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Activity Forums Q & A Success in shrinking industry

  • Success in shrinking industry

    updated 2 weeks, 3 days ago 0 Member · 1 Post
  • Christine

    Member
    October 27, 2019 at 1:47 pm

    I own businesses in two shrinking industries. All are seeing double digit % gross revenue growth year over year. All are seeing triple digit % net growth. For most companies in these industries, shrinking gross revenue only 3% is seen as good results. So when we go to trade shows and discuss trends, people either want to know what my “ trick” is, or they think I’m a fluke. The trick is fairly simple. I invest in staff training and make sure employees prioritize their personal lives over work. Then I get out of their way. Someone realized a while back it’s more cost effective to treat employees like crap and recruit new ones every few years while taking advantage of employees unwilling to relocate for work opportunities by not giving regular raises and only doing performance related increases. That might work in a high demand field, but in a shrinking industry it means their quality suffers, and revenue dives. While I might spend more in the short term on people, I’m still growing and have no need for an exit strategy to cut my losses. – by hq overview UpAlongBelowNow – –

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