Editor’s Forum

TRY TO KEEP YOUR SPENDING AT THE SAME LEVEL AS IT WAS BEFORE THE INCREASE IN SALES. THEN, TAKE ADDITIONAL FUNDS TO BUILD YOUR RAINY DAY FUND—ALSO KNOWN AS CASH RESERVES

SAY HELLO TO THE SUMMER SELLING SEASON

WITH WARMER WEATHER COMES A LITTLE FREEDOM—BUT DON’T TAKE IT FOR GRANTED, AND ALWAYS BE PREPARED.

Many view Memorial Day to Labor Day as the summer selling season. Our industry has been fortunate to experience an increase in business, so it may be hard to differentiate the summer selling season from your daily activity. While we’re all hoping this could be the new normal, I would caution you to take steps to ensure your business can ride out any storms that might be ahead.

Don’t take it for granted

When business is good, it can be easy to become complacent. If you’ve been in business for some time, you’re familiar with the highs and lows. Consider ways to use the increased income to add value to your business. For example, you may want to buy new tools to increase productivity. You may want to pay down debt, or add to your cash reserves. Remodeling comes to mind. Also, investing in human resources. There are many ways to use the additional profits. Just make sure you don’t get too accustomed to that higher level of income and become frivolous. You never know what’s ahead, so plan accordingly.

Anticipate rainy days

By rainy days, I mean slower business. Therefore, being smart with your additional profits is an important step to providing greater stability. Try to keep your spending at the same level as it was before the increase in sales. Then, take additional funds to build your rainy day fund—also known as cash reserves.

Make sure you allocate some of these funds to marketing and human resources. Installation technicians are in short supply, so if you need a new tech, finding someone may cost you more than you’ve planned. If you’re a technician or fabricator who is also an owner, then you may want to consider finding someone who will take over non-installation responsibilities. Think of all the hats you’re wearing. You may not be able to find an installer, but you may be able to find someone with the skills to answer the phones, schedule appointments, reach out to customers (or potential customers), take pictures and videos of your work, and possibly post and respond to your social media pages.

Deliver your best to every customer

Now that good times have arrived, make sure you’re doing your best to increase your customer base. Simple methods such as asking for referrals from satisfied customers will help grow your base. It may also be time to engage in better or additional marketing efforts. When the spotlight is on our industry and your business, take advantage of every opportunity to grow.

Make sure every customer is getting your best. If you’re too busy to treat your customer well, then be careful, because someone else will take over for you. Make sure you take the time to follow up with them post-sale. You will find this practice has its own rewards.

And while you’re growing, make sure to take some time out for you and your family to enjoy life. Tell your employees to do the same. All work and no fun makes…you get the idea. Hope to see you soon at one of our KnowledgeFest events.