Sometimes You Need to Look Inside to Get a Good Outlook
Ten years ago Central Oregon was in the midst of what some deemed The Great Recession. It hit Cascade Publications (CPI) a little later than most, especially compared to the real estate and construction industries, due to signed contracts and strong relationships. However when it did hit us mid-2009, it hit hard. Admittedly we were a bit cocky after seeing tremendous growth for many years. We leveraged ourselves with bad RE deals, too many employee’s and we purchased another local magazine that at first paid off handsomely only to get caught in the wash of declining ad sales.
We scrapped and did what we had to do to keep the business going, and through sacrifice, hard work and days when the phone didn’t ring, we survived. In 2011, we started to see the light at end of the tunnel. Sales started to grow again — we started paying down debt and getting lean, vowed to start, rather than buy any new publications — for we felt that we had learned the lessons. Ad sales and subscriptions since, we have never been stronger.
The reason I tell this story is not because I’m worried about another recession anytime soon. In fact I’m very optimistic, despite the global turmoil and dysfunction in our government. But when a recession does come again — and it will — CPI will be far more prepared to weather the storm.
For other small businesses out there, I realize it’s growth time and time to invest in that growth, however I urge you to stay lean while you do it. Look inside your organization and set your short- and long-term goals. Be prepared.
Now onto the 2019 Economic Outlook. In the February 6 edition of CBN that’s on the stands now, you’ll find opinions and facts from some of our leading experts in Central Oregon. I agree with Jim Schell whole heartily when he says, “Leave us alone and we’ll leave you in our dust.” Click HERE for context.
Hope you enjoy! I look forward to working with you and the community to make this a great 2019!