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The first quarter of 2023 is already over. We’ve been on quite a ride these last few years. While the volatility we may have anticipated coming into the new year hasn’t panned out the way we might have expected it to, there are always forces dictating how we think and plan for the future.
The recession that many predicted was coming may not make an appearance, at least in the U.S. Some believe that we were already in a recession when the first two quarters of 2022 showed negative growth. Regardless, there’s no doubt that a recession is underway in the UK and Europe. With the war in Ukraine appearing as though it may not end anytime soon and inflation remaining quite sticky, among other factors at work, chances are the recession there may drag on.
Companies want to make investments – but may be taking a step back.
If anything, all the recession talk has many in the food processing industry watching their levels of investment. For some, this means making do with what they have by optimizing the equipment investments they’ve made in less volatile times. It’s about the lifecycle of the machinery they purchase.
The need for skilled workers prevails, as many workers who left during COVID shutdowns may not return to the industry. Meanwhile, there continues to be a shortage of younger workers joining the industry.
When new equipment isn’t in the budget, but the need to optimize remains, learning how to extend the life of what’s already in place and optimizing it to run at its baseline – even years after installation – can help processors stretch their investment.
One way we see this playing out is that customers may be looking beyond their initial equipment purchases to understand how they can get a longer life from their machines. They may be interested in training, for example, so they can learn how to maintain their equipment and operate it at its peak efficiency.
Beyond that, they may want to invest in parts to have on hand so they can replac things when they wear out, or better yet, on a preventive maintenance schedule. Even further, they may want to consider purchasing service warranties or having a partner in place to handle anything their internal team may not be equipped to address.
Given all of this, how can processors increase the performance of their existing equipment, especially if they have fewer skilled technicians on staff to manage this undertaking? Here are a few ideas:
The economy is cyclical. There will always be ups and downs.
When the path ahead is unclear, being there for customers by helping them make the most of what they already have can make a difference.
This quote rings true: nclick="javascript:window.open(https://marketoonist.com/2020/03/uncertainty.html, _blank, noopener); return false;">“Be a beacon of certainty within the world of the uncertain.”
If you can do that, they’ll remember – and the relationship will last far beyond the next period of economic uncertainty.
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