We have lived by the statement above for a long time, but it’s no secret that the world has experienced a down economy in the past few years. Some parts of the world are worse than others. In the U.S. some states are worse than others but all have been affected in some form a fashion.

As a small electrical contractor in Oklahoma City we have seen a pretty steady economy, but with the economy not as strong in surrounding states we have seen an influx in out of state electrical contractors, which has provided increasing competition, couple that with the normal challenges such as increasing cost in labor, healthcare benefits, workmen’s compensation, as wells as increasing taxes, all that makes for a very hazardous environment.

Changing With the Environment

The only thing that is consistent in this world is change.

In the last year we have been proactive in looking at ways to stay competitive and at the same time reduce our cost, as well as increasing our business.  The first thing we have done is to sit down and talk about where we are, where we want to be and how are we going to get there. We identified what our strengths are, what our weaknesses could be and from that we talked about a plan to not only stay healthy as a business but grow as well.

Like with any plan, there are things that can be done immediately to affect the business, and other things that take time to develop and implement.  Some of the quick fixes were as simple as looking at some of our expense.

One of the issues that we identified as a weakness was the large number of vehicles that were not very efficient. By selling off the larger vehicles and replacing them with more efficient vehicles it has reduced our fuel consumption, and at the same time decrease our carbon footprint as well.

The re-design of our website and company logo, as well as the implementation of social media applications have taken more time to refine and put in place. With these changes and updates we have increased our organic exposure on the internet.  Make sure that your marketing is effective. Take advantage of all low cost marketing opportunities.

It is very important in a down economy that you keep a positive growth attitude, by becoming proactive, flexible, and organized. Think intelligently about your existing and potential clients to insure that you do not allow them to drag you down.  Provide solutions for new problems and issues as well as the core or common services that you already provide.

By thinking out of the box and evaluating all of the available resources that are within your capabilities, it’s possible to come up with new avenues of revenue. Evaluate the capabilities of your man power and equipment, with this information think of new services that you could provide for your client base.

Maintaining the Business

Some business philosophy’s would have you believe that it is a good idea to reduce your advertising cost in a down economy, but in reality it is one of the expenses that needs to be increased or maintained if possible so that your level of exposure stays high and visible to your existing clients as well as potential clients.

One of the best ways to maintain your business is to make sure that your existing clients are happy and have no reason to look for your services elsewhere.  If these clients are happy they will refer you to potential new clients.

Empower your employees by getting them involved in specific idea and decision making projects, such as company identity, mission statement, etc…… this gives them a sense of ownership as well as making them more productive. If they are part of the diction making process they will be more loyal and dedicated.

Don’t Lose Your Focus

It is important that you revisit your goals that have been outlined in your plan on consistent bases. After spending the time to come up with a plan, don’t allow it to get lost in the day to day process of putting out fires that come up.  You invested in the time to put the plan together, invest in the time it takes to work the plan and make it successful.