Folks keep telling me a slowdown is coming so I thought I would throw some ideas around that can help you maintain sales in a slower economy. So perhaps we can get ahead of this together! 

First off, I would like to mention a few provinces have seen significant slowdowns over the last couple of years and may use these tactics to help improve their business. You also may have other ideas that you have done that I have not thought of, please let me know! I would love to hear! 

Secondly, I would like to define what a recession is so I don’t create undue fear. A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.  How long do they last? An average of 10 months, since World War II, with the typical economic downturn lasting approximately 10 months in the U.S. They can be much longer than that, the Recession of 2007-2009 lasted 18 months, or very short, the COVID-19 recession of 2020 only lasted two months. 

I think I would like to draw attention to the definition again. Weak or negative growth from the previous period. So if the previous period was an all-time high and the next period is not as good I would like to say there will still be lots going on! Will there be a few months where it is a bit skinny yes, so make sure you are ready for that. But a recession is not a full stop! The world keeps turning! 

Ok, enough doom and gloom! Let’s get into what you can do! 

1. Take back your business! You’re an electrician, right? You do wiring?  Why let untrained trades do your work?  Take floor heat, I know it is not the most desirable work, but there is very good money in floor heat!  Take it back from the flooring guys! It is on your permit! 

2. Offer new services that involve minimal investment, landscape lighting, generator backups, and upgrading existing houses to decora plugs and switches are a few great examples! 

3. Upsell!  Stop offering the basics as the only option. So many people would take more expensive lighting (that you can make more money on) if you were to offer it. If it is a quoted job offer these upgrades as extras on your quote! Talk to your builder about doing this, get samples and start selling! The best method is to offer 3 price levels. Typically if you do this your client will pick at least one step up.  This is a win-win! Your client gets better lighting and you make more money. If you are looking for options I can help! 

4.  Advertise! Yes get your name out there but when you do advertise do it for a specific service, like replacing old plugs and switches in houses.  Make sure you measure how it goes, the last thing you want to do is pay more than you are making!! Another option is to offer to replace the slim led lights that will begin to burn out everywhere soon. 

5.  Educate yourself on a new skill that the local market can support in your trade. Then market yourself as an expert! This comes with higher billing hours. Make sure you do the research and that it is a market that needs more techs in your area. 

6. Raise your prices, this might seem counterintuitive but many times customers ae willing to pay more for your services.  Also, if you are more money than your competitors make sure your customers know why!  You fix others’ mistakes, you work faster. I once chose a landscaper because his hourly wage was lower than his competitors, what a mistake! They took so long that I ended up hiring the “more expensive” company and they were done in half the time saving me money!! Go figure! 

Overall don’t panic, good and bad times come and go. If you are feeling the pressures and need someone to chat with I am here and willing to help in any way I can!  I believe our customers are an extension of our business when you succeed we succeed!  When you suffer we suffer. After 25 years I have seen and made my fair share of mistakes! I am happy to share my experiences with you! 

Shoot me an email if you would like to talk!

Posted on Categories : Wire