Making Your Trades Business Recession-Proof
Bolster your business with these four pointers
Rumours of a recession have been circling. Wherever the truth lies, it can be a scary time for a business owner.
You’ve survived a global pandemic, and you can survive whatever the economy decides to throw at us over the next few years. The key is to be prepared and build a solid client base and reputation for your company.
Our marketing team collaborated with Anna from Free Up once more to bring you our collective tips and advice on preparing your trades business for the possibility of a recession.
1. Keep your eyes on the market
For your business to be resilient and ready to adapt to changes, you need to know what’s coming in your industry.
How can you do that? Gazing into a crystal ball won’t get you far—so listen to thought leaders in your sector, sign up for a few informative email newsletters, and pay attention in your networks. Essentially, you gotta keep an ear to the ground.
2. Know your point of difference.
This is what makes your business unique; the reason someone might choose you over another company. It could be your exceptional customer service, your friendly team, your reliable timekeeping, your no-frills pricing.
It’s what sets you apart from the many others in your industry, making it invaluable when competition gets tighter. Do you know what your point of difference is? If not, now’s the time to identify it. If you aren’t sure, you could ask a few of your customers what made them choose you—the answers will likely be enlightening!
3. Tell the world
Once you know what your point of difference is, it’s time to scream it from the rooftops. It should be highlighted in your advertising and marketing, splashed across your website and social media channels, and mentioned in your client communications.
Used effectively, your point of difference will be the foundation of your brand—and a strong brand is money in the bank to help you through a recession or the threat of one.
4. Use your time wisely
If your business is experiencing a quieter period, don’t mope—use the time to make improvements that will boost your business plus save time and money. Here are a few suggestions:
Find and implement the right job management software! There are some amazing tools out there which will future-proof and streamline your operations. FreeUp are the experts on this, so head over there to check out how you can increase efficiency and boost profit with the right software pick. You can also check out Released’s reviews of various software on the blog: WorkflowMax, SimPro, Fergus, and ServiceM8.
Social media is a great way to keep your brand in people’s minds and also to keep them informed. If you don’t have these channels set up, start now!
Refresh your website. Make sure all details are correct, the copy is error-free and attention-grabbing, and that your images are high-resolution and visually appealing. Perhaps the best thing you can do is an SEO audit to make your site more visible in Google search results.
Work on your customer service policies and processes! Making sure your whole team knows exactly how they should be communicating with and responding to your customers will pay off in the long run. Great service keeps them coming back and recommending you to friends and family.
We wish you the best of luck with whatever the economy brings in the next few years. Building a solid foundation and reputation for your business will stand you in good stead.
If you need help with digital marketing or any other business support, don’t hesitate to get in touch with the Released team!