by Christina Lee on December 31st, 2008
The news bulletins of 2008 became one relentless reminder of the economic crisis. They reported that businesses and industries suffered, under the great weights of declining sales and a wounded morale.
But the year also taught some valuable lessons, especially to small business owners. Whatever losses they suffered the public noticed, which made their successes all the more notable:
What they could not compensate in price, they made up for with customer service. Take note of Kelly Spors, small-business writer for the Wall Street Journal, and her recent experience buying trout at her neighborhood fish and meat market:
“Rather than... Read more »
by Christina Lee on November 3rd, 2008
Despite the weak economic environment, the wholesale distribution industry may see over the next eight months a 14.0 percent rise in revenue. But within that growth, Dr. Adam Fein also foresees the most variation between sectors that has been seen in five years.
Such predictions, plus an overall unfavorable outlook of next year, will shape Fein’s “2009 Economic Forecast for Wholesale Distribution” Webcast. On November 13, he invites industry executives and others to hear his macroeconomic and business-to-business outlooks, while also addressing the futures of 19 wholesale-distribution sectors.
Fein is the founder and president of Pembroke Consulting, a management advisory... Read more »
by Christina Lee on October 23rd, 2008
Q: How will the bailout plan affect wholesalers?
A: Financial suffering is bound to trickle down the supply chain because of unstable credit conditions. As a result, “many wholesale distributors will be affected by the government’s efforts to stabilize the credit markets,” said Brent Grover, managing partner at Evergreen Consulting and National Association of Wholesaler-Distributors author (“Official Guide to Wholesaler-Distributor Success”).
The extent of that effect depends upon how quickly the government can stabilize the banking system. Because of economic times like these, the bailout plan – or, the Emergency Economic Stabilization Act of 2008 – implemented discount rates to... Read more »
by Christina Lee on 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 »
by Steve Strauss on October 8th, 2008
Q: Are small businesses really having a hard time right now? Everything seems OK to me. Sure, gas prices are higher, but all in all, things are fine.
Phil
A: I’m sorry, but I simply disagree. I think things are pretty tough right now for most small businesses. That said, nevertheless, I will admit that there is a surprising amount of debate on this issue.
Case in point: I hosted a roundtable event of small business bloggers in New York last week. The event was sponsored by Brother and the topic was, "Who says a slow economy has to slow... Read more »
by Rebecca Button on May 23rd, 2008
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 »
by Rebecca Button on 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 »