What NOT to Do When Things Get Slow
When income or profits drop, there is a tendency to quickly react with poorly planned action.
Naturally, there may be an immediate need to act, but there are several steps you should avoid.
Here are few actions that must be avoided, if you wish to change the course of your appraisal practice.
Panic: Panic is not a state that spawns wise decisions. Take a breath and assess your situation.
Do what you’ve always done: If your practice is not performing well, then it certainly IS time for change. Review what is working and what is not.
Lower your rates: That is a typical panic tactic, but it does not necessarily create more business – and even if it creates more jobs, the profitability of those jobs is less than before you dropped your rates.
It seems more appropriate to maintain your rates, and if needed, provide a discount on a per job basis. Better yet “sell” the benefits of your services and expertise, rather than quote rates.
Look for a part-time job: Decide if you want to still be in this business. If you do, then put all your energies into it. DO not dilute your efforts or your focus.
Fire your help: Your admin and support staff provide you with the time you need to “run the business.” With them the “business will run” you. Your time is best spent generating more business and doing what you do best.
Place a Bigger Ad on Social Media: Bad idea – until you know precisely who your target market is. If you do decide to promote your services, do so in the right market to the right prospects at the right time.
Make 100 Cold Calls: Cold calls are usually a huge time waster. Better to review your invoices and reach out to existing clients who may need your services again.
Complain & Whine About Your Situation: Nobody cares!! Knock it off and get to work!!!