Thriving in tough times

In the face of an economic downturn, many businesses struggle to prevail, let alone prosper. Yet during this current recession, some of our clients are not only surviving—they’re thriving. By focusing on delivering exceptional service, cutting unnecessary costs, and getting creative with their strategies, they’ve turned these challenging times into opportunities for success. Here are strategies from four of our clients and the key lessons they offer.

One of our clients, a service-based business owner, found himself bouncing from job to job when business was booming. However, as the economy declined, he took a different approach by focusing on a smaller number of core clients. By overdelivering on these jobs, he provided an exceptional level of service that his clients appreciated. This increased care and additional touchpoints not only strengthened his client relationships but also led to referrals and recommendations, driving new business growth. This strategy has been so successful that he is now hiring additional staff to keep up with demand.

Key takeaways:

1. Focus on delivering exceptional service to a core group of clients.
2. Strengthen client relationships through increased care and communication.
3. Leverage client satisfaction to generate referrals and new business opportunities.

Another client, this time in the construction industry, focused on pitching for larger jobs that required less travel and organisation time. This approach is often underestimated by many, as the efficiencies gained on bigger projects can be significant. In conjunction with this new focus they also increased their prices by 1-2%, managing to improve their profit margins without losing clients. This strategy of targeting bigger projects and implementing minor price adjustments has proven to be a successful way to maximise efficiency and profitability.

Key takeaways:

1. Focus on securing larger projects that require less logistical effort.
2. Implement small price increases to improve profit margins.
3. Optimise efficiency by reducing downtime and travel time.

A client in the building industry has found success by adopting low-cost marketing initiatives instead of relying on expensive advertising. As a local business serving their community, they’ve recently trialled in-person events where they gather together prospective buyers and walk them through successful local projects. This grass-roots activity is proving to be effective, and it’s allowing them to maintain a strong presence in their market without the hefty price tag associated with some advertising methods.

Key takeaways:

1. Explore low-cost, high-impact marketing strategies.
2. Engage with your local community through in-person events and initiatives.
3. Focus on innovative approaches to maintain visibility and attract new customers.

Cutting costs – this one is a given, but it’s always worth reiterating. One of our tech clients has recently placed a significant emphasis on stripping out costs. They reviewed their IT and subscription expenses, identifying and eliminating unnecessary services. They switched to lower-priced alternatives and negotiated directly with suppliers, cutting out the middleman. For instance, they found a cheaper e-signing system and removed an expensive insights provider that was not delivering value. These measures significantly reduced their operating costs without compromising on quality.

Key takeaways:

1. Regularly review and assess all business expenses.
2. Identify unnecessary costs and switch to more affordable alternatives.
3. Negotiate directly with suppliers to cut out the middleman and save money.

We understand that every business faces unique challenges, especially during economic downturns. Our team is dedicated to providing tailored advice and strategies to help your business not only survive but thrive. Whether you need help with financial planning, cost management, or innovative growth strategies, we are here to support you. Contact us today and let’s chat about how we can help your business thrive.