A Manager’s Guide To Navigating Difficult Markets
Turbulent Times lie ahead. Yet firms that correctly prepare, and implement tested and proven strategies can actually increase their profitability while their competitors fail. This 5-Volume CD series will make the difference for your firm.
Can we avoid a recession forever?
The years since 2002 have been good ones for the search and placement industry. In January 2002, we numbered 15,000 firms. Today that figure exceeds 35,000! Production, market share, and profits have similarly increased.
But will this growth continue?
Let’s look at the record:
The years that followed 1969 also were prosperous. Average billings, profits, and fees all rose greatly. And in 1975? Recession! One-third of our industry went out of business.
The 1976 to 1982 period saw major gains for our industry. And in 1982? Recession! One-half of all search and placement closed their doors.
From 1983 to 1990, our industry expanded greatly. And in 1991? Recession! 40% of our industry shut down.
From 1993 to 2000, we rolled onward to record-setting production. And in 2001? Another 40% drop in our numbers.
The years since 2002 have been boom years for our industry. But will the boom continue forever?
History says “NO.”
But . . .
Even during the worst of previous recessions, some firms not only survived but increased their profitability! Average fees, per-desk average, and market share all increased. When the economy finally turned, these firms were well-positioned to capitalize on a renewed marketplace. And, as the economy strengthened, they were able to effectively compete with the many new firms that sprang up.
How? Why? In the same circumstances which forced half of their competitors out of business, how did these firms prosper?
The firms which profited during the recession were the firms that correctly prepared for it! They did not ignore the possibility of an economic downturn. Rather, in the period preceding, and throughout the downturn, they implemented the specific steps most conducive to long-term prosperity — regardless of the economy.
And, when the party ended for many, these few firms were ready!
A recession may again be on the horizon. And what you do now will determine whether your firm will be a survivor — or a statistic!