What Should a Contractor Do in a Slow Economy?

If you’ve ever read anything about economics, you’ll find that things have a way of fluctuating back and forth. I suspect that our country and economy will bounce back in full force. However, it may take a bit longer than anyone would prefer.

In the meantime, the economy is the last thing you should use as a reason for struggling in business. It may make things more challenging, but it’s necessary that you have a positive attitude throughout this temporary downswing. It’s time you quit thinking about all of the problems circulating around the country and focus on one thing: Your business and taking it back to the basics! Like the old saying goes, “When life gives you lemons, make lemonade.” Well, when the economy gives you a recession, make the most of it.

•  Look for technicians and salespeople you could add to your team. For the first time in a long time, there are actually good, qualified candidates looking for work.  More than likely, these people will be hungry to prove themselves, so they are able to keep their job.
• Realize that training is more important than ever. Your people need to know how to do their job properly and professionally. Every time your technician or salesperson walks into a home, they need to give the homeowner options and persuade them to do business with you. People’s sales skills can only be enhanced if you help and train them during weekly training meetings.
•  Take advantage of Free of Very Inexpensive Marketing during the slow periods. Set up an email marketing campaign for your existing clients – sending them weekly tips and offers, have your techs drop flyers in the neighborhood they are working in, host an open house for your existing clients, set up a YouTube account and post videos of jobs you’ve completed. All of these marketing ideas are either free or very inexpensive but could have a major impact on your business during slow periods.

Believe it or not, not everyone is struggling now. We talk to contractors every day who continue to grow their business. It may not be growing as quickly as they would have liked, but they’re taking steps forward. Continue to stay positive that your company can manage through these slower times. I’m confident that if you take the focus off of what’s going wrong, and place your focus on implementing the basics, you’ll survive. Eventually, your business will be in a position to grow once the economic storm has lifted.