People. Process. Cash
Have you adapted? Have you changed the way you do things to suit the deepening hard times? My bet would be yes! That like most, you’re watching your budgets, thinking carefully about how you spend and delaying your Christmas vacation especially if you were going to purchase it with credit.
Small businesses have no choice but to adapt as well. In some cases they are forced to. At Pricesmart just last week, a top line caterer told me requests for his high end hor d’oeuvres are down by 1/3 when compared with last year’s. For years, his business has been known for its high quality food and its equally hot prices, now for the first time in 15 years he is considering doing a lower priced range of food. Joining him in bemoaning the current crisis is one of my clients in retail who expressed real fears about the upcoming Christmas season, since it generates most of the company’s annul operating profits and he is observing a real slow down in spend.