Economic Downturn Demands Innovation in Security
Creative Solutions Help Businesses Stretch Shrinking Budgets
Daily news items that lead with some variation of “given the tough economic times” offer grim reminders of the current financial landscape. I, like President-elect Barack Obama, believe things will get even worse before the economy begins to recover.
Historically, recessions create a kind of “Catch-22” for businesses. Criminal activity – from shoplifting to theft of construction equipment – begins to skyrocket, while security budgets shrink to reduce expenses.
In a recent survey reported by Security Director News, 50% of the respondents reported departmental budget reductions, and 60% predict that additional cuts in staffing and technology are on the horizon.
When I founded Command Security in 1983, our country was in the midst of tough economic times. A decade later, we faced another recession due to the savings and loan debacle. I learned then the importance of flexibility, innovation and creating outside-the-box solutions to protect my clients.
Today’s financial crisis is wider and deeper than any I have ever known. Money is not just tight; it has vaporized.