Contractor Update

During a recessionary period, it's easy to focus on all the bad news. Markets are down, consumers aren't buying anything, and our tax dollars are bailing out the big banks. What will make the most sense for you and your business is to focus on the positive. If you're not as busy as before, use this time to innovate.

Did you know that most new products and services emerge from major companies during recessions? This is because it's hard to invent something new when you're too busy and the money is rolling in. While a lot of your competitors are crying in their beers, you need to innovate, expand, experiment or shift directions.

An example - say you're a general contractor. You've always been asked by clients about design plans and ideas. But you don't really know what good design is. You'd like to increase revenue by offering designs on all your kitchen remodeling projects. In tough economic times, help your business by studying design, taking classes, interviewing designers, and practicing the craft. When the good times come around again, you have not only added a new service to your business, you have doubled the opportunity for more revenue and higher profits.

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Labels: Contractor Advice, Small Business Advice