When times are tough
The beginning of 2024 was a shocker for the earthmoving business that I run with my husband.
We all knew 2024 was going to be a hard one with the phrase ‘survive to 2025’ popping up in many conversations. But the phone just went dead. After 5 years of being in business, we had never experienced such a quiet February and March. We sort of thought that things would pick up after the schools went back, but it just didn’t happen. For once, the weather wasn’t an issue - it was just the effects of a tightening economy.
As seasoned sales and marketing people, we chewed our fingernails for a bit but knew that inaction was not an option. Our annual meeting with our accountant reinforced the need to get out into the market place and do some hard work.
A year on, I am so pleased that we took all the necessary steps to keep our business afloat - 2025 is starting to go off! Here’s what we did:
Freed up some cash by selling our caravan - this took the pressure off.
Scoped out our borrowing options (in the end these weren’t needed).
Put together a marketing and sales plan.
Picked up the phone and made some cold calls - yup it was yuck but people were very receptive.
Made contact with our best customers.
Increased our online presence to keep our brand top of mind.
Reviewed our pricing to ensure we were competitive.
Reviewed our personal spending and trimmed it back. Goodbye Friday night takeaways!
By proactively taking action, we reduced our stress levels and turned our financial situation around. I wanted to share my personal story as a reminder to other business owners:
There will always be challenges - you can never ‘rest on your laurels’
Take action before it’s too late
A good accountant will clarify your situation and provide insights into the current economy
Marketing does work
Most people want to help you
Here’s to a better 2025 and all the joys of business ownership!
