Turning the Tide: Taking Action for your Business in Challenging Times
After a couple of good years, businesses across the Trades Industry are facing a tougher economic environment. With lead flow slowing way down and customers hesitating to make decisions amidst election noise, it calls for a time to focus on what you can control to keep the business moving forward.
A note from Brian Nolan, Founder of Nolan Consulting Group
At Nolan Consulting Group, we are having daily conversations with our clients on how to tighten up business, control the controllables and take action. This won’t last forever, everything is cyclical, but we need to get through it before it gets better.
Now’s the time to get aggressive and adapt. Here’s a multi-pronged approach to navigate these choppy waters that we’re coaching our clients to:
- Supercharge Sales:
- Rally your sales team – share the challenges, talk about the goals frequently.
- Lean into existing customer relationships – Actively seek referrals. ASK for them!
- Ramp up business development efforts, while these should be ongoing relationships, now is the time we really need the energy to buzz.
- Tighten Financial Management:
- Scrutinize your P&L statement every month, what is the story here?
- Understand your break-even point
- Cut overhead costs where possible
- Zero in on material costs, have conversations with your vendors
- Boost Productivity
- Maximize efficiency in existing jobs
- Review project scopes for potential upsells – do more with the jobs we have!
- Aim to improve labor efficiency and minimize unbillable time
- Foster Team Unity and Accountability:
- Share financial numbers and goals broadly with your team
- Increase frequency of team huddles to get communication aligned
- Implement clear accountability measures
- Focus discussions on production improvement
Remember, teams win. By involving your entire staff in these efforts and maintaining transparent communication, you’re not just weathering the storm – you’re positioning your business to thrive when conditions improve. Challenging times often reveal opportunities for improvement.
Want to dive deeper into any of these strategies?
Reach out to our team or submit a contact form to speak with a Coach.