BMW NA has experieicned similar cutbacks. sales down etc, all warranty labor paid was reduced by 25-30% effective 01 Jan 09 then each month they've continued revision of warranty labor guides to reduce paid labor times by 25-50% more throughout the year. makes it difficult for dealers to retain the masters and long term Master Techs needed for such vehicles as the M5/6's and the flagship 7s. most are still waiting to see if things will improve anytime soon before dealers start consistently losing techs to other fields
I have been working in China ( One month of every year) for three factories in the boom times while running my own business, my first born arrived 14 months ago and I duely resigned my position two years ago (As I live in Ireland). I am self employed and my business is down 70%. The recession is here and here for at least another year or more. We have the worst hit declining economy according to EU Stats. I have watched some of the most solid companies and individuals go to the wall and it really has made me think. How will I survive? What can I do? The answer was to better what I do! Twelve months ago I started to reduce my stock and generate cash, downsize our warehousing, downsize our staffing, reduce all overheads, re-negotiate leases (-40%) and adding to our range of services. We are just on an even keel again but we will manage. I firmly believe those that can weather this will come out sharper and more savy. It has been an expensive lesson for me, but incredible as it is for me to say it...one worth having. I am watching my compeditors fall behind...and off. A lot like my rear view mirror experience
I have been working in China ( One month of every year) for three factories in the boom times while running my own business, my first born arrived 14 months ago and I duely resigned my position two years ago (As I live in Ireland). I am self employed and my business is down 70%. The recession is here and here for at least another year or more. We have the worst hit declining economy according to EU Stats. I have watched some of the most solid companies and individuals go to the wall and it really has made me think. How will I survive? What can I do? The answer was to better what I do! Twelve months ago I started to reduce my stock and generate cash, downsize our warehousing, downsize our staffing, reduce all overheads, re-negotiate leases (-40%) and adding to our range of services. We are just on an even keel again but we will manage. I firmly believe those that can weather this will come out sharper and more savy. It has been an expensive lesson for me, but incredible as it is for me to say it...one worth having. I am watching my compeditors fall behind...and off. A lot like my rear view mirror experience
Thanks for sharing and good luck to you.
A colleague once told me the joke: "What is the difference between Ireland and Iceland??" .... The "c".
I think your country is another country that has relied too much on banking revenue as part of the GDP. But fortunately for Ireland, it is no where near the debt:gdp ratio that Iceland has...
I wonder how Obama's financial regs will steer our bright people into other work markets outside of finance.
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I have been working in China ( One month of every year) for three factories in the boom times while running my own business, my first born arrived 14 months ago and I duely resigned my position two years ago (As I live in Ireland). I am self employed and my business is down 70%. The recession is here and here for at least another year or more. We have the worst hit declining economy according to EU Stats. I have watched some of the most solid companies and individuals go to the wall and it really has made me think. How will I survive? What can I do? The answer was to better what I do! Twelve months ago I started to reduce my stock and generate cash, downsize our warehousing, downsize our staffing, reduce all overheads, re-negotiate leases (-40%) and adding to our range of services. We are just on an even keel again but we will manage. I firmly believe those that can weather this will come out sharper and more savy. It has been an expensive lesson for me, but incredible as it is for me to say it...one worth having. I am watching my compeditors fall behind...and off. A lot like my rear view mirror experience
I cant believe my post was deleted.... Since my company was involved in a US government program and Obama wants to continue what Clinton started I have to consider the political aspects. As the Obama administration has said "you cant let a crisis go to waste". Which means you have to seize these opportunities to jam your agenda through and ohh do I feel jammed.
We are a lender and have not made a loan since September of 2008 and cut our business by 90% in January of 2008. Not good but trust me, this thing is not nearly over and it could be a lot worse. It is a good time to protect your assets, not risk them. Cash is king.....
Restaurant owner. Sales are down about 10-20%
Still surviving but not making the profits your supposed to be making. Trying to wait out the storm i guess.
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Last edited by NickyBlack; 9th July 2009 at 02:56.
Restaurant owner. Sales are down about 10-20%
Still surviving but not making the profits your supposed to be making. Trying to wait out the storm i guess.
Same Biz Nick...we are down in the same area.....people are still coming out but spending less.....been doing creative marketing to fill seats during the week....weekends are always packed....tues-thursday is the trick for us.
Hang in there......the mediocre guys are the ones who will falter....
S
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