A small business owner I admired embodied three qualities that got him through many tough times in the material handling business: innovation, positive thinking and hard work. These same qualities can help us weather the current storm successfully.
Innovation. A great believer in innovation, my friend was the first in his region to buck the industry and offer new electric-powered forklift trucks and hand-operated movers when they first came on the market. Decades ago he foresaw the advantages of cleaner, more efficiently powered material handling equipment. Had he still been in business, he’d have been among the first to embrace safer, ergonomically-designed, even more energy efficient, battery-operated material handling equipment. Embracing new technology as it becomes available positions you to reap the rewards of improved energy efficiency, increased maneuverability, innovative safety features and greater flexibility of use.
Positive thinking. Even during tough times, my friend was a great believer in the power of positive thinking. He ran his business and lived his life in accordance with a quote from Henry Ford that he kept prominently displayed on his desk: “Whether you think that you can, or that you can’t, you are usually right.” My friend would have been the first to see the opportunities in a depressed market. Bargains abound for the savvy businessman. This can be a good time to expand your territorial or product base by partnering with or buying out a faltering competitor. Depression of the construction industry has led to aggressive pricing in commercial markets making this a good time to build or expand facilities. This can also be a prime time to upgrade your technology. Many firms are offering unbeatable deals or deferred payments to stimulate business. Plant and business closures are also creating great deals on used equipment.
Hard work. My friend knew that positive thinking alone never accomplished anything. No slouch when it came time to roll up his sleeves and get dirty, another favorite saying was, “God helps those who help themselves.” To survive the current recession, you’re going to have to be innovative, flexible and forward thinking; but you’re also going to have to reign in unnecessary expenses, tighten up financial practices, maximize worker and production efficiency, and work hard to stay ahead of the competition.