Every CEO should have a crystal ball since everyone expects him to know everything past, present and future. Mychael Margott has learned to maneuver the unknowns over the life of his business and strives to minimize the impact of those surprises on his employees and business partners. One of the most recent unknowns has been the length of the economic downturn. Sales of window fashions are not directly impacted by many external factors, but Mychael has had to use all of his creative efforts to keep the business growing.
One of the ways Mychael learned to weather storms was by saving some money during the good times to be able to sustain the payroll and continue to introduce new product lines. Frugal business practices have reduced the overall business impact when competitors have had to take some drastic actions to survive. Mychael’s dad taught him to save the first ten percent for those times got tough. He has followed that advice in his personal and professional life since he was very young.
With so many franchise locations, another unknown is the impact of local changes in the real estate and housing markets that would normally drive sales. The franchise owners provide good information about their own ability to sell products, but sometimes they are surprised by the loss of major employers that will cause some orders to be cancelled. These activities were very rare just five years ago, but good business people are learning to expect the unexpected.
Fewer competitors are entering the market, but the ones that do arrive are strong and can present challenges in certain locations. Mychael Margott has never been afraid of competitors because he knows his products are unmatched in the industry. His most recent concerns have been that there are not enough customers to go around when the economy is struggling to find its footing.
Natural disasters are one source of new business as people are trying to rebuild their lives following record flooding, tornado devastation and fires. While all of these tragedies are heartbreaking, the funds to rebuild are being directed into the private sector. Some portion of those funds will be used to replace windows and add window fashions to make the homes livable again.
Mychael knows that the economy will recover and his focus must be to retain his employees and protect their families from loss of income. His dream will survive and he will continue to guide the business through the unknowns.