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| NAW SmartBrief |
| November 25, 2008 |
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Patterson Q2 net income drops, misses analyst estimates
Patterson Cos. reported net income of $46.9 million for its fiscal second quarter ended Oct. 25, a 13% drop from $53.7 million in the same quarter last year. The distributor to the dental, veterinary, and rehabilitation supply markets said it plans to implement a hiring and salary freeze amid the lower-than-expected earnings. RTT News (11/20) Forbes/The Associated Press (11/20) American City Business Journals/Raleigh/Durham, N.C. (11/20)
Grainger to consolidate Lab Safety and Industrial Supply businesses
W.W. Grainger has announced plans to merge its Lab Safety Supply and Grainger Industrial Supply businesses. The broad-line MRO distributor expects to realize cost savings of between $20 million and $30 million over the next 18 months from the consolidation. Modern Distribution Management (11/20) Industrial Distribution (11/19)
Canadian suppliers wary of renewing contracts with Detroit
Canadian suppliers to Detroit's Big Three automakers are nervous about renewing contracts amid concerns that one of the automakers may go bankrupt. Tool makers in Ontario are said to be wary of taking on new work from the Big Three after reportedly being informed recently that new contracts no longer will be insured by Export Development Canada if they supply Chrysler; the Canadian agency also is said to be keeping a close eye on Ford and GM. Modern Distribution Management (11/19)
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Marketing in an uncertain environment
It's time to focus on the things you can change about your business in the midst of tumultuous economic times, Terry Brock advises. Think about your customer first rather than your product: Anticipating customers' needs will help other priorities fall into place. Brock also recommends that businesses focus on direct marketing and that they get in front of new trends. American City Business Journals (11/17)
Act boldly in times of crisis
In his new book "Think Again," management guru Sydney Finkelstein identifies four internal biases that often lead to poor management decisions: inappropriate prejudgments; inappropriate experience; self-interest; and attachments. Times of crisis can provide opportunities for managers to exercise bold decision-making. "People are more willing to accept change during a crisis. This means it's an opportunity to make hard changes that you need to make that may have been resisted before," Finkelstein says. BusinessWeek (11/14)
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Boost holiday sales by making the right offer
As consumers prioritize their spending in tough economic times during this holiday season, a marketing expert says offering individual savings promotions and coupons is a wise move, as is adding value by bundling products and services as well as making sure all offers are clearly communicated. Entrepreneur (11/2008)
Top five news stories selected by NAW SmartBrief readers in the past week.
Results based on number of times each story was clicked by readers.
Cost of health insurance challenges economic growth
The size of a business is a good indicator of whether its workers are covered by life insurance, according to a 2007 Small Business Association report that indicated 60% of the uninsured are in families where the primary wage earner works for a small firm. Small-business owners have to make a tough choice between investing their profits in growth -- which improves the economy -- or in health coverage, says North Carolina's Partnership for a Healthy Durham. The Herald-Sun (Durham, N.C.) (free registration) (11/20)
The Buzz (CORPORATE ANNOUNCEMENTS)Improve product flow and streamline operational efficiency. Interested in learning more about advertising in NAW SmartBrief? Contact Henry Murphey at (202) 737-5500 ext. 245 or hmurphey@smartbrief.com  |
Shrinking portfolios put retirees on edge
Retirees are coping with huge stock market losses and wondering if they have enough to carry them through. Although retirees are often advised to limit stock market investments, millions have done just that. "People are grieving," said Barbara Goldsmith, a semiretired psychotherapist who counsels fellow residents of the Gleneagles Country Club, a gated community in Delray Beach, Fla. "There was a death. Their money died." The New York Times (11/12)
BlackBerry gets touchy with new Storm
A review of Research in Motion's new BlackBerry Storm compares its features with those of its iPhone and G1 rivals, including the Storm's "SurePress" keyboard feature and lack of a Wi-Fi connection. Reuters (11/20) The Wall Street Journal (free content) (11/20)
Billion Dollar Company Roundtables -- peer groups like none other
NAW's Billion Dollar Company Roundtables provide a unique networking experience. Join your peers to speak in a noncompeting atmosphere about the issues and topics that affect your business today. Join the groups and learn more about the upcoming events here.
Distributor Success Stories: Profiting Despite the Difficult Economy
The 2009 NAW Executive Summit focuses on the most important issue facing you in the coming year: the economy. We know your time is valuable, so we won't tell you what you already know -- that "the economy is challenging." Instead, we'll tell you what other distributors are doing to succeed despite difficult economic conditions. Register at the early-bird discount.
What is the best part of the holiday season?
The giving nature of the season
The time off work
The food and festivities
All of the above
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