Crisis Mode
Economic crises are trickling down to entrepreneurs. How are they fighting back?
Things look good for Matthew Stewart, co-founder of College Works Painting, an 8-year-old Santa Ana, California, home improvement and construction firm with 160 full-time employees and 3,000 seasonal workers. His business has grown 400 percent over the past five years, with company sales expected to reach $27 million in 2004.
But underneath the surface, large economic crises are threatening to chip away at the company's profit margin. College Works Painting is paying one-third more this year for gasoline-it adds up quickly when employees have to drive long distances between projects. Stewart is adjusting to rising gas prices by hiring subcontractors if a job requires a lot of driving and incorporating changes such as using five-day delivery instead of overnight mail.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
When Her Parents' Restaurant Burned Down, This First-Generation Founder's Hot Sauce Brand Rose From the Ashes to Take on Corporate Giants
-
Not Hitting Your Goals? Here's How to Know If You Should Change Tactics or Strategy.
-
You Can Generate Your Own Viral LinkedIn Post With This Hilarious Tool
-
This Couple Lost Everything When the Housing Market Crashed. But Manifesting 'Magic' Helped Them Launch a Metaphysical Brand With 10 Stores.
-
The Best Software Solutions and Tech Providers in the Franchising Industry
-
This 18-Year-Old Student Wanted a Better Way to Keep Track of His School Work. So He Built an App — and a Business.
