This article was written in 1990, in the middle of a severe recession. It's message is universal . . . Two particular opportunities come immediately to mind. The first is the chance to grab business that has traditionally belonged to others because of long standing customer loyalty.
Bad times bring out the pragmatic and sometimes ruthless side of most people.
When money is tight loyalty goes out the window. Business managers who are faced with cash flow problems critically examine all their expenses to see if there are any potential gains in either quality, service or value to be had. It is unfortunate that it is easy to take a long standing customer for granted and not deliver the same degree of performance as you would if you were trying to win a new one. The same occurs with service based businesses. I know from my own experience that I tend to get the worst service from the businesses where I am good friends with the owner and am regarded as part of the furniture.