- These companies have little to no planning, budgets, benchmarks or accountability for their companies.
These companies will fail during a recession and will leave more fish for the rest.
These companies can operate during a recession however the majority will go out of business.
Beginning Anglers – Depending on the skill set, work ethic and planning results will vary.
- These fishermen are the majority of the group. The results are significantly different depending on the company.
- There are three types of companies that fall into this category:
- Company A: These companies have established a solid business plan, raised operating capital and have developed a solid marketing plan for their company.
- Company B: These companies have a good idea, however little to no budget to build their business. They keep their overhead low and stay afloat.
- Company C: These companies are still gaining experience and have been operating for a short time. They are cautious with decision making and adding additional financial strains on their business.
- Many of these companies will ride through the recession and prevail on the other side. Some of these clients will close their doors because they are not big enough to sustain the decrease in revenue and a few will close their doors because it is just too hard to stay open.
Experienced Anglers – Grab The Net!
- These companies are the industry leaders and will dominate through a recession. They believe the recession is a blessing and will emerge even more success than they were when the recession started.
Now is the time to throw away your fishing pole and Grab Your NET! The market share your competitors are leaving behind is yours for the taking as long as you effectively utilize your marketing strategies and budgets. I believe we all concur that during this recession many companies will close their doors and a large number of companies will choose to wait to begin new projects. This is already evident with the significant decrease in new business license requests which is occurring nationwide. Take time to educate yourself and capitalize on the advertising media that is providing the maximum return on your investment. You may also wish to meet with an advertising consultant who can help you create an effective plan for netting the big haul!