Today’s economic conditions make it increasingly difficult to remain profitable. Sales are up from last year, but are still down from 2008, while economists debate daily on what the future holds. In such an environment, it is hard for anyone to make sound business decisions on future investments or costs control.
In their Furniture Insights newsletter, published on July 2010, Smith Leonard Accountants & Consultants reported that new orders for the first five months of 2010 increased by up to 10% compared with the same period in 2009. However, last year at the same time, new orders were off 21% compared with 2008.
According to Ken Smith, Managing Partner at Smith Leonard, “the key today is to hang on”, he said. “Once the economy gets turned and consumers begin to move back to more normal times, those left standing should do well.” (Furniture Today magazine, July 2010)