We’re all bored of the phrase “challenging economic environment” aren’t we? So while it makes sense to know what you’re up against, especially when it comes to labour shortages and rising costs, it’s also good for business if we focus on the positive. After a bumpy few years, the Building Cost Information Service (BCIS) is forecasting a growth in output of 21% over the next five years.
And RIBA’s latest survey data shows that RIBA chartered practices increased revenue over the last 12 months, although growing profitability has been more challenging.
Of course, there are plenty of worrying predictions that we could seek out, and the increase in employers’ National Insurance contributions certainly won’t be helpful. But one thing I’ve learned, in nearly 14 years of running Super Structures Associates, is that there are times when it pays to keep your eyes on your own exam paper.
The reality is, you are only able to control your own actions. Of course, you might be able to influence the people around you, but you can’t do much to influence national or global events.
So with that in mind, what are you doing to “control the controllable” and ensure that your business continues to thrive, whether or not the current economic predictions are correct?
Here are five key elements it’s worth taking a look at:
1. Keeping your mindset on the right track
When the news is full of doom and gloom, take responsibility for keeping yourself and your team in an upbeat frame of mind. I aim to make time for running, as a way to keep my mind and body healthy, and I also encourage my team – my engineers and my PA – to make sure they get the time off they need to recharge their batteries.
2. Filling up your pipeline of work
What do you do when the number of enquiries you’re getting drops off? Do you have business “levers” you can pull to make sure you have enough work coming in? Of course, it’s better to stay ahead and react before things get critical, but three things that work well for us are:
- Building relationships – we enter Super Structures Associates for local business awards and attend business events so we’re constantly building and improving relationships,
- Keep in touch – once someone has had a good experience working with you, it makes sense to keep in touch. Even if they don’t need your services again (for example, if you’ve done one-off residential work), they may recommend you to others who do.
- Ask for reviews – one of the key things supporting our healthy pipeline is the number of five-star reviews we have on Google. We had 46 reviews at the last count. I know people can find it difficult to ask for reviews, as clients are busy people, but most are happy to help and it can have a huge impact on your business. Create a system that means you always ask for reviews (more than once!) and it will pay dividends.
3. Fix your website
Does your website just sit there looking good? Or does it look good and generate enquiries for you? Often our businesses evolve over time and our websites don’t always keep up. Does your website make it easy to see who you work with, what kind of work you do, and how to get in touch with you? If it doesn’t, start working on some improvements. Your website should support your business, not hinder it.
4. Find good partners
There are people who are constantly in contact with your ideal kind of customer. Make friends with them! Having people who can recommend you makes it infinitely easier to make sure you have a steady stream of prospective clients getting in touch.
5. Social media
It’s important to stay active in the places where your ideal clients are spending their time online. This is most likely to be LinkedIn, Facebook, Instagram or possibly even TikTok, but you can easily find out by asking your customers which platforms they use. Aim to do a great job at posting on one or two platforms as a starting point. If you can make the time for it, your posts will get more reach if you’re liking and commenting on other people’s posts too. Make a point of commenting on posts which people in your target audience are most likely to see.
With growth being forecast for the next few years, it’s tempting to hope that more clients will walk through the door naturally. But putting focused effort into the above elements will help you to increase your chances of success.
And don’t forget to be interesting! There’s a lot of noise out there, so we make a point of letting people know we can solve difficult problems that other engineers can’t. We like to say that we’ve got technical ability and gumption. You can’t be the same as everyone else or you get lost in a sea of greyness.
If you have any questions about how we do things at SSA, let me know. This is how we all succeed – by helping each other out and sharing what works, and what doesn’t.
And if you need any assistance with the structural elements of an upcoming project, please do get in touch.
