Down, But Not Out
Though no one can be absolutely sure what the future will hold, all industry executives are encouraging business owners to watch expenses, stay open to opportunities and diversify.
And, though it may sound simple, some of the best advice companies gave was to stay positive.
“The only way you will get through this downturn is by remaining positive,” Hakman said. “Once you think you are defeated, it will become a self-fulfilling prophecy. I don’t know how my competitors are faring, but I do see the pricing in the market and that tells me that everyone is hurting for business and out buying time for their presses. As long as you have a big bank account you can continue that type of business plan, but it is not a very good long-term strategy especially with banks as sensitive to customer income statements and balance sheets as they are today.” PPR