As a custom home builder, there’s some solace in the fact that you aren’t alone in your struggle to keep your business moving forward. Everyone is going through a tough time. Dwelling on the economic crisis won’t help, but managing your business strategically certainly can.
Many of us have been waiting for something to change, when what needs to change most is us! Business as usual is no longer going to suffice. Our teams have to work better than ever before; we have to know more than we’ve ever known; and we have to be the best possible leaders. Are you ready to assume a whole new level of enthusiasm for what you do? Here’s how:
- First, know that it’s OK to be afraid, so long as you use that fear to move you forward and to be the best you can be. Fear, in moderation, is good. When challenged, fear makes the hairs on your arms stand up straight—and you move forward anyway! It’s about being energized, passionate, and unstoppable. If there’s no fear in your life, you aren’t playing big enough.
- Second, know your competition backwards and forwards. Know what extra services they’re providing; their service area; who their employees are; what vendors they use; and the price points they’re targeting. The differences between you may have narrowed drastically, so you can’t afford not to know every move they make. By staying on top of the game, you also put yourself in a position to grow your share of the market, should your competition fold.
- Third, re-evaluate your market and know who your new potential customers are. If you’re still fixated on your former target audience, you’re essentially “spitting in the wind.” You must adapt if you’re going to survive.
- Fourth, make brand awareness a priority in your marketing program. Many businesses have scaled back their marketing and branding efforts in the name of finances, but marketing should be the last area you cut. Your potential customers are still out there, and they’re savvier than ever. Don’t allow your silence to create the assumption you can’t still do the jobs they need done.
- Fifth, keep communicating. The team you’ve chosen to keep by your side is there for a reason. Don’t shut them out of your efforts. Ask your team members what they see—and what they think can be done better. So often we’re fixated on saving or not wasting our financial resources, but our human resources shouldn’t go untapped either.
Finally, based on your ongoing analysis of your market, as well as advice from other trusted sources, adjust your plans where they need adjusting. There’s no glory in staying on a course if it no longer serves your best interests. Surviving tough times is all about our ability to accept and then adapt to the changes that come our way. As you move forward, remember this: Most successful people—people who weather life’s ups and downs—aren’t fearless. They are courageous in the face of their fears. You, too, can make the choice to be stopped by your fear or move through it. Which do you choose?—Former contractor Clay S. Nelson is a radio talk show host, speaker, and business coach to home builders nationwide. He can be reached at clay@claynelsonlifebalance.com.
