Landscape Ontario’s board of directors recently took 15 minutes to brainstorm ideas on what individual companies can do to thrive in any economy. They came up with the following:
Great ideas
- Develop networks for support — talk to each other
- Do not pass negative impressions to customers
- Increase company awareness activity
- Survey and communicate with your customers — they, too, will be weathering uncertainty. Find ways to add value and partner with your customers
- Watch receivables
- Negotiate terms with suppliers
- Reduce overheads. If staff must be cut, consider how to do this sensitively and humanely
- Add additional services
- Target your market. Identify market opportunities. Fire customers that don’t fit
- Focus energy on profitable customers
- Set positive tone – “leadership”
- Speak to staff – be positive
- Eliminate waste
- Rent equipment instead of purchasing
- Hire sub-contractors and/or fire sub-contractors
- Develop an action plan. Being proactive is one of the most important things to do
- Change marketing focus. What we do is enhance customers’ investments.
- Downturns may be positive in some ways. Look for opportunities
- Promote positives
- Retailers: watch inventory. Keep space full with product. Empty space sends the wrong message and image
- Contractors
- Watch inventory
- Review supplier lists
- Use member suppliers. (Work together, we are inter-dependent)
- Know your costs
- Don’t discount without knowledge of bottom line effect
- Follow up on estimates
- Survey suppliers and peers. Find out how others are doing and observe what works.
- Invest in training and education
- Use the apprenticeship program to help staff
- Recruit better people
- Maintain professionalism
- Differentiate your business and communicate your benefits
- Start a “rainy day” fund
- Maintain good business fundamentals. Work at enhancing competencies in sales, leadership, finance, operations and customer relations
- Use technology
LO helps members thrive in economy
What can the association do to help members thrive in any economy?
- Host association events focused on the economy
- Chapters and Sector Groups should include the issue on the agendas of all meetings so that members can share experiences, fears and opportunities
- Host panel discussions with respected members and consultants
- Host meetings featuring financial experts
- Host legal seminars on placing liens on properties.
- Verify the negatives. Sometimes negative talk is not based on reality
- Accent the positive
- Stimulate demand. Mount a collective promotion campaign
- Remind the public about the importance of enhancing their properties
- Develop benchmarks and surveys
- Engage industry sectors groups to share ideas and network
- Write articles about companies that have grown and thrived in recessions
- Host seminars on technology
- Focus Congress programs on business subjects
- Promote the Prosperity Partners program
- Find ways to engage members using the association’s infrastructure
- Form a “taskforce” committee
- Announce “Economy” as the top priority of the association
- Make information accessible
