Many small businesses have closed up their doors and declared bankruptcy during this recession. But that doesn’t have to be true of your business.
Watch this 5-minute video about how Milk Street Cafe in Boston teetered on the bring of closing after experiencing a 30% decrease in business after the recession began. Instead of giving up, owner Marc Epstein focused on cutting costs without layoffs, ramping up his sales team to handle the corporate catering division, and spending more efficiently.
This is motivation at its best. Don’t let anyone tell you your company is doomed to fail. Get creative and stay passionate about your business and you, too, can reap rewards during a recession.
Update: The Wall Street location closed its doors in December 2011, just six months after opening in NY. Reasons range from poor food quality to the Occupy Wall Street protesters and barricades decreasing the foot traffic.
Even though this location failed, the overall lessons are worth listening to and trying in your own business.