Recently, Central hosted a private webinar with leading industry consultant, Jeffrey Scott, to discuss the business, sales and marketing strategies to keep your business healthy today, and in the future. The Central team, including ownership and other leaders, joined Jeffery to share experience and insights on the future of the industry.
During the webinar, Jeffrey covers how our industry is being impacted by the economy, Covid, government regulation, various trends and more. Check out these 8 topics and recommendations that you can use to build your business better and stronger.
1. The Total Economy
During this section, Jeffrey covers his forecast on the future of the total economy during the next 18 months from stock market and a V-shaped recovery to global stability in European markets and diversification.
2. Cocooning
The past four decades have seen an increase of people cocooning but the pandemic has only accelerated this trend—staying inside one’s home, insulated from danger or perceived danger, instead of going out.
With this intensified shift, more people are working remotely and our industry is seeing a shift in how and where our workers, work. Certain divisions or areas of our industry such as design build are seeing incredible increases on the residential side. Find out how cocooning can impact your business and learn how you can stay at the forefront of this trend.
3. Freelancing
We’ve all heard the term “gig” economy. This is where more and more people take on a variety of short term, project based, or temp jobs—instead of full-time, regular employment. In the past, this was usually reserved for things like seasonal worker, marketing, IT support, customer service, or designers. However, overtime we have seen a shift for all types of employees such as CFOs, accounts payable, and other traditional office-based positions. See how your business can leverage this trend during a time when it may be difficult to find employees.
4. Pandemic
The pandemic has had a huge impact on daily life and how businesses manage their operations. As business owners, you have already experienced difficult situations and learned to navigate a pandemic. You need to ensure that you can continue to successfully maneuver these challenging situations and mitigate as many negatives as possible.
While we don’t know what will happen in the future or if there will be a second wave of the pandemic (or how bad it may be). There is indication that a vaccine may be ready as early as this fall. In the meantime, have a plan set for your business and learn from what worked earlier this year and what didn’t.
5. Government Regulations
Will there be another round of government regulations? How will that impact your business? Did you take advantage of the PPP Loans from the first round of support. Jeffrey discusses his predictions for a 2nd round of support from the government, what to look out for, and how to make sure your company is properly evaluating expenses to make sure it’s thriving versus surviving.
6. Hiring
Now more than ever, it’s important to evaluate all qualified candidates, even if that means they are from outside the industry. Once you have a solid team or a motivated employee there are several things that you can do to make sure they stay that way and you are able to retain them. Find out from this webinar several recommendations to make sure you continue to have a strong team now and in the future.
7. Peer Groups & Coaches
Have you considered joining a peer group or working with a business coach to help you grow your business? This is a common practice for many successful businesses and professionals. Peer groups can help you learn from their experiences, while coaches can help you navigate challenging areas of your business and help you successfully grow. Learn how peer groups and coaching has can help you and your business.
8. Own the Market
Professional companies have many things in common but the biggest thing is that they Own the Market. From self-management and money management to culture and rewards, find out what owners in the top companies do to Own the Market and grow their business.
Finally, rely on Central to help, whether it’s questions about marketing strategy, strategic purchasing, business resources or business planning during COVID-19. Central is the right partner for your business. We stay at the leading edge of the industry and we’re ready to help you grow!