Contractor Update

The financial markets are in disarray. Consumer confidence is way down. And your phone is not ringing (much.) To keep your business going through the tough times, should you tighten those purse strings? Definitely. But is it time to pull the plug on your marketing efforts?

One school of thought is to hunker down and not spend a dime on anything. Hope you have enough cash flow to ride out the storm. When things return to normal, you can start purchasing those ads in the paper, buying leads from online services, and sending out direct mail flyers.

The other school says this is a mistake. This is not an ordinary economic downturn. No one knows how long it last. People may be forgoing the expensive kitchen remodels or garage additions, but... they still own a house and it will need some work. They are going to be looking for a reliable contractor. If your competition continues to advertise and market their services during this downturn, they will be getting the jobs you need to stay in business.

Suspending your marketing campaigns during rough times seems like a great idea because you're saving money. But if you're not bringing in new business, you won't be bringing in new money. And when the old money is gone, the economic recession has just become an economic depression.

Labels: Economy, Small Business Advice