Business Management

Follow Frank White for more business advice and ways to make you more profitable.

A month or so back the stock market hit a minor speed-bump. The week after, the WELD2 partners were having our quarterly get together. Barry, Dr. Stig and I were discussing a bit about how things in the portfolios were doing post “bump”.

Then, at the end of March, it happened again, supposedly due to US/China trade tantrums on both sides. This got us talking about how many boom/bust cycles we have endured in the technology-contracting era.

For better or worse, we are of the age (that means that we are really flipping old) … well, we are of “that” age where we witnessed the dawn of this thing called integration & custom.

We are constantly running into old gear sitting around (like a few Clearlight slide controllers or some obscure antiquated turn-table literature).

But:

Most all can recall the late 2000’s severe recession and the long legs of disruption that was so invasive into our sliver of the global economy.

We recalled these economic cycles back to the Nixon administration. One sure prediction: it will happen again. The thing is these financial peaks and valleys are a fact of life for every craftsman, builder, tradesman, and contractor. Our warning:

Ignore this fact to your own downfall.

Just the hint or whiff of a stock market shift is enough for those, who are blessed with a bit of affluence, even for those not really staked in the stock market, to slow down their elective spending.

This situation will affect every reader in our audience; dealers, contractors, editors, install techs, marketing firms, reps, distributors, and of course, suppliers.

We are NOT advocating you blow-start your org immediately to defcon 5, code blue just yet – but…BUT that you inlay into your planning routines a bit of the fact that this runaway technology economy will not last forever.

That there will be the normal escalation in disruptive competitors, technologies and economic environments. That ebb and flow that could be less then friendly and that the way contractors succeed will change – just as things have in the past.

Our view is that, as in the past, your legacy clients can go a long way in helping span those economic valleys that will come along every few seasons, if you keep the relationship warm.

We know that sounds self-serving, and it is, (if you are at all aware of the WELD2 offerings) but is the very reason we started WELD2 in the first place.

As of Monday, April 16th, 30% of 2018 is in the history books.

How many did that resolution thing at the end of 2017?

What goals did you commit too? Losing weight, spending more time with family, learning to play the banjo... could have included starting to market your business:

(That’s okay; you are less then $80 bucks away with WELD2 – more on that later)

How about stealing a few moments from your punch list or that vicious breeze shooting you do with your favorite rep to let your mind wander around a serious strategic issue here.

From what we’re told most do not write their goals out. Do it. Those who don’t write and revisit their goals are more than 85% less likely to achieve them*.

We have battled along with our industry peers across 30 or more new-year seasons, and can categorically state: Most are not really intentional about new-year commitments, or even simple business planning.

Most do not completely summit to those ambitions, most all missed the target, but made some headway – are you the type that defaults to telling yourself some version of:“That’s good enough, we made progress?”

Many of us old dogs just live with modest improvements, in many cases congratulating ourselves for growth.

A few rhetorical questions:

1) Are you on track?

2) Which track are you choosing for your company?

3) Is it the best and highest road for you, the family, your clients and team?

4) What is your plan when the economy turns?

5) Have you detailed a professional development plan for yourself?

6) Training of staff?

7) Where is your next client coming from and how much are you willing to spend in acquiring new business?

As you may know – WELD2 markets technology integration firms at ridiculously low rates, costs less then one trip to the gas station, and guarantees results. This works so well in fact - that we have had only a handful drop us as a service since our inception 5 years ago.

If you have a challenge or some uncertainty, and would like to chat with someone without an agenda, or costs give Barry or Frank a call, no expectations and no BS….honest. You sure can’t be the costs (hmm - that'd be ZERO).

*A very thin but probable statistic we pulled out of our keister.

PARTING THOUGHT: Every day you go without building your customer relationships is a day they're getting farther away from you and closer to someone else.

More Business Management Videos
Videos In Other Channels
Comments