Comments on: Six Months In The Record Books And Six Months To Go! How Do You Feel?

By: Steve Gentile

Steve Gentile — Thu, 02 Jul 2009 20:44:32 +0000

Although very important and something not to be neglected/ignored, looking at corporate profit/loss takes on a very different measurement in 2009. Different than past recessions, we shouldn’t be quick to apply the same rules and mentality to the current times.

Last Spring, I began doing this on my own after almost 18 years of working for others. Always approached the work “as if it were my company” so I was prepared in many ways. What I’ve always done is looked at the role we play in the mix of research and find (I hate this term) value-adds, whether it’s cost savings, better methodology, utilization of technology, or other creative solutions that still allow the research to occur rather than not occur.

Working this way involves team work, collective thinking toward a greater end, compromise by all parties, and active hands on participation by everyone. Working in this way leaves no one feeling left out or taken advantage of, and best of all, involves a cementing of a relationship that is difficult to break.

It taught me how agencies think, how research providers think, and how facility owners think. Mostly, it taught me that relationship is everything, and trust is imperative – of one’s experience, one’s budget, one’s goals. Working together, we make great things happen better.

There’s always room for improvement – in resource, in discipline, in bottom line. That should always be the goal, not simply dollars. Anyone can do it cheaper. The bigger challenge is better and smarter.

Be of good cheer – a smile goes a long way!

By: Jeffrey Lorber

Jeffrey Lorber — Thu, 02 Jul 2009 17:09:21 +0000

Thanks to the Recession, I was able to replace two marginal employees with two superstars at very competitive salaries.

Sales were flat to down a bit and cash flow is the same – that was the biggest worry for me that clients would slow down their payments. Luckily they have not!

I have to say I am disappointed that having my nails done won’t help the economy- darn!

By: Nancy Domenichelli

Nancy Domenichelli — Thu, 02 Jul 2009 16:57:46 +0000

Revenues are down from last year but we’re still turning a decent profit and I’m able to keep most of the ICs who want work busy. I’m very thankful for our medical expertise, as that book of business more than makes up for the sluggish general business transcription work.
I’ve been taking on more duties that I used to delegate to project managers, though. That includes lots of training to get general transcriptionists trained for data entry (an easy task) and the more stellar transcriptionists trained for medical meeting work (very intense).
So everyone in my network is stretching skill levels, getting out of comfort zones, and rising to the challenges. That we’re open and doing things as a team makes a huge difference. Everyone is generously sharing knowledge, helping one another get up to speed where necessary.
Clients are paying on time for the most part now, so I see that as good sign. Also, I’ve put out probably double the quotes in the last 4-6 weeks than in all of Q1 and early Q2. Seeing more RFPs from the tech sector, which had really slumped in the last 12-18 mos. So, another good sign.
Our long-term outlook for medical work is tremendous, but again the non-medical focus group transcription is lagging. That said, there are still strong companies and a couple of nonprofits that have projects in the summer pipeline. So, I’m optimistic that things are turning around out there because if there’s transcription work, that’s pretty much generated by market research projects.

By: Seanjjordan

Seanjjordan — Wed, 01 Jul 2009 18:23:04 +0000

I’ll tell you, Merrill… I hope that things get better soon for recent college graduates, because I know a lot of people who finished their degrees in business administration last summer and who still can’t find professional work. Many of them have had to settle for sales jobs that don’t pay well and that come with no benefits. I’m really, REALLY glad I made the decision to go to graduate school myself — it’s kept me from being a workforce casualty.

What it eventually boils down to is the availability of cash and credit so that new growth can happen in some of these larger companies. They’re the ones who not only employ a good segment of the professional population, but who also drive the services around them. If a big firm with a corporate HQ in St. Louis is doing well and adding staff, the service businesses around it will benefit from the new families and money brought to the area.

Analysts keep coming out with indicators, like “Watch for nail salons to get busy — it’s a sure sign that things are getting better!” But in my thinking, it’s all about business. It’s not about money in the hands of the consumers; it’s about money in the hands of large organizations that have the ability to spend it freely once again.