4 Things You Can Do Today to Recession Proof Your Business

Lately it is all over the news. Are we headed towards a recession? Are we already in one? While the answers to these questions are complex, and at times hard to answer, the one thing we know for sure is that if you wait until we know we are in a full-fledged recession, it will be too late to protect your business. Doing a few things now, can help protect your business in the long run. Plus, doing these few things can be beneficial to your business even if an official recession never comes.

1: Keep Investing in Your Business

Make plans and focus on what you can do to keep your business strong. Whether through marketing, new equipment purchases, hiring of new employees/promoting current employees, or over-stocking on products so you have what you need to complete jobs on time, you want to make sure you don’t take for granted the things that make you successful. If a recession does hit, those businesses that took the time and money to invest in themselves will weather the storm better than those that didn’t.

2: Embrace Adaptability and Diversification

“One key way to recession-proof your business is to have multiple revenue streams. Having a variety of ways you are bringing in revenue at a wide range of price points is necessary to maintain your income, regardless of the economy.” Jennifer Allwood, business coach and host of The Jennifer Allwood Show podcast.

For landscape businesses we recommend two great ways to incorporate multiple revenue streams into your portfolio:

  • Add new services like outdoor lighting or hardscapes
  • Increase the types of maintenance contracts you offer. Remember installation does NOT need to be the only time to interact with a client! Incorporate maintenance contracts for checking lighting, maintaining proper sprinkler efficiency, sealing pavers and hardscapes, and more. Once customers have done a project, they don’t want to see their investment go to waste. Encourage customers to use your company to maintain these systems for their optimal performance, and to increase the longevity of the project successfully.
3: Invest Time and Resources in Your Relationships

Whether it’s your vendors, distributors, and/or your clients you will need to make sure these partnerships are strong if a recession is on the horizon. If many of your competitors are scrambling and nobody is returning their phone calls, it is likely because they didn’t invest the time in making sure their network was strong. Rely on the partnerships you have already built, and continue to nurture them. This could be as simple as a phone call, a lunch meeting, or a mention in a social media post so that the partner feels you are benefiting them as much as they are benefiting you. Don’t rely on emails! Everyone gets too many, and they often don’t feel personal enough.

4: Look for a Niche in Your Market

Paying attention to demographics is key. If there are a lot of landscape contractors in your area, figure out how to stand out and make yourself the branded expert. Evaluate the competition and see what you offer/could offer that they don’t. Establish yourself as an expert in the field so when you meet with clients it isn’t just about the services you can provide for them, but the solutions and expertise that they also desire which you can provide.

Finally, Central is always here to help! Rely on your partnership with us to increase your marketing capabilities, learn how to diversify your category offerings, or for assistance in many other business solutions that will make sure you are growing now, and for years to come.