Tag: business news

Business Survival Strategies that Work

This week we’ve been talking about what it will take to survive in today’s challenging economy. We’ve shared marketing ideas from industry experts and our own playbook that have allowed companies to not only survive past economic downturns but thrive in highly competitive markets. The secret to survival in a bear economy is to develop a corporate attitude that is innovative enough to envision new applications for your products, flexible enough to act quickly when a new opportunity presents itself, and customer-oriented enough to anticipate customer needs and respond quickly to customer requests. Our ability to succeed in these areas has made DJ Products a nationwide leader in the innovative design and manufacture of ergonomic motorized carts and powered cart movers.

Through the example of our own company’s experiences, we’d like to demonstrate how businesses can apply the principles of innovation, flexibility and customer service to survive today and position themselves to thrive tomorrow.

Innovation. Innovators in the material handling field, DJ Products realized the value of ergonomic design before it became a popular cause. We realized that ergonomics was likely to become increasingly important as a worker health and safety issue with the power to drastically reduce health care, insurance, disability and workers’ compensation costs. But beyond that, we saw in ergonomics the potential to improve the speed and efficiency of production across a broad range of business environments.

Flexibility. DJ Products has exhibited the flexibility to imagine and develop new markets for products originally designed primarily for industrial settings. The most compact, light-weight versions of our CartCaddy movers are employed daily in health care and hospitality settings. Their small size and easy maneuverability in tight spaces makes them perfect for crowded hospital corridors and hotel hallways. We’ve found applications for our motorized car/truck pushers in the boating industries and recently designed a specialized version for use by auto racing pit crews.

Customer Service. We’re Old School in our belief that customer service must always be our first priority. We pride ourselves on our ability to customize our products to meet specific customer needs. We’re so convinced you’ll like our products, we offer a free trial program before you buy.

Take a page from the DJ Products’ handbook. Companies that emphasize innovation, flexibility and customer service will survive and can even thrive in these challenging economic times.

Business Survival Requires Effort on Multiple Fronts

Survival is the name of the game these days. Savvy companies large and small are tightening up their production and accounting procedures, taking care of their customers and working to expand their customer and product base. As we’ve discussed this week, some companies are improving their market share through consolidation mergers. Last week we talked about the importance of innovation, flexibility and customer service in surviving in today’s highly competitive market. We’ve also discussed the need to broaden your reach by finding new market opportunities for your products and services. The bottom line is survival in a recessionary economy requires businesses to make a constant effort on multiple fronts. Survival requires continuous effort to maintain current excellence and constant innovation to explore and pursue new opportunities.

Through economic highs and lows DJ Products has maintained its standing as a national leader in the manufacture of ergonomically-designed motorized carts and powered cart movers by blending the old with the new. We have always maintained the highest quality production standards in the manufacture of material handling equipment, but we’ve introduced new, innovation, ergonomic designs to material handling that allow our customers to meet future challenges. Early on, DJ Products identified the growing concern about worker health and safety and the growing expense of ignoring musculoskeletal injuries. We predicted the increasing importance of these issues to employers and their workers as well as government and potential customers and worked to design innovative products that would meet growing demand.

Understanding the value of a satisfied customer, DJ Products has provided superior customer service. But we also understand that customer needs change as business changes. Our material handling products are designed with versatility and flexibility in mind so that they’ll be able to perform multiple functions to keep up with the changing demands of our customers. Lift kits and retrofit kits provide even more innovative flexibility to serve our customer’s needs. DJ Products also has the ability to offer our customers engineer-to-order material handling products to meet their specific needs.

DJ Products has been diligent in finding new uses for our ergonomically-designed material handling equipment. CartCaddies that were originally designed for manufacturing environments are now employed regularly in the healthcare, hospitality and retail industries. Our auto pushers are also being used at truck depots, RV sales lots and boat marinas. Working with our customers, DJ Products is constantly searching for and finding new uses and new markets for our innovative products.

Is There Light at the End of the Tunnel?

The Dow is plunging, financial institutions are failing, credit is drying up and long-time Wall Street icons are plummeting into bankruptcy. The U.S. economy seems to be falling like a poorly stacked house of cards. The news is full of doom and gloom and more gloom. Is there light at the end of the tunnel?

In a word, yes. But it may be a long tunnel, say manufacturing experts. There are things you can do to calm worried employees and weather the storm, says Joe Cogliano in Manufacturing & Technology eJournal.

  • Keep your staff in the communications loop, says Jay Kuhn, president of Definity Partners, a business improvement company. When the economy tightens up, employees worry about job security, providing for their family, even putting gas in their car to get to work. All that worrying takes a toll on worker productivity. Being honest about what’s happening in your company will bolster employee morale. “Workers are going home and they are hearing bad news everyday,” says Kuhn. “It’s important they know what’s going on because everything the company does is really going to be taken as a negative sign, whether it’s meant to be taken that way or not.” Employers should be prepared to answer questions and explain even minor changes like switching an insurance carrier to reign in employee nervousness. Keeping employees in the loop can alleviate their fears and keep office gossip in hand.
  • Keep things positive. Worry and stress take a physical toll on workers which can result in increased absence rates. Keeping things positive helps make workers want to come to work.
  • Embrace patriotism. Historically, Americans respond positively to hardship and sacrifice when they know they are helping their country. “Small and medium-sized businesses need to realize they’re the backbone of our economic growth and job creation,” says David Velie, managing partner of Amend Consulting/Techsolve, a manufacturing improvement consulting firm. “Remind teams that they’re the strength of the economy, not the Fortune 500s and the housing sector.”
  • Maintain your cash flow. Take a close look at factors that affect your cash flow. You may need to reign in credit terms and be more aggressive about collections to improve your cash flow. Watch for potential cash-draining trouble spots. Kuhn says business owners should base every decision on a “cash is king” model.

Things may be rough for all of us for a year or two, but as Kuhn points out, “The economy does come back; it always comes back.”