Contractors. How to Be Ready If a Downturn Comes
For many contractors in the commercial construction industry, the last few years have been a crazy roller coaster of a ride. There’s been no shortage of projects, but at the same time, supply chain and labor (or lack thereof) issues have created quite the conundrum: too much work, but not enough materials or workers! If you have been able to overcome, in part, some of these challenges, then you will have noticed that it’s been a relatively good time to be in contracting. Well, I am no economists, but I think we are going to see some changes on the horizon as a recession looms, interests’ rates move up, and of course inflation.
We’ll have to see how all this unfolds in the coming weeks and months. But I think it’s safe to assume that for many small to mid-sized construction firms, we should start implementing strategies that will bring in more business. You do not want to become overly reliant on your current pipeline of projects and customers. With the economy in such flux right now, there’s’ a chance this type of work could dry up. The time is right to start putting forth some solid sales and marketing efforts. The idea here is to keep the momentum you’ve had during the last several months and to stave off any downturn in the economy. Here are a few thoughts around building up your business and getting more work during the coming turbulent months.
1-Charge up your sales outreach efforts. Get on the phone and call your old and current clients, see if they have any upcoming work you can bid on. I would also begin peppering in a good number of cold calls to brand new prospects. Nothing compliments your revenue’s bottom line like adding a brand-new customer.
2-Network! With the holiday season upon us, there will be lots of time to meet others in your industry. Get out of your office or job site and start shaking hands. There will be lots of opportunities to bid on in 2023, so get noticed.
3-Run new email and social media campaigns. Engage with your customers and prospects online. You will be amazed of what some user-friendly content can do for your email contacts and social media followers. Give your client community something to read or learn from and become an important industry resource.
4-Refresh your company’s sales and marketing content. Now, is also a good time to revamp your firm’s mission and offerings. A lot of times, companies depend on using old and outdated messaging, and this just does not work in today’s construction environment. You need to have a compelling message of what you can do for your customers and keep your name top of mind.
Refresh your company’s sales and marketing content. Now, is also a suitable time to revamp your firm’s mission and offerings. Many times, companies depend on using old and outdated messaging, and this just does not work in today’s construction environment. You need to have a compelling message of what you can do for your customers and keep your name top of mind.