In any economy, there are winners and losers. While some businesses thrive during downturns, others are forced to close their doors or batten down the hatches. What separates the two is often marketing and sales strategy. AEC firms can proactively prepare for an economic downturn by investing in new marketing and sales strategies to help them weather the storm.
Let’s look at ways your firm can proactively prepare for the recession many pundits predict.
1. Focus on sectors not as affected by an economic downturn.
Firms should focus on marketing and selling their services to recession-resistant markets, some of which include the healthcare, education, and government sectors. By focusing on recession-resistant markets, AEC firms can maintain their sales and revenue during a downturn.
It is important to remember that not all markets are recession-resistant. You should avoid targeting markets likely to be affected by a recession. This could lead to decreased sales and revenue.
2. Invest in people who know how to weatherproof your business.
Businesses that invest in new marketing and sales strategies and individuals who know how to recession-proof their company are more likely to weather an economic downturn. By targeting markets not significantly impacted by recessions and investing human resources into employees trained in managerial skillsets for a fluctuating economy, firms can maintain equilibrium during a downturn in the economy.
3. Make your sales, marketing, and business development more effective.
AEC firms should focus on sales, marketing, and business development to proactively prepare for an economic downturn. Sales, marketing, and business development are essential for AEC firms. These activities help AEC firms generate new leads and sell their services. This focus should also make day-to-day marketing and business development activities more efficient.
TrebleHook provides systems and processes that save Marketers and Business Developers time. From generating proposals, resumes, and other documents to automatically logging call and email tasks, TrebleHook allows your sales and marketing teams to focus on pursuing profitable projects.
Firms can ensure they are prepared for an economic downturn by focusing on sales, marketing, and business development. AEC firms that invest in these activities will be better equipped to deal with a recession.
4. Landing new business is essential for growth, even if it means giving up some profits. But be leery of saying yes to just any project.
Companies should focus on landing new business even if it means giving up some profits. Landing new business is essential for AEC firms as it helps them grow their businesses. AEC firms that land new business can increase their market share and revenue.
However, firms should be leery of saying yes to just any project as it can lead to decreased profits. Businesses should focus on profitable projects that will help them grow their businesses. At TrebleHook, we refer to your firm’s profitable projects as your Ideal Project Profile. By identifying your IPP, the TrebleHook Score metric will guide you on profitable projects with a simple A, B, and C scoring metric from your firm’s historical data.
By focusing on landing new business and being selective about the projects they say yes to, AEC firms can proactively prepare for an economic downturn.
5. Without comprising quality or safety, prioritize executing faster and more economically.
Architecture, engineering, and construction companies should focus on completing projects faster and more economically without compromising quality or safety. This will help them save money and time on their projects. They should use fewer materials and labor to be more efficient and streamline their project processes. By doing this, firms can proactively prepare for an economic downturn and stay afloat during a recession.
6. Be prepared to offer creative solutions to help clients overcome obstacles and bring projects to a successful conclusion.
Firms should focus on being creative to help their clients overcome obstacles and successfully complete projects. They should be prepared to offer creative solutions to help their clients overcome any challenges they may face. This will help maintain their client base and grow their businesses. Further, streamlining a project’s lifecycle is incredibly valuable for saving time and money.
By focusing on being creative and efficient with resources, AEC firms can proactively prepare for an economic downturn. By helping clients overcome obstacles and saving time and money on their projects, AEC firms can stay afloat during a recession.
7. Always be on the lookout for potential acquisition targets.
Companies should always be on the lookout for potential acquisition targets. Businesses can acquire other firms to help them grow their businesses. They should focus on acquiring profitable businesses with a strong client base and a similar business model. Through acquisition, firms can proactively prepare for an economic downturn and increase their market share and revenue.
AEC firms should focus on being proactive to prepare for an economic downturn. This includes landing new business, executing projects faster and more economically, and being creative to help clients overcome obstacles. AEC firms should also focus on being efficient with their resources and streamlining their project processes. By doing so, they can save money on their projects and stay afloat during a recession. Lastly, firms should always be on the lookout for potential acquisition targets.
If you want to understand how TrebleHook can streamline your project processes and better prepare your organization, get a demo from our team.
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