Recession Tests Small Business Owner

Business owners across the nation feel the tight grip of the recession these days. When the news is brimming with well-known companies like GM and CitiGroup faltering to the current economy one can only imagine the squeeze small businesses are feeling.

As co-founder and co-owner of Baths and Rooms by Denise, long-time Oklahoma City resident, Chuck Mankin, will be the first to tell you consumers are spending less.

"Yes, to a certain degree we are seeing a slight downturn in business from last year," Mankin says.

The company first started in 1997, focusing on transforming simple household bathrooms into personal retreats for its customers. Today, Baths and Rooms by Denise moves beyond the lavatory drawing board specializing also in design and recreation of kitchens, offices, and laundry rooms.

Mankin says during this downturn in the economy people haven't necessarily tightened their budgets, but are noticeably being more cautious with their spending.

People now will go for competitive pricing, seeking many bids from various companies ensuring the lowest price.

"A lot of times we would get jobs based on our reputation, not just price," Mankin says. "Now price is definitely a factor."

Baths and Rooms by Denise does their best to lower the total price tag for its consumers, cutting costs where available. It isn't just a game of saving money for the consumer, either. Mankin says they attempt to cut as much waste as possible for the business to yield higher profits as well.

Mankin has seen better customer relations from his suppliers due to the economy and the suppliers' increased drive to hold on to valued customers during the recession. It seems every business across the board realizes the importance of customer support during tougher times.

Uncertainty about the future from consumers will continue to affect business, Mankin says. In the short term he thinks people will hold on to their money out of fear to spend it.

"But as it drags on and possibly starts getting a bit better, I think people who own homes will stay in their homes and hopefully will remodel," Mankin says.

In this economic downturn and uncertain time hopefully Wall Street will decide to remodel, too.



Below, I sat down with Chuck and got his personal take on business in a troubled time.




Apologies for the low video quality. Video by Hunter Mankin, 4/14/09

For more information on Baths and Rooms by Denise please visit www.BathsandRoomsbyDenise.com