ETS Tanning Bed Blog

There is no doubt about it; we are all in the middle of tough economic times. Our company feels the crunch as much as you. 

Still, there are things that we can do now to take stock of what we already have and get into position when the market does bounce back.

Economic "Shake Out"

My impression is that these are the “shaking out times”. Most companies are cutting back randomly, doing anything to hang on. But actually, this is where the real industry players see opportunity to gain market share and improve their position against others who may not be financed well or may not run their businesses well, and thus cannot, or will not make a move.

Although, the returns may not be as strong during these times, you can establish a strong foundation for your company. So, when the customers come back in, you'll get an exponential return on the investment you made when the market was tough.

Counter-Intuitive Success Strategy

I think, more than ever, now is the time to leverage your strengths and establish market share gains.

Go ahead, watch your money, but at the same time do everything to make advances in the market against other companies who may not be as ready as you are to face the challenges. Historically, most successful companies make the greatest gains during challenging economic times because they manage their budgets better, and are able to see where their budgets are best spent.

Savvy businesses find a way to get out there and take action – pump up advertising, boost brand awareness and create loyalty.

3 Part Series: "Successfully Sailing Rough Economic Seas"

In good times, even those who don’t do a good job in running their company can survive. In bad times, if you don’t run your company well you don’t survive. So in these challenging economic times, the question remains – “What can you do?”

Over the next few weeks look for a 3-part series entitled “Successfully Sailing Rough Economic Seas”.

I will discuss what's critical for companies to focus on during an economic downturn.

1. First up, an interesting explanation of why a positive attitude is vital for your company’s survival and how to make it happen.
2. Second, a counter-intuitive approach to budgeting that will maximize profits as threats of recession echo around us.
3. Lastly, we examine the importance of good leadership in rough economic waters.