How to ride out a (maybe) recession

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08/06/2008
I thought this blog entry on Paxton Access's site was interesting for a few reasons. First, it's written from a UK perspective, yet just about exactly reflects the situation we're experiencing here in the U.S. Second, it's got all kinds of great British slang (I'm a sucker for UK slang). Third, I think there's actually some decent advice to be had here (I stripped out a lot of the self-serving stuff, which you can imagine for yourself): There are however some ways in which a downturn could be played to the advantage of both security installers and some security manufacturers. These include: Diversify – When business is booming installers are often reluctant to invest in anything other than their core business. The core business for a security installer is not usually access control but more often CCTV or intruder alarm systems. If an installer’s core business slows in a recession then this brings an opportunity to diversify and ‘sell up’. The same customers that require CCTV and intruder alarm systems may also require an access control system. By offering a broader range of products and services to each customer the maximum is made from the relationship. Even once things get back to normal diversification is something that will strengthen an installer’s business. I agree with this wholeheartedly. I think people tend to bunker down in tough times, but that's just counterproductive. Bad times are when you've got to be creative and increase your possible revenue streams. I'm not endorsing Paxton's product line (though I think they make nice stuff and they have a great GUI). I'm just saying they're right about diversification and the rest of their advice isn't bad either. For more on their activities in the U.S., go here. Also, if you can use the term "queuing" in everyday parlance, do so. The world needs more quadphthongs (four vowels in a row).