Rising interest rates, eye-watering gas prices, and global uncertainty have hit our red-hot economy like a bucket of cool water. And while it’s possible we’ve already seen the worst of it, nobody knows for sure. That’s why it’s wise to situate your home services company to weather whatever economic storm might be lingering on the horizon. The team at Built-Right Digital would like to help you do exactly that. We speak with hundreds of home improvement contractors and home inspectors on a monthly basis, and we’ve put together a few tips and strategies to help you adapt to the changing economic climate.
1. Know how to “frame” your service
Regardless of the economy, your company offers an invaluable service to home and business owners. However, as clients tighten their budgets, they may try to put off remodeling projects for better days – especially if they think the project is purely aesthetic. Your sales representatives can show your clients that every renovation project has important practical value. For example, a replacement roof, new doors, or a new set of windows can drastically improve the property’s energy efficiency. Updating old appliances during a kitchen remodel can accomplish the same. The end result? Lower utility bills in a time of skyrocketing energy costs – a win-win for your client.
2. Look for business opportunities
In the remodeling world, there’s no such thing as smooth sailing. Companies both large and small, young and old, will have to learn to weather economic turbulence. This is all part of the normal business cycle. But you can use this time to your advantage and come back stronger than ever. During slow-downs, it can be beneficial to look inward and assess your business model and branding. Are there any training you’ve had to put off due to busy schedules? Have you been considering a call center? Does your logo look a little outdated? Could your sales reps benefit from a new-and-improved CRM? These are just a few of the projects you can use to strengthen your remodeling company during a recession. And when the economy does pick back up – boom, you’re ready to pounce!
3. Offer financing
You may have customers who are ready to start their home improvement project but hesitant to part with the cash in case they need it in the near future. Financing solutions can provide your clients with the peace of mind that they can pay off the project incrementally over a period of time instead of paying a big lump sum all at once. This can tip the scale in favor of going ahead with a home renovation. If you’re looking for an all-digital financing provider, Lend Home Improvements is one of the best in the business.
Growing Your Remodeling Company
Economic recessions naturally lead to feelings of anxiety and uncertainty, but with a solid roadmap in hand, you can position your company to survive and thrive for the long-term. Built-Right Digital is here to help you create a strong digital presence for your business, from building a rock-solid website to generating customized ad campaigns and more. Reach out today to learn more about our cutting-edge digital marketing solutions for home remodelers!
