August 2020 Business Update
It appears the saying “the only constant thing in life is change”, it truer today than ever. The summer of 2020 has been a bit of a roller coaster in many ways for Lou-Rich. Our employee-owners have a done a great job of responding to the rapidly changing product demands for many of our customers. The good news is the trend for demand is up. In fact, we have seen the pace of quotes from existing and new customers ramp up dramatically in the past 30 days. While the pace of business is still not back to the same levels from Q1 of this year, each month seems to be getting us closer to that, which is a very welcome sign.
Many people at Lou-Rich and our parent company Innovance have been involved in our strategic planning process that will chart our course for the next three years. We have received input from suppliers, customers, friends of the business and of course our employees. We recently held a virtual planning event with 25 people in the GoToMeeting session to hear presentations from Lou-Rich management and to collect feedback and insights from each participant. While we of course would have preferred to be together in person, this was a great event. Over the next month, we will determine the key initiatives Lou-Rich will focus on over the next three years based on that feedback and the research.
Stay safe and healthy and as always, reach out to us for anything we can help your company with.