Tuesday, November 22, 2005
Bad business practices in my opinion are leading to the collapse of major American Industries.
Several major Airlines have filed for Bankruptcy. Car manufactures have decreased their prices. General Motors (GM) announced in November 2005 that it would be cutting 30,000 jobs.
All of these American trends have been occurring while the European Airline industry is booming (Airbus) and Asian Auto Makers are expanding within the United States (Toyota).
American Industries have no cope out or excuse. There are loosing in market competition because of Bad Business Practices:
1) Exorbitant Prices
2) Poor Quality of Product
3) Poor Employee Policies: Pay, Benefits, Retention, Pensions
4) Exorbitant Executive Pay
Bottom Line, these practices that are known by the Consumer leads them to giving their business and money to companies that adhere to better basic business practices. If American companies begin to take care of its employees, not cut jobs, pay Executives reasonable salaries, and produce a good product instead of cutting corners our poor economic future may adjust itself. Common sense, how can we compete with other nations in trade and product production if our capacity to do so is less? Common sense, who will purchase high-priced American products if workers are out of the job and making less money? American Businesses must take care of its workers! This idea at last was at the foundation of our economy.
In other words, the greedy self-serving American business mentality is coming to bite us in the ass.