Remaining Optimistic While Managing the Now: One Manufacturer’s Views on the Current Environment
Posted by Barney Beal, Content Director
Jim Bonomo is as an optimist.
“It’s not something happening to one company, it’s everybody. There’s a lot of opportunity out there to do some incredible things,” the COO of Regina Andrew Detroit told NetSuite’s Kendall Fisher in a video interview just days after a shelter in place order went into effect in Michigan.
A NetSuite customer that remains #OpenForBusiness, the lifestyle brand that specializes in lighting, furniture and décor is, like many businesses, exploring all avenues to adapt to the current economic situation stemming from the coronavirus crisis.
And while he’s hopeful for the future, Bonomo is doing all he can to prepare for the present, looking for ways to better manage cash flow.
“Look at the terms on your bills for opportunities. You don’t get anything unless you ask,” he said, noting that Regina Andrew Detroit has to be flexible with its customers as well. “Some of our bigger brick and mortar stores have asked for extended terms. If they’re shut down as a store you have to reciprocate.”
In this interview, Bonomo shares some of his other learnings in the early days of the current situation, including leveraging his network of contacts and communicating clearly with both employees and customers. In fact, Bonomo talks to his banker daily. He also shares what he’s seen from the Chinese end of the supply chain and how that’s impacted the ordering process.
Ultimately, he holds hope for the future.
“Imagine how you want your business to be on the other side of this,” Bonomo said. “It will happen.“
Finally, follow NetSuite’s social channels for more on how customers are adapting and persevering.