This may be one of the scariest New Years on record for business owners. The downward trend in housing and retail continues and even the President admits that it will likely get worse before getting any better. While times aren’t looking too dark for remodeling contractors, it may be time to cinch the proverbial belt a bit.
That may translate into a reassessment of company goals. Setting goals is essential to a successful business, especially in the hardest of times. Simply set feasible goals.
If your goal is to top last year’s sales or profits, you must ask yourself if that really is the wisest goal in the midst of an economic slump that has spread well beyond the housing industry alone. Instead, calculate what money you need to make, what items you can do without or must have, and a few reasonable perks you want to give yourself or your employees. Then figure out how you go about getting those things, whether it be a dollar amount or a certain number of contracts or whatever. But make this your goal and then head out there to achieve it.
Consider gathering your employees for a company meeting. Lay out the goals in front of them. Create an incentive that goes something like this: If we can reach this level, we all get this bonus. If we reach this different level, we all get this. And so on. Hard times are good times for pooling resources. And remember that just as sure as you want to make money, your employees want to keep their jobs. (more…)