We live in changing and uncertain times, however nothing is more uncertain than the business environment of today. Someone has said, “planning in an uncertain business environment is like taking a trip to an unknown destination with no idea of how long you will be there, what you will find or how much your stay will cost”. Survival for many businesses will depend on the ability to THINK OUTSIDE THE BOX OR EXPAND THE BOX. That is the quiet change taking place in America today by many businesses.
Real Estate Brokers have taken on property management or repair services, some Mortgage Companies have expanded to not only make the mortgage but also service it, hospitals have expanded their services, restaurants now offer home delivery, supermarkets offer order-ahead and have it delivered to your car or even home delivery, home builders have taken on renovation projects, insurance companies have expanded the line of products they offer, on-line orders now offer free shipping, Banks offer expanded services including investment advice, Credit Unions have expanded their memberships.
Many businesses practice cross-pollination. They form a loose alliance with businesses offering related services. For example, when an office building or apartment complex is sold, they pass that information to a property management company, an insurance agency and a building services company who all agree to reciprocate.
A “Survival of the fittest” mind set in the business world, for the foreseeable future, may not work as well as survival of those willing to “think outside the box” and expand their services and product line.
On the Local Scene
The MILETILLO’S SPORTS GRILL at 2105 N. 7th Street, West Monroe has been sold for $320,000. The 4,820 sf building sold for $66.39 psf. The OFFICE/WAREHOUSE FACILITY at 565 Industrial Parkway in the West Ouachita Industrial Park has sold for $1,012,500. The 36,740sf facility sold for $37.86 psf.
Email Bill Roark at firstname.lastname@example.org.