Even though consumer spending was up in March, and the Dow is sitting at 11,000 with many large publicly traded companies showingprofits, “Mainstreet” is still feeling the pain of this (possibly over?) recession. The Wall Street Journal did a poll asking its readers to vote on whether they thought the recession is over or not. Here is the article and the current results:
The committee of academic economists that dates the beginning and end of recessions said it isn’t ready to put an end date on the recession that started in December 2007. The National Bureau of Economic Research’s Business Cycle Dating Committee said “Although most indicators have turned up, the committee decided that the determination of the trough date on the basis of current data would be premature.
What do you think? Does it feel to you as though the worst is over? Are you seeing signs of economic reinvigoration?
The poll results as of April 15th: 384 (26%) YES and 1094 (74%) NO.
I think this poll most likely reflects the sentiment of many of the Cosmetic Practices and Medical Spas we speak to on a very regular basis. Acara boasts that 80% of our clients have doubled their sales. But we must remember that Cosmetic Practices and Medical Spas call Acara when they are in need of increasing their business and we receive 3 calls interested in increasing their business for every one new client.
Basically, you can succeed in this uncertain economy but in order to do so you need to be extremely good at managing your business: marketing, sales and operations. You need to know how to communicate your unique message (you need a unique message), you have to be consistent in implementing your marketing program, you must have a sales system in place with someone dedicated to providing consultations, and you have to run a customer-centric practice.
With the possibility of economic recovery, mow is a good time to start putting your house in order. If you wish to discuss how the economy is impacting your business please send me an e-mail at [email protected] or leave a message here on this post.