Differences from the 2001-2003 Recession

Posted by Expert Gadget Reviewer on Thursday, 27 August 2009

My Father always told me that business goes through cycles, and of course as usual, he was right. Having experienced the 2001-2003 "dot-bomb" implosion virtually at ground zero, I never thought we would go through anything like that again - but here we are.

I'm actually in Chicago participating in a contract furniture industry meeting, and unlike 2001-2003, where pockets of the country related to "tech" (Northern California, the North West, parts of Texas) were devastated, while the rest of the country was merely "nicked", it is crystal clear that ALL parts of the country have been devastated this time around.

To a person, my colleagues from across the country have told virtually the same story - a healthy (in some cases strong) 2008, followed by a deathly quiet 1st and 2nd quarter of 2009, with complete uncertainty headed into the 3rd and 4th quarter of 2009.

The theme coming out of these meetings - "don't stick your head in the sand", things may not deteriorate much further, BUT - the current operating conditions may last for a long time, so adjust accordingly to survive and thrive.