Building Industry Magazine - July 2012 - (Page 102)

TIPS ON SURVIVING A TOUGH ECONOMY BY LEE SCHALLER You’ve heard the old saying, “The best defense is a good offense,” right? Well, it doesn’t just apply to sports! It’s true in any difficult situation. We’ve been through a lot lately here in Hawaii — not as much maybe as mainlanders, whose economy has been significantly worse than ours, but it’s been tough enough to cause headaches and heartaches and serious business worries. And even though things seem to be picking up, we’re not entirely out of the woods yet. We’ve compiled a brief list of tips from gurus in areas from economics to marketing, communication and finance that may help reinforce your (probably already savvy) strategy in these still somewhat difficult days and confirm that you are on the right path. But sometimes we are so close to a situation that we lose objectivity. So here are a few ideas on maintaining your bottom line — and your sanity during less than ideal times. A Hard Economy is No Time for Soft Sell The first thing some company managers and CEOs think about cutting in difficult economic times is outreach. They figuratively crawl into a hole and pull it in after them. They focus on internal troubles, which is good. They stop thinking about the image they may be projecting to the all-important community out there, including potential clients. And this is not good. National industry associations, professional organizations designed to give expert advice to industry members, legal advisors – each of the many, many expert guidelines on surviving and even growing in a down economy, all include near the top of their lists of advice, the words “image,” “identity,”“visibility.” Highly respected sources such as Contractors Center Point, Resources for Entrepreneurs, Legal Marketing Reader, BizTalk, About.Com, even the U.S. Small Business Association, continuously stress the importance of “putting yourself out there.” They point out: • Think about how you are projecting yourself in the marketplace. This is not the time for “cute” or “gimmicky” messages. Tell them what makes you different. Remind them about your experience and history, your citations and awards (include any recognition for an excellent safety record), your client satisfaction reports, your awareness of monetary constraints and your ability to help save them money while you deliver on time and within budget. • Keep your website up to date. As writers and researchers who constantly consult the websites of local industry members, we discover websites that have not been updated for several years, even speaking about “upcoming “Reinforce your presence in the marketplace.” • Keep an eye on your competition’s advertising and marketing. What are they saying? Are they taking a defensive strategy or reducing their communication efforts? More opportunity for you to gain a stronger foothold by reinforcing your presence in the marketplace and enhancing your visibility. 102 | BUILDING INDUSTRY | JULY 2012 http://www.About.Com

Table of Contents for the Digital Edition of Building Industry Magazine - July 2012

Contents July 2012
Hawaii’s Top 25 Contractors
Educating for the Industry
Surviving a Tough Economy
Top Eats
News Beat
Forest City Completes $312M Neighborhood
2012 CAK Home Show Streams Live
Keokea Beach Park Renovation Completed
La Tour Bakehouse Partners with RevoluSun
Pier 29 Construction Complete
NAIOP Awards Honor Commercial Development
NAVFAC Awards $46.6M Contract
Departments
Datebook
Best Practices
Contracts Awarded
Concept to Completion: Marriott’s Ko Olina Beach Club, Phase 5
Low Bids
Spotlight on Success: BEQ, MCBH
News Makers
New Products
July's Features

Building Industry Magazine - July 2012