6.
Re: How has the increase in oil prices impacted you? Nov 20, 2007 12:54 PM
in response to:
MetroGal
The fuel prices impact just about every business, but then so do a myriad of other factors in the economy. As Lighthouse mentioned, healthcare costs rise steadily. It's the circumstances, such as these, that companies have to be prepared for. It's those who do not take such situations into account that find themselves in precarious positions.
As for my company, the added cost is passed on to our clients. With our fixed services, the fees are increased annually, based on projected costs and desired profit margins. This is -- for the most part -- well accepted. For larger projects, the added cost is transparent because the projects are quoted per project, not broken down by line item.
Where the country is at this time may lead us into a recession of some degree. Even if that were to happen, and I really hope it doesn't, it can offer opportunities to those companies who can and will take advantage of it. Many companies deeply cut expenses during recessions. But its those companies that can trim yet still effectively market themselves that stand the best chance of having an increased market share when the economy rebounds.
Like life in general, business life has its ups and downs -- some your doing, some not. The key is striving to use each situation to your advantage. That, in my opinion, is the greatest enjoyment of owning a business. And whenever I feel that business life has taken a shot at me, I remember what my father told me time and again, "If it were easy, anybody could do it!" If you ever begin your business, I wish you the best of luck and hope you enjoy it immensely.
Peter George, The Marketing Coach
ThinkTouchPoints.com
