Would you be able to easily answer the question?
According to BING, A recession is a prolonged period of economic decline, beginning when the economy peaks and ending when it bottoms out. Recessions are typically marked by an economy shrinking in back-to-back quarters, measured by gross domestic product (aka, how much are we collectively buying and producing as a society).
So now that you were able to answer the question, how would you respond to how we end it or get out of it. The answer is embedded in the definition. We need to produce more, and we need to sell more. To sell more there needs to be adequate demand along with a price that companies and consumers are willing to pay. I will not get into commodity prices etc. This is a 300-word blog.
If it were me, I would tell my team to look at every contract we have and to get us better pricing. I would then pass those price savings on to my customers to encourage more purchasing. I would take the margin hit in my financials.
While simplistic, this is exactly what SafeSourcing does for our customers. We do it through a lot of tools and processes. Tools that find sources of supply willing to bid on our customers business if incumbent suppliers will not share the burden in cost reduction. Tools that encourage supplier behavior that supports a mission of, if you reduce my price and I reduce my customers price, we both sell more.
So, give us a call. And ask us about our e-Procurement solutions and associated white glove services and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers. We can get you better pricing on about any category of product or service.
To learn more, please contact a SafeSourcing customer services associate.