recession becoming more prominent, what does that mean for your small business?
If you are like many companies, you’re already looking for ways to trim off a little fat. That could come in the form of not ordering as much inventory, looking for employees to lay off or any other cost-cutting measures.
As a matter of fact, many small business owners are already in a panic, with doomsday visions... Read more
Tags: Accounting, economic downturn, Finance, Finance and Accounting, Leeia Ladipoh, money, money management, recession
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Published March 19th, 2008
With a falling real estate market, increasing unemployment rates and looming layoffs, it’s no wonder why Americans have slowed their spending. Of course, all that cutting back has a direct effect on businesses in all industries, and most likely yours too. But don’t just accept slow sales as “part of today’s economy”. Put up a fight to gain back your share of the money that is being spent by consumers!
How to keep sales rising even in a down market
Offer better-than-the-competition prices - If money’s tight with your target market, then help them out a bit by stretching their... Read more
Tags: advice, Carrie Hinkel, cut costs, economic downturn, Generating More Sales, recession, revenue, Sales, slow economy, tips
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Published February 21st, 2008
Small businesses are some of the most affected by economic downturns. While these practices can and should be implemented during times of prosperity as well, they will help businesses survive during a recession.
Get involved: Don’t just join local organizations and charities–get on the committee board! This not only will help you stand out and make a name for yourself, but it will also get you meeting and working with more people. Also always keep in mind that strangers you strike up conversations with at the grocery store or fellow parents at a PTA meeting can be new customers/clients. It’s... Read more
Tags: Accounting, economic crisis, economic downturn, economy, Finance, Finance and Accounting, Generating More Sales, Rebecca Button, recession
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