For roofers, it’s essential to weather the storm of a recession – quite literally. In this down economy, you need to make sure your roofing business doesn’t just survive, but actually thrives. Here are some tips on how to recession-proof your company:
- Go digital! Leveraging online marketing is one of the best ways to make your roofing business recession-proof. Utilize SEO, PPC, and social media to get your name out there and attract new customers.
- Automate operations with field service management (FSM) software. FSM software streamlines operations, reduces overhead costs, improves communication between employees and clients, and makes roofing contractors more efficient.
- Manage cash flow carefully. Pay attention to accounts receivable and take advantage of discounts from suppliers when available.
- Get creative with pricing strategies. Consider offering roof maintenance or roof repair packages that come in different price points for customers who are on a budget. If you can, also offer financing options.
- Hire wisely. During a recession, roofers can’t afford to hire employees who are not productive. Make sure you do your research and find motivated workers who will help your business stay afloat. Read our blog on how to hire roofers well.
- Manage your inventory well. Keeping track of roofing materials and supplies is essential. Make sure you’re well-stocked but not overstocked so you don’t have to waste money on excess inventory.
- Purchase for multiple jobs at once to take advantage of discounts. Bulk buying roofing supplies lets you save money and stock up for future roofing projects.
- Remember that your customers are feeling the crunch of the recession as well. Offering discounts or other creative roofing services can help your roofing business stay afloat in a troubled economy.
- Consider expanding into areas you might not already be. You can offer things like flat-price roof inspections for homebuyers or “second opinion” roofing estimates for people who are fighting with their insurance companies.
- Offer quick services. For example, in northern climates, you can offer an ice dam removal service. In the southeast, a rapid response tapering service after storms would be a significant expansion of your portfolio.
- Using dispatching software, like Optsy, to move trucks and people more effectively. When you have an estimator out on the road, you can move them around more effectively by tracking where they are and how they can get from place to place more efficiently.
- Use an estimating service. Try an estimating service, like Xactaquote. Sometimes, an estimating service that has several former insurance estimators on staff can give you more thorough, therefore better priced estimates.
- Word of mouth is free. Call your former customers. Make sure their roof is in good shape and ask if they know anyone who might need a new roof. The phone call is free, it’s a chance to grow your rapport with your customers.
A recession is not the end of the world for a field service business. In fact, if you keep marketing and look for additional sources of revenues, you might find that a recession is a blessing.
Remember this very important factor: A recession is the time to put more money into promoting your business, not less.
