What to do in your business and managing downtime when it’s quiet is something we’ve all had to deal with, and it seems this year has been particularly slow for many. Contrast this with the last few years when most of us have had lengthy “to do” lists, innumerable work requests, and sometimes more work than we can handle.
The last few years have been a boom for the renovation and building industry but uncertainty around governments (state and federal), stagnant wages growth, the downturn in the real estate market, and low consumer confidence have combined to produce a slowing market for our work.
Although most report that business has picked up in the second half of the year, it’s important to make a plan for times when you will have more time to work on your business, rather than in it. As a supplier, manufacturer, retailer or designer – what can you do when the phone isn’t ringing?
Upskilling is one obvious way to invest in the business when times are less busy. Whether you invest in staff training across customer communication/service/development or adding new qualifications to your staff’s current skill set, this type of training will always provide positive benefits. When work is more scarce, these skills can often be what sets your company (and your people) apart from your competition.
Our industry has seen significant changes throughout many years but none more so than in the last decade when we’ve seen a huge up-swing in the application of technology and the breadth of available products. This means staying on top of the latest products, design trends, building practices and applicable regulations and standards is a must. Scheduling information sessions with various suppliers is an excellent use of time and ensures your staff (and yourself) are always fully informed about all the options available to your customers.
If you are in manufacturing, this might be an ideal time to consider taking on an apprentice. You’ll have time to personally invest in their training and be able to educate them in your business philosophy. By the time work picks up, they will be in an excellent position to take on more work and make your business more productive.
Don’t forget about that ever-positive area of networking. Attend business functions, join an industry association and go along to their information sessions or networking evenings, offer to do talks at building information centres or at home shows… in our industry collaborations often lead to amazing outcomes for all parties.
Don’t be afraid of business being quiet – rather than being a negative, it can be turned into a positive time for your business to invest in its future and arm yourself, and your staff, with new skills that will prove invaluable when the industry inevitably becomes busy again.
Images from Pixabay.
