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Winter months are often considered to be the construction “dead season” for residential construction, particularly during the holidays. These slower months present opportunities to seek revenue from other sources or prepare your business in ways that will help propel it forward in the upcoming year.
According to a recent NAHB trends report, although single-family home construction has slowed in recent months, spending on multi-family home construction and renovations has continued to grow. Now may be the time to expand your construction business to meet demands in either of those areas.
Look for opportunities to network with community leaders and other industry professionals. Membership in professional associations and chamber associations allow you to build your brand and increase referrals. Networking with real estate professionals and mortgage lenders is also a good way to gain referrals.
The slower months are a good time to look at ways to streamline your expenses and assess your marketing strategy. Reach out to your existing referral resources and former customers who may have new work to send your way. At the same time, review the projects you have completed in the last year and look for missed opportunities to increase efficiencies that you can implement in the future. Also, take a look at your current target market; assess it with fresh eyes to make sure it can sustain your business long term. Create a measurable marketing plan for the upcoming year with concrete objectives and strategies to achieve those objectives.
Look for opportunities to learn and grow. Go to consumer home shows to see the latest in design and outdoor living trends. Take a business, marketing or industry certification course. Go to industry trade shows to see the latest innovations in building technologies and materials, such as the upcoming NAHB International Builders’ Show, which will be held in Orlando, Florida, on Jan. 10-12, 2017.
Your industry knowledge may be valuable to others. Seasoned construction professionals can often generate revenue during slower months by providing consulting services on topics like design, planning, safety and construction management. Other possible revenue sources are available in educating others, either as a guest speaker or as the host of educational events, such as a DIY classes.Back