By George Papaheraklis
We recently did a live webinar over on HomeAdvisor (you can check it out here) about how to recession-proof your business. In 2008 when the recession hit, we weren?t prepared and we nearly lost everything. The good news is we?re still here! And we learned a lot of valuable information along the way that we want to share with you. We used the following strategies to make sure we didn?t go through a recession hit again.
1. Build a loyal team
You?ll always need a great team, but more so than ever when times get tough. A loyal team will help you recover faster, and the best way to gain loyalty from your team members is to be loyal to them first. Make sure you hire people who are a good fit, and take the time to train them and share your industry knowledge with them.
2. Develop effective communication strategies
The way to build trust within your team is have honest and organized communication. Always keep your clients and employees in the loop and share as many details as you can to make sure the experience is smooth. If you run into any confusion, make sure you give thorough explanations.
3. Strengthen your reputation
Of course your reputation is always important, but when times get tough, your reputation can help you stand out. If your clients enjoy working with you and you give them a great experience with impeccable customer care, they?ll most likely recommend you to others.
4. When times are good, invest
Even when times are good, you shouldn?t stop marketing. Generating leads and maintaining client relationships, regardless of how busy you are, will help protect you in lean times. Make sure you keep in touch with your clients ? check in on past projects and show that you genuinely care when work is in progress.
5. Prepare for the future
If you don?t have a solid financial plan, and sales and marketing plans, then you need to create one right now. Having these in place are pivotal to surviving a recession and retiring on your own terms.
This is just a short overview of the strategies we used to become recession-proof. We go into more detail in the webinar, so be sure to check it out by clicking here!
George Papaheraklis is the founder of FineCraft Contractors, Inc., located in Gaithersburg, MD. Since 1985, FineCraft has been building houses, additions, kitchens, baths and more for discerning families. Their blog can be seen at https://finecraftcontractors.com/blog/ and they can be reached at 301-330-9191.