It seems that the recession is ending. Let’s hope? Consumer and business confidence is up, retail sales are solid, houses are selling and stimulus programs are in full flight. I question how the economy has turned around so quickly but, there is some light at the end of the tunnel.
The 1st quarter of 2009 was a dark time at Wolfgang HQ. Very bleak! But, as the year unfolded and we executed our recession strategy our prospects brightened. In fact, by year end, we had completed our best revenue and earnings year to date. So, what did we do right?
· We made the tough and painful decisions quickly
· We set clear expectations with our key staff to expect a bumpy road ahead
· We changed our business model from employee based to contract based
· We managed overhead tightly
· We increased our marketing effort four fold
· We watched cash flow like hawks
· We took great care to provide excellent service to our clients
· We lowered our prices
· Our staff came through big time with loyalty and performance
All the above were great “recessionary” moves that buoyed Wolfgang in 2009. Can’t help but think “Should have made those moves when the economy was booming!” Live and Learn.
Friday, January 8, 2010
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