Surviving the Credit Crunch as a Trade Contractor
July 13, 2009 | | Comments 0
How can you make sure that your business weathers the predicted down turn?
Here are a few tips and ideas that we hope might improve your business.
- Diversify – add little extras so that your clients feel they are getting more for their dollar.
- Add an extra string to your bow and offer the ‘whole package’. (Make sure that your knowledge, licences and skills allow you to do this.)
- Ensure you are licensed through your state regulatory body – people want to feel secure that the tradesman they choose is licensed.
- Always call ahead and always keep your appointments. If there is strong competition out there, your lack of punctuality and reliability could be all it takes for your client to choose another tradesperson. If you are delayed, call and let your client know. Poor communication is one of the biggest complaints lodged by customers. Be known as a great communicator. It will get you more business.
- Keep up with the latest trends and changes in the industry. Clients want the latest trends when they have any work done to their home or commercial premises. Learn the latest industry information and your client will have faith in your work because your knowledge is current and up to date.
- Maintain all safety and regulatory compliance. The last thing you need in these difficult times is to scrimp on safety and compliance. Fines from authorities or bans that stop you from working will only make tough times tougher.
- Don’t take risks and short cuts. These will only lead to more problems and possibly costly repairs.
- Keep your overheads low while maintaining a high level of professionalism, quality product and service. Constant review of your overheads and cash flow will help you to plan for tough times. Tradespeople who plan well succeed and prosper no matter how difficult the economic times become.
- Continue your training and professional development. What skills and accreditations can you develop that will provide long term revenue opportunities to your business? What will provide you with a unique service provision that sets you apart from your competitors?
Filed Under: Trade Administration
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