Posts Tagged ‘recession’
Diversification is Key for Small Business
Wednesday, April 29th, 2009
If you work for or own a small business, this Wall Street Journal article might be of interest to you.
The article profiles companies that have used the struggling economy as an opportunity to diversify the services they offer and found that doing so has not just helped them survive, but in many cases thrive.
Smaller companies are able to adjust faster than larger businesses and whether it’s finding new markets, or increasing profits with existing clients the general consensus is that there is still money in the marketplace if you know your business well enough to find it.
From a personal trainer who turned his one-on-one sessions into smaller group training, to the landscape service that shifted its focus to environmental awareness, the article provides great examples that could help you generate some idea for your own business.
Photo copyright of jurveston under the Creative Commons License
Tags: diversification, economy, recession, small business strategies, Wall Street Journal
Posted in Industry News, Small Business Help Tips | Comments Off
How is Your Fleet Handling the Recession?
Wednesday, April 1st, 2009
As the ripple effects of the current recession continue, businesses are being forced to look at not just the impact, but at how things will be run in the future.
At this years Truckload Carriers Association conference in Orlando, survival was the one word on most participants minds, but as many leaders have stated over the last few months, there is also an opportunity to implement new ideas and knowledge from past mistakes.
In recent years when the economy seemed to be on steady ground, trucking companies were more willing to spend money on expanding their fleets to meet anticipated demands.
Today the trend is shifting toward being more conservative with estimations and looking to increase profit by raising rates alone.
As a result, equipment used by trucking companies is also beginning to have an effect on the industry across the board. Carriers in a position to, or who have the need to add capacity are avoiding buying new equipment or opting for used equipment, which is driving prices down across the board.
The carriers who are not doing as well are then finding themselves owing more on equipment that they’re still paying on than it is actually worth, making it tough to get out of the business even if they wanted to.
The news isn’t all bad though…a report from Transport Capital Partners released findings from the Orlando conference says that while tonnage is off, some carriers are starting to see a boost that might imply that at least the recession has hit bottom.
With that, some of the healthier carriers are looking to merge or acquire companies that can expand their business, or are looking at companies that they feel can be fixed.
The result may be that when the economy does turn around, we may have a “capacity crunch” without enough tonnage capabilities to meet demand.
These days though, that sounds like a pretty nice problem to have.
Tags: economy, recession, Truckload Carriers Association
Posted in TrendWatch | 1 Comment »
Sunoco to Reduce 20% of Their Workforce
Monday, March 23rd, 2009
In order to reduce costs by more then $300 million this year, the New York Times is reporting that Sunoco will cut 750 jobs, roughly 20% of their 13,500-person work force.
Cuts are being blamed on the recession and lowered consumer demand for gasoline and diesel fuel. Sunoco plans to offer severance packages to all laid off workers, as well as offering some hourly employees buyouts.
Tags: recession, Sunoco
Posted in Industry News | No Comments »
