Keeping a small business afloat is challenging enough. During slow periods or in the event of an economic recession, it is almost impossible. Rebounding from a slow market or recession and returning to steady growth in the years that follow takes hard work and perseverance. It also requires an instinct that many small business owners may lack.
At TC Merritts Land Surveyors in Westchester County, N.Y., we realized during the last recession in land surveying that just “keeping the business alive” wasn’t enough to ensure the company’s longevity or future growth. Cost-cutting strategies worked short-term, but certain strategies need to be implemented immediately if we want this business to not only survive an economic downturn, but prosper and be successful in years to come. That includes during the inevitable periodic dry spells, not just possible future recessions.
From the lessons learned preparing for and managing through the earlier downturn, here are five strategic steps to help position a land surveying company to survive.
We are always looking ahead to the future and expansion of the company. By studying economic trends and revenue opportunities, it was possible to project and develop future expansion projects. Careful analysis of organizational operations aided in identification of opportunities for improvement. Combined with constant review of cost reductions and system enhancements, this helped in the accumulation of capital to fund expansion and enabled the company to continue to experience tremendous and steady growth.
Additionally, the following strategies are some of the most important and can be practiced during times of prosperity as well as economic stagnation alike with beneficial outcomes.
2. Market Yourself
3. Invest in Technology
4. Be Professional
And last, but definitely not least, one of the most important things you can do is…
5. Don’t Lower Your Prices
This is not an exhaustive list, nor is it a deep examination of the strategies. It is a good place to start the discussion. These are proven steps. Feel free to expand, modify and add to the list, but if you want to do more than survive the next downturn, start working on your own strategy.