“We could not buy new equipment and computers. We have been eating the bulk of the costs ourselves because we can not pass them on to clients. Our cost of capital financing costs have risen tremendously with our bank, and the GSP expiration has DEFINITELY impacted our bottom line. The viability of our 25 year old business is now in jeopardy.”
The above quote came from a respondent to a new survey on the impacts of GSP expiration after one year that we launched last week. The company, which supplies semi-finished mill products (e.g., brass or bronze bars, rods, pipes, tubes, etc.) to American manufacturers, has also reduced employee pay to make ends meet.
Retroactive GSP renewal would allow the company to restore its former wages, invest in new equipment, and “sell more aggressively and grow the business since we will be confident that we can afford it.”
These are exactly the types of stories we are trying to collect through our new survey. If you have not done so already, please take a minute to answer these questions by Friday, August 29 so that we can publish the new results on September 8.
As always, all data will be kept confidential and no company-specific answers will be attributed unless you explicitly grant permission in a follow up conversation.