THE SHOP

July '16

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94 THE SHOP JULY 2016 ness before, I learned more about business during those eight months than in all the successful years. I learned not to be spoiled by success. Sharpen your pencil. When sales are good and easy there is a tendency to ignore competitive shopping and attention to expenses. With strong sales and plenty of cash flow, many wide- open business owners forget to watch the details—like smart inventory control, com- petitive buying, reduction of ineffective advertising, careful inventory controls and properly maintained store displays. Everyone practices these when business is not good. The wise practice these all the time. Plan for a recession. These are the times to put your business in a position to compete when a reces- sion occurs. If it never comes, that's great. It is much better than believing it can't happen, only to have it happen and lose everything you worked for. Think about your start-up and plan a similar strategy for slow times. Tips for a clean, uncluttered store can help maxi- mize efficiency. HOT ROD & CUSTOMIZATION Recession Recession Lessons

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