Growing your firm Even in Down Times- Crystal Faught- Current Event

In the article “Strategies for Growth, Even in Down Times” the author addresses strategies to enhance and grow your business during an economic “down turn”. Obviously, this issue of growing a company during a difficult economic time is relevant still today. Our economy has appeared to make an attempt to “come back” from one of the most difficult economic times in the history of our country, companies must still strategize to ensure their company does not fall victim of the next economic struggle.

This article takes a microscopic look at a company by the name of Bandals and how they handled the economic crisis of 2008. Bandals experienced immediate flak from the crisis in the form of increased production cost. For any company this would require reconsidering the company’s business plan. For Bandals they had two choices, produce a new product or grow overseas. Tom Sesti, creator of Bandals, made the choice to go in both directions. This was quite a risk, due to the fact that the cost of these ventures was not minor.

The article goes on to share three helpful pointers when faced with the issue of increased production cost; consider new markets, don’t rush, focus on profits. Managers and executives should consider options and think beyond the typical “cut the cost” method. Thinking beyond what is obvious will allow the company to grow in ways that it otherwise could not have.

http://www.nytimes.com/2012/05/10/business/smallbusiness/how-some-companies-expand-even-in-a-stalled-economy.html?pagewanted=all