Business Success Stories During Recession

Many businesses have been impacted by the recession. This caused some businesses to close down, while a lucky few are still standing. This video blog talks about how these companies have become so successful by weathering the economic storm. Although each enterprise has their own unique story to tell, one common denominator they have is the willingness to overcome adversity by taking risk and making changes.

The first business success story is about Scott Johnson. He started his company, Certified Parts Warehouse, back in 1991 by brokering new and used computer parts. His later on focused on selling high quality refurbished computer equipment and parts. However, the recession caused most of his clients to go after the lowest bid on the products he sell, causing him to lose business. This made him realize that he needed to make some changes.

Most of his competitors at the time of the economic turmoil were forced to drop their standards in favor of what most computers want—lower prices. But Mr. Johnson stick to his principles in offering only the best quality—OEM standard—refurbished computer parts. He also offered repair services to retailers, aside from selling good quality refurbished parts. Mr. Johnson advises that business should be willing to listen to what customers are saying and be willing to take a risk.

The second business success story is about the Ejarque brothers, Anthony and Herman, who opened The Governor’s Inn back in 1992 in Rochester. As the economy declined, the inn, particularly their restaurant, lost around 60% of business mainly due to the fact that everyone was responding to a tight budget. This caused them to close for 6 months, but they also saw the financial crisis as an opportunity to improve what they were offering to customers. They built a new pub area, changed the menu and eventually formed a whole new concept. Basically, they rebranded their restaurant and reopened as the Spalding Steak and Ale. Now, it is a fun place to wine and dine with friends and family, and a lot of people love it.

All in all, you can see that these companies wouldn’t be where they are now if they didn’t make any significant changes. They embraced the recession, but refused to waiver by doing what they could to remain in business.


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