Many business owners I have spoken with recently have expressed how 2020 seems to be passing by rather quickly and, honestly, the sooner the better. It has been a challenging year for all of us, and, hopefully, if the stock market is any indication, the hit to the world economy on the whole will be less sever than originally anticipated. Unfortunately, however, certain sectors of the economy have been hit extremely hard which has trickled down the supply chain and affected even the most well-run companies.
Several of the companies that I have spoken with recently that are expecting significant slowdowns are looking to enter new industrial sectors to offset the impact. As you can imagine, this strategy will take some time to implement globally, especially if new representatives or distributors need to be identified, vetted and brought up to speed. Also, being there is no guarantee that entering new industries or markets will be successful, implementing a well-thought-out plan is more important than ever.
As a reminder, the Wisconsin SBDC Network is available to anyone looking for assistance to grow their business, both domestically and internationally. The thirteen Small Business Development Centers located throughout the state are staffed with experts in a variety of fields to help you now and in the future. The Wisconsin SBDC Network is funded in part by the Small Business Administration, and, for this reason, assistance is provided to you at no cost. As always, please contact me to learn more: