THE SHOP

July '16

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JULY 2016 THE SHOP 95 Maybe you should even hope for a recession. After all, if you are ready, it will be the competitor down the street that fails and your business will pick up its customers. If you are the one who does not run out of gas you win, (happens all the time in NASCAR). The first busi- nesses (or race cars) to go under are those that tried to win with low prices or cheap parts. Although the business competitors were a thorn in your side and caused you sleepless nights wondering how they could sell so cheap, they did not make the margins necessary to survive slow times. You will finally be rewarded for doing business in a professional, profitable way. Remember: You can never go out of business for selling too high. You can never succeed by selling too low. Recession planning should include better inventory control and restocking. Many businesses, faced with shortage of capital (sales) cut their buying and reduce inventory. When a customer wants to buy, you should be in position to be his or her best source, especially when the competitor has failed to maintain inventory. HOT ROD & CUSTOMIZATION Having inven- tory and let- ting custom- ers know you have inven- tory results in gaining sales.

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