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Global recession is round the corner, was the topic in discussion in the previous weeks. But now we can feel the pinch-- we are in the recession. But not all of us have understood the gravity of the situation. or at least I thought ie. there is money lying around in hedge-funds and banking & other institutions that are actively trading in the forex and financial markets. It is the banks that were beating the drums-announcing of a "Global-Recession'. The topic for another day is to discuss why the stock market was artificially inflated or had a bull run, but this article is not about that.
Economies have slowed down and many companies have run-out of business, leading to competitors strong enough to lead the race ie. only at the cost of cutting down on quality of products (This may not be the case in certain industries).
My message to industrialists- focus on quality, in the short-run you may feel a pinch of doom, but it is not always going to be like this. In the long-run, customers are going to remember how you treated them in difficult times, loyalties are built on such experiences. Families help the members in their difficult times, that is what you should focus on-- the spirit of community in business.
Economies have slowed down and many companies have run-out of business, leading to competitors strong enough to lead the race ie. only at the cost of cutting down on quality of products (This may not be the case in certain industries).
My message to industrialists- focus on quality, in the short-run you may feel a pinch of doom, but it is not always going to be like this. In the long-run, customers are going to remember how you treated them in difficult times, loyalties are built on such experiences. Families help the members in their difficult times, that is what you should focus on-- the spirit of community in business.