APRIL 2023
Pallet Company Pivot: Part 2
with Guy Gruenberg
Many of us fall into the trap of thinking that the wood pallet business has been stable for a long time prior to the lates series of disruptions, but as consultant Guy Gruenberg pointed out in Pivot Part 1, the pallet industry has experienced ongoing change since its emergence in the 1930s. Successful pallet companies have always been ready to adapt and pivot. (See Pivot Part 1 in the March edition of Western Pallet Magazine.)
Market dynamics change rapidly, and it is essential to pivot the business strategy to stay afloat. During this Pivot: Part 2 presentation, Gruenberg offered some valuable insights toward successfully navigating your wood pallet business in times of flux. Here are some of the crucial points to consider:
Assess What's Working and What's Not
The first step in pivoting your business is to take an objective look at what's working and what's not. Gruenberg suggests making two columns and listing the things that are going well for the business and the areas that need
improvement. This exercise helps you to identify the problem areas that require your attention.
“Don't get caught on a horse and buggy. This change is happening really, really fast"
Keep an Eye on the Market Indicators
Gruenberg commented on the need to keep abreast of change. “Don't get caught on a horse and buggy. This change is happening really, really fast,” he said. For example, he pointed out to the issue of rising interest rates. “If you're buying equipment and you haven't taken possession of that equipment, and you don't have the finances, I think these are all things that could have a factor in your business.”
To pivot your wood pallet business successfully, you need to stay abreast of the market indicators. Gruenberg advises keeping track of the US factory output, consumer sentiment, and other market trends. This information can help you identify areas of growth or potential risks.
(Cont'd on Page 28)