Capturing More Business During Challenging Times

Contractors were always essential, but the profession now comes with a permanent “essential business” label. COVID-19 has been tough on the economy, and contractors are no exception, despite being allowed to work. We’ve gone through recessions in the past and we never know what’s to come in the future, so as you start getting back to business as usual, here are some strategies to keep in mind.

Now is the Time to Invest in Content Marketing

Publish blogs and eGuides that people will want to read. When you write about subjects that are relevant to your ideal customer(s), more people find you through google search results. The projects you do on a regular basis are complicated and, even though you’re technically giving away your secrets by writing about them, most of the time, people won’t try to replicate those projects. In fact, publishing this information shows them that you can complete projects for them. It sets you up as a thought leader in the industry and helps you stand out. When your repeat and new customers are ready for a build or otherwise, they’ll remember all the advice you freely gave and come to you instead of another contractor.

Although it may not seem like the right time to spend money on marketing—because we’re all trying to save money—remember that visibility is the key to success. If no one knows about your business, no one will hire you. You need someone to keep your online presence alive and, if it can’t be you, find someone who can. Hire a virtual assistant or a content marketing specialist to keep up the content. That being said, now is not the time to go on a full-on “hire me!” social media blitz. Stick with offering useful and relevant information.

Develop a Partnership

Start networking with people in similar fields and see if you can both benefit each other professionally. Building relationships with people in your industry—and even completely different industries—is valuable. For example, if you know someone in marketing, you can trade your services for their services. Maybe that person needs their windows redone and you can complete that project in exchange for a couple months of marketing. Trading is a great option, especially when people might not have as much disposable income.

One of the things we like to do here at SBT is provide a no obligation, hassle-free consultation that allows us to get to know your business, understand your needs and explore options. Those discussions around IoT-enabled solutions, systems and technologies as allowed us to establish partnerships in service areas that help to extend our service offerings.

Write Down Your Success Plan

Sit down and write your goals. If you manage contractors, how are you going to grow your business? If you’re a contractor yourself, do you want to eventually own your own business?

Make a business plan if you don’t have one already. Think through your business’s tone online and who your target markets are. As you write down your target markets, make them as small as possible; the more specialized you are, the bigger chance you’ll have at capturing that segment of business. One example of this is Lehman’s, an Ohio-born company that started out making tools for the local Amish community.

Make a LinkedIn account and take this time to optimize it for future work flow. Build your presence online and solidify your personal and professional brands. You can also develop valuable content there to reach wider audiences with your hashtags (Tip: Stick to 3-5 hashtags per post). In addition to branding, develop your skills.

Learn More

You can continue to develop skills by taking online courses, reading blogs, and watching webinars. Even when you can’t be out in the field working on projects, you can work on projects in your garage or virtually. There are plenty of free options out there! More education under your belt means more credentials, which equates to more business when coronavirus is over. For example, when things start to settle back to normal, there is going to be a huge demand for folks who understand how IoT-technologies can utilize blockchain to help make data secure and embrace the extensibility of cloud-based solutions.

Stay Positive

Continue to market and educate yourselves and the business will gradually come back. We went through it in 2008 and we survived.

Reach out to old clients to check in on them. Lead with compassion. Offer free virtual consultations for new projects. When you show people you care, they’ll stick with you for the long run—and that goes for both business owners and employees when you’re working with your customers.

As you take the steps you need to recover from this economic downturn, write down what worked and what didn’t so you’re prepared for any situation in the future.

If You Need a Little Help

In the event you need a loan to get you through COVID-19, the Small Business Administration (SBA) has some low-interest loans.

The Paycheck Protection Program (PPP) allows your small business to keep contractors on your payroll. If you work independently, you are your own payroll, and that counts, too. These SBA 7(a) loans don’t require payments until six months into the lending period, and the interest rate is just 1%. But if funds are used to cover payroll costs and the amount of workers within your business doesn’t decline, your loan will be completely forgiven. Reach out to a participating lender to start the PPP loan process.

Additionally, if you already have debt, SBA has a debt relief program so you don’t have to worry about your existing SBA 7(a) small business loans during this time.