What can individual companies do to thrive in any economy?


Note: The following ideas were generated from a 15 minute board discussion.


  • Develop their networks for support – talk to each other
  • Do not pass negative impressions to customers
  • Increase company awareness activity
  • Survey and communicate with your customers – They too will be weathering uncertainty.
    Find ways to add value and partner with your customers
  • Watch receivables
  • Negotiate terms with suppliers
  • Reduce overheads. If staff must be cut, consider how to do this sensitively and humanely
  • Add additional services
  • Target your market. Identify market opportunities. Fire customers that don’t fit
  • Focus energy on profitable customer
  • Set positive tone – “leadership”
  • Speak to staff – be positive
  • Eliminate waste
  • Rent equipment instead of purchasing
  • Hire sub-contractors and/or fire sub-contractors
  • Develop an action plan. Being proactive is one of the most important things to do
  • Change marketing focus. What we do is enhance customer’s investments.
  • Downturns may be positive in some ways. Look for opportunities
  • Promote positives
  • Retailers – watch inventory. Keep space full with product. Empty space sends the wrong message image
  • Contractors

    • Watch inventory
    • Review supplier list
    • Use Member suppliers. (Work together we are interdependent)
    • Know your costs
    • Don’t discount without knowledge of bottom line effect
    • Follow up on estimates

  • Survey suppliers and peers. Find out how others are doing and observe what works.
  • Invest in Training and Education
  • Use Apprenticeship program to help staff
  • Recruit better people
  • Maintain professionalism
  • Differentiate your business and communicate your benefits
  • Start “rainy day” fund
  • Use technology
  • Maintain Good Business Fundamentals. Work at enhancing competencies in:

    • Sales
    • Leadership
    • Finance
    • Operations
    • Customer Relations

What can the Association do to help members thrive in any economy?


  • Host Association events focused on the economy
  • Chapters and Commodity Groups should pace the issue on the agenda’s of all meetings so that members can share experiences, fears and opportunities
  • Host Panel discussions with respected members and consultants
  • Host meetings featuring financial experts
  • Host legal seminar on placing liens on properties. Perhaps we can negotiate with a lawyer (Robert Kennaley) for services.
  • Verify the negatives. Sometimes negative talk is not based in reality
  • Accent the positive
  • Stimulate demand. Mount a collective promotion campaign
  • Remind the public about the importance of enhancing the home property
  • Develop benchmarks and surveys
  • Engage industry sectors groups to share ideas (network)
  • Write articles about companies that have grown and thrived in recessions
  • Host seminars on technology
  • Focus Congress programs on business subjects
  • Promote the prosperity partners program
  • Find ways to engage members using the infrastructure of the Association
  • Form a “taskforce” committee
  • Announce “Economy” as the top priority of the association
  • Make information accessible

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