Fight economic fears with business strategy
1 Nov, 2008 By: Jamie Gooch LivescapesThe headlines these days are enough to make any landscape contractor worry, and rightly so. The stock market's ups and (mostly) downs, the mortgage crisis and talk of frozen lending have small businesses wishing all they have to fear are higher energy prices.
 Companies that make the right choices during this downturn can emerge stronger. |
According to a semi-annual economic report by PNC Financial Services Group, the outlook for the nation's small and mid-sized business owners is at a new all-time low. Times are tough, for sure, and according to the steady stream of financial experts gracing the news programs, they are likely to get tougher. But there is always a bright side. Companies that make the right choices during this downturn can emerge stronger and more competitive.
Take a hard look at your business and cut or redeploy what isn't productive. That means making sure your equipment is well maintained and making money for your business. It also means making sure your employees are as productive as possible in their positions and rewarding those who are. Shift poor-performing employees to positions that would suit them better.
Look without as well as within. Whenever there are business closures and layoffs, employers have their pick of high-quality candidates. Take this time to evaluate gaps in your employee lineup that might be filled by experienced new hires.
Find other ways your equipment and employees can create income. Add-on services can sometimes become huge income generators.
Lower your overhead by negotiating with your service providers for lower rates on everything from office supplies to credit card fees. Don't be afraid to talk to your lenders and request some flexibility with repayment. You may find them more receptive than you expect. For example, the U.S. Small Business Administration is encouraging its participating lenders to extend temporary payment relief for qualifying borrowers.
Take advantage of the free and low-cost business advice and training available through the Green Industry's many associations, meetings and workshops. Landscapers are fortunate to have a great peer network from which to draw.
Above all, don't stop marketing your services. Landscaping is a valuable service that not only beautifies and enhances the environment, but also is one of the most important ways to increase a home's value.
Regards,
Jamie Gooch
Managing Editor
jgooch@questex.com
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