7 Ideas for Sustaining Factory Survival During an Industry Downturn
After experiencing rapid growth from 2008 to 2010, the car stereo industry's boom period has basically disappeared, entering the so-called "sunset industry" phase. In the backdrop of a storage market, the additional factors of the COVID-19 pandemic and global political instability have led to a decrease in trade demand, causing the non-essential product of in-car navigation to continuously lose attention in the demand market. In this context of industry recession, ensuring the healthy operation of the factory and the core interests of employees becomes the top responsibility and task for business owners. Here are some suggestions from Dinpei to share: 1. Raise Industry Crisis Awareness The slump in the car navigation industry is only a small part of the global economic downturn. However, the current situation may be more challenging than the 2008 financial crisis. Besides small companies closing down one after another, it's also common to see long-stan