Sandwich Emporium has been open for over 25 years. In 2003, my twin brother and I purchased the shop. At that time, housing prices were up, people felt prosperous, and the economy looked unstoppable. Our sales were growing at a steady pace.
Then in 2008 housing prices collapsed, banks closed down and companies laid of thousands of workers. Credit was decreased, frozen or eliminated. We were officially in a recession. Not just a small local recession, but a worldwide global panic.
As a result, people were eating out less. Fast food places were slashing prices, Subway released their $5 foot long, McDonalds had $1 burgers, Quizno's had $2 subs. Smaller restaurants were going out of business. Frankly, I was scared.
It's 2009 and Sandwich Emporium is still in business. We managed to open a second location in Escondido. We know that there are still many challenges ahead, but this recession has taught us some valuable lessons.
1. Keep calm and focus on your goal...It's easy to give into the fear, call it quits and drown ones sorrows in front of the TV. When a wave of fear enters my head, I focus on my goal of having a remarkable business. My mantra is "Everything will fall into place".
2. Don't sacrifice quality for price...We did not slash prices as doing so would have compromised the quality of our product. Instead of cutting back, we marketed more, but looked for inexpensive ways. The up side was that we were forced to utilize the internet more. We found Ted.com, alltop.com, twitter.com, and other websites which have provided us with really valuable tips.
3. Always have time to give back to something important to you. In our case, it is to the American cancer society. My father in law died in 2008 of cancer so we participated in the Clairemont Relay for Life to honor his memory.
4. Give the best customer service, even when people are irritable.....I get so shocked how some companies treat their customers. Not just restaurants, but phone companies, banks, credit card companies, etc. Businesses need to remember that great customer service makes a great company. In a recession, people are more sensitive and want to be treated with respect. Give it to them; it's good for your business and good for your soul.
5. Have faith ...So you won't be afraid…And you stay positive....A spiritual connection and prayer has really given me and my wife strength. In the beginning of the recession, a business line that we had was cut and the price of our apartment crashed (My wife and I bought at the peak). We panicked, we prayed, we focused on the business (not the apartment) and moved on.
Eventually sales at the shop went up and an investment that we made a few years ago turned out to be a blessing.
6. Be grateful for the things that you have....Don't acquire things because you want to impress your neighbors. Life is short; don't waste it trying to keep up with the Joneses.
7. Improve Your Business, stay creative and have new ideas...Instead of focusing on the recession, we decided to improve the business. We bought better furniture, we launched better beverages, we improved the music at the shop, we improved our sandwich making system, and we improved our menu and our catering services. The improvements made the dining experience better for our customers and gave us a lot of personal satisfaction.
8. Network more...Social capital leads to more opportunities. My father in law had a saying, "My wealth are my friends."
9. Take some time to be silly....
A few moments of silliness helps me recharge.
I am still learning as everyday comes with its own surprises. Having a business continues to be a constant challenge. I wouldn't call a recession a blessing, but we are trying to learn from it. I call it the mean (sadistic) college professor, but if we can survive it, the experience will be absolutely exhilarating and we will be prepared for future opportunities.
