Riding the wave of a turbulent market
As I sit down to write this month''s editor''s note, stock markets around the world are struggling.
Among other factors, an uncertain future for the U.S. economy, a besieged Wall Street, and concerns for a quick recovery are having a direct impact on traders and buyers.
Hopefully, by the time this publication reaches your hands, America''s stock market and international trading will be setting record highs, business will be back to normal, and the U.S. economy will be stabilized.
OK, back to reality.
Strength of our industry
For about six years, the threat of a U.S. recession has been looming.
For some businesses and households, this threat is reality.
Fortunately, the cleaning industry has been considered recession-proof.
Recently, Cleaning & Maintenance Management''s Assistant Editor Aaron Baunee asked our online bulletin board members about their feelings in a post titled, "Wall Street''s effect on Main Street."
Aaron posed such questions as: Has the recent market turmoil hindered your ability to operate? Have you had any difficulty pursuing and receiving lines of credit? What are you doing to cope, and what do you foresee for the near future?
Here are several responses to these inquires.
"So far were doing very good. Things have slowed a little for getting new accounts, but our customer base is pretty good and turn over of accounts, as usual, are very low," wrote Robert Jess. "As for line of credit, I see no need for it. I have always believed in keeping the business debt free or at least credit very low, and always keep a very good cash flow."
In another post Joel R. Daniel wrote, "Customers are a little more itchy and price/value conscious.
"But, we''re still adding accounts, seeing people bidding out in hopes of lowering costs, and ditching poor performers," added Daniel. "So, we''re just leaning into the wind and holding on … so far, still good."
"I have had no problems operating," wrote Melissa Jent. "Most of my customers have been understanding about a small price hike. I tried to get a small line of credit, but no dice. You have to have a credit score of 700 or more to even be considered."
However, Jent remains in her commitment to satisfying customers.
"To cope, you do what you have to do, but as everyone knows, if you want to keep your customers, you have to keep them happy and that means driving and checking accounts," added Jent.
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