Finally, reducing overhead will help the bottom line and keep your business afloat and more profitable. As mentioned earlier, one can save thousands a year by implementing a different marketing strategy. Limit credit card processing is a big one that we discovered a few years ago. On average we were processing 2 million a year on plastic, at 3% for fees that equates to $60,000.00 per year! Ouch!! We took away the credit card machine and it did not even interferes with sales. What we discovered is that people just want to get the rewards on their credit cards. I have not lost one client that wanted to pay with a credit card and we said no checks only.
These are a few ways that have helped out through these so called "difficult" times. We have found that our sales are in line with the pre-recession but much more profitable than ever before. This means that we are much better off today than before the market crashed!!! What recession???
Lance Smith, President/ Owner,
Affordable Contracting, Inc.
1. We believe that business operates in cycles as does our economy. It does appear that business is getting stronger with each day.
2. Our company has grown each year during these changing economic times. Our success is a direct result of our focus on customer satisfaction and the generation of raw leads. Each and every customer has to be treated as if they are your only customer and our focus on lead generation is a top priority.
3. We have begun to use technology so much more in our business. Our entire sales and production process is evolving towards a paperless process.
4. We now consider ourselves a sales, marketing and customer service company so much more than a construction company. When we began, we were a construction company.
5. We have had to find new resources for advertising than what we were using years ago and we have opened our sales team to sale anything and everything related to home remodeling. We can no longer focus on certain market segments.
6. We are stronger as a group of people who are focused on growth of the business more than ever before. The entire team really appreciates what we have been able to accomplish together.
Rain Gutter Specialties
South Jordan, Utah
1. The future is bright. This is just another cycle. The swings might be a bit bigger, but part of history.
2. They haven't given up. They haven’t stayed status quo. They have adjusted and are forward thinkers. They are determining their own fate. They determine how much they have and not let the economy do that for them.
3. For us we have been consistent in our advertising. This has allowed us to gain big market share.
4. Yes, we raised our prices. Our closing percentages haven’t changed, so this has allowed us to stay profitable and still give the customer a good job.
5. We have had to be creative. We have had to work harder. We have been evolved in CCN, I think that has helped a lot.
6. We are a much better. We are a well oiled machine. The slow times have helped us work on our business.
Midtown Home Improvements Inc.
3. The biggest challenge has been to find new sources of financing for our customers' projects. The large group of lenders that participated in the remodeling arena has shrunk to but a few.
4. We never thought we would "double down" and spend more on marketing during a time that the "media" keeps describing as near depression times. We did and continue to spend more on marketing in a focused manner and it has greatly paid dividends, our revenues continue to grow against the trend of bad news that is trumpeted by the news media on a daily basis. We have a great product and service to offer and there are many customers who need it and appreciate it.
Jim Kabel, CR
Owner and GM
CASE Design/Remodeling of San Jose
San Jose, Calif.
2. Our company did not grow during the first two years of the downturn (for us - 2009 and 2010). But last year, we grew by 32% and are on track for another 15% growth this year. We did several things:
-- Invested back in the company from our savings
-- Shifted to a strong design/build positioning in the market
-- Restructured our production team with new leadership to improve gross profit