There’s no hiding. It’s been here for a while. It’s a recession. And for a lot of us, it is our first (and hopefully last). Just in case you are wondering, there are very few places to hide. I’ve tried to find them. This one is Global. That means it’s everywhere!!!
So now that we’ve acknowledged the recession is upon us, how can our business survive? Here are the 4 R’s to help your business beat the Recession:
Now you have the time why don’t you get that certification that you’ve been meaning to get for years, but have been just too busy to do. Attend that course on book-keeping or become a certified Project Manager. Take this opportunity to embrace technology and possibly use new tools that may give you a competitive advantage. Check out Night Courses and use any down time to better yourself and your company. This could be what distinguishes you from your competition.
Our economy is constantly evolving and during a Recession is no different. It is a known fact that more entrepreneurs emerge during a recession. Identifying new target/niche markets is the way forward. It’s important to note that during a recession people, i.e. your customers, change their perceptions and habits.
- People upgrade their own homes instead of buying a new house;
- People maintain their boilers instead of just purchasing a new one;
- People hold onto their cars longer and service them instead of buying new ones.
The business plan that may have worked for the last 5 years, needs to change with the times. You must re-identify what your target market is. “Servicing, maintaining and upgrading” is the new “New”!
Now that you have time to reflect, maybe its time to put your book-keeping course or Project Management course into practise. Maybe you’ve identified that if you spend more time on planning, you can give better estimates and reduce downtime while on a job. And maybe by using your newly acquired skills, and knowing that margins are tighter, you can identify where you can save time & money and increase profit. There are great online Project Management tools designed to suit the tradesman, shop owners and landscapers. Tools like this can help you in every area of your business.
It’s clear that things have changed. Work just doesn’t come knocking on the door anymore. Get out there and let people know you are still trading. Attend industry tradeshows, join websites such as onlinetradesmen.com or a group such as BNI that promote networking between trades. Get yourself noticed and be positive.
Do you have any tips for businesses in a recession?