What you should do when times are tough
By Dave Perry, Executive editor -- Furniture Today, September 9, 2001
We all know times are tough. But we don't all know what to do. Here are some helpful ideas:
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Plan now for the rebound. As you work on budgets for 2002, plan for a substantial improvement in business. This is not just a dream. Historically, our industry has come roaring back from down years; that was the case in the '70s, '80s and '90s, and the forecasts say it also will be that way next year.
Despite the solid history we've got on our side, some just don't believe better days are coming. This is a bizarre strain of pessimism. It also is a dangerous one. -
Make something happen. Here's a scary thought: If you don't think things will get better, and you plan accordingly, your wish just might be granted. A West Coast upholstery manufacturer recently shared an interesting observation with me: "If there is a recession (see my last column for some thoughts on the "R" word), we choose not to participate."
What a refreshing idea!
But how, you ask, can you choose not to participate?
My friend John McNeill, a West Coast-based manufacturer and sales representative, says we must possess an attitude that will "infect others with the sense of opportunity and action that works in this market." His message: "If you wait for something to happen, it will … to you. MAKE it happen!"
Consumers still want furniture, McNeill notes. "The consumer coming in the store is the same in every respect as she was a year ago, when things were hot," he says. "She is there to buy furniture if she can find the stuff she wants. The 'recession' is not a personal thing for that consumer, or she would NOT be there. We've got to stop putting out the SOS signals that turn her off."
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Grab market share. At a time when so many companies are cutting back, you will stand out by stepping up your marketing expenditures right now. The smart guys already know this. That's one of their secrets. By making aggressive moves now, you can gain market share that will be far more costly to acquire next year.
When business gets rolling in 2002, everyone will ramp up their marketing budgets. It will be that much harder for you to get your message out, to reach those new customers, and to take someone else's business. -
Be confident. We know that pessimism can be tough to shake; that's why some people refuse to see that a rebound is coming. But confidence is powerful too. We are going to be fine as an industry.
People need furniture. Sometimes they even want it. We've got products that help people lead better lives. Let's all get busy and sell more furniture.
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