How To Survive This Economy
We receive regular newsletter e-mails from a business consulting company in the silicon valley are called Trizle. Funny name for a consulting company, but the newsletters they send out are packed full of good, solid, timeless business advice The latest newsletter was entitled “How to Run Your Business When The Economy Sucks!”.
We really liked this article because it pointed out to us the importance of not giving up and throwing in the proverbial towel when the economy slows down. Those managers and business owners who continue to develop and innovate during the slow economic times will be light years ahead of the companies who do nothing, once the economy picks back up.
This is the message we really needed to hear at a time like this. The economic outlook can be pretty bleak for small businesses at times like this, and during the past month or so we have even questioned the decision to open a new business. But, rather than get stressed out and call it quits, we have been looking at what we can do to thrive despite the hard times.
We have focused on making sales calls to hundreds of interior designers around our market. Even though things are slow now, once they pick back up, we will have developed an extensive network of wholesale accounts that will contribute to the long-term success of J. Alexander Fine Woodworking. We have spruced our marketing material by designing new business cards and brochures and we have streamlined future production in the shop by building some much needed jigs and tables, and improving the general organization of the shop.
Perhaps the biggest benefit we see in the slowdown is the opportunity to begin developing our own line of custom designed furniture. We are currently designing multiple pieces in SketchUp and will be refining the designs and hopefully building some prototypes in the next few months. If all goes well, we will have a complete furniture line designed and built in six months or so. Check back for updates and more information.
So, during a slowdown in the market, rather than complain and stress out, focus on seeing opportunities in the market, and position yourself to capitalize on those opportunities once the market picks back up!