As 2008 comes to a close are you working on your business plan for 2009? Have you assessed the results of 2008?
With the recent downturn in economic activity and the pending election, many contractors are experiencing less work than previous years at this time. Many have never witnessed such a dramatic drop off in business so early in the fall. While the economy works itself out this is the perfect time to develop your strategy and business plan for the coming year.
Many contractors are realizing that their lack of planning and training has left them in a precarious position this fall. Now it is more important than ever to know how to sell your services. Across the board, leads have dried up and backlogs of work are not sufficient to carry companies through the end of the year. Droves of workers are being laid off or let go. Hopefully, this will not mean the end of the road for many contractors, only time will tell.
Meanwhile why not spend this time working on your business? Seek out and invest in best practice education and training to prevent this from happening to you again. Some major reasons for failures in our industry are lack of planning, inadequate marketing and lead generation, not aggressively selling, poor cash flow, lack of or inadequate systems, lack of industry specific and business training and owners wearing too many hats.
The industry is rapidly changing. Homeowners are more knowledgeable, savvy, demanding and discerning on who they will hire to work on their home. The Next Level Consumer is expecting service from The Next Level Contractor. If you are not like the contractor they expect, you will have a difficult time getting work. If you are not like the Next Level Contractor, even if they hire you, they will not pay you the amount necessary to run a legal profitable contracting business.
Most contractors have learned that the best customers are homeowners who are professionally educated. These customers tend to provide professional services in their jobs that are supported by processes and systems. These consumers are expecting the same quality of service from their contractors who work on the home. The Next Level Contractor knows this and has adopted the use of best practices and systems to deliver his service. This way the Next Level Contractor can command the price needed to support a professional contracting company.
The Next Level Contractor is an expert in his field. He will use best practices and systems to deliver an outstanding contracting experience. He is now planning for 2009 to make sure that when the economy turns around he will be ready for The Next Level Consumer. He is working marketing plans, website development, sales training and processes, lead carpenter and employee training, home show planning and more.
The Contractor Coaching Partnership teaches contractors how to align themselves so that they can win the business of this consumer.
Are you ready to start your planning for 2009?