StateÂs top firms in positions of strengthDespite all the doom-and-gloom economic news, New Jersey businesses have demonstrated they are not about to sit on the sidelines, wringing their hands. A look at our stories about the Top 100 privately held companies provides proof.
Take Vineland-based NFI, a logistics company operating nationwide (See story on Page 1). The firm says it will increase its revenues this year by up to 10 percent. And thereÂs outside confirmation of how well NFI is doing: the company that provides its trucks says NFI is on pace to buy as many vehicles, or even more, as it did before the recession hit.
The family-owned logistics firm also has highlighted its range of services by creating a common brand for its eight divisions, snapping up clients deserted by rivals that have failed during the recession and maintaining a fuel-efficient fleet of vehicles.
The four accounting firms featured on our list also have made strategic moves to avoid recession-related road bumps (See story on Page 19). The firmsÂ bankruptcy and turnaround practices are seeing an uptick in business. Recognizing their clients need specialized service during tough times, the firms have created targeted teams to deliver cost-saving and cash-conservation advice. They also recognize the importance of continuing to market and network, even while watching expenses; hiring top-notch staff; and exploring new opportunities in niche areas.
This nimbleness, innovation and willingness to forge ahead sets an example of how businesses can be creative and take calculated risks during a downturn. NFI and these accounting firms will not only survive the recession, theyÂll be in a stronger position when the inevitable upturn arrives.
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