This past month I had the pleasure of speaking to several diverse groups of business owners around the country. Each had a different take on the state of our economy and how they are coping or innovating to either stay in business or change their companies in a positive way.
At the annual convention of the California Sign Association, the buzz was about trying to generate more service and retrofit work with their existing customers.
In San Antonio, I presented my program titled: “Get Your Business To Work In A Tough Economy!” to a group of the largest plumbing contractors in the USA who are members of the Plumbing Heating Cooling Contractors Association. They each talked about how the economy is affecting their business in each of their markets.
What I learned was that those companies who have a diverse customer base and provide many different types of services are the best off. Those who only focused on doing one type of work are hurting most. For example, plumbing companies who focused 90% on housing were down considerably. While those who had a broad range of services including new construction, remodeling, public works, ongoing service accounts, and design-build were much better off. The moral is to not have all of your eggs in one basket.
This year we move our clocks back on November 7th. But don’t make the mistake to keep falling backwards by waiting for the economy to turn. Go out and find some new customers in new markets and offer some new services to spring ahead!