5 Ways to Recession-Proof Your Business
Retain your current employees
We all know it costs more to onboard a new employee than to retain a current one, so sometimes investing a little more in your employees can go a long way to avoid bigger expenses (and lost billable hours) later.
Take a look at workloads (especially if you’ve already experienced attrition) to identify your team’s top needs. Bring them into the conversation and help them determine how they can be more productive with less. Sometimes it can be as simple as updating hardware to remove frustration and lost time due to the spinning wheel of death or providing software add-ons that automate repetitive tasks.
Extend your bench – without the overhead
For some projects, you really DO need more hands on deck. But that doesn’t mean you need someone long-term with the expenses of a benefits package. Look for a reputable partner who can take some of the weight off — allowing your team to focus on the big stuff. Just be sure to request bios, samples of work, and success stories from past projects.
DID YOU KNOW?
ATG has 4 dedicated service teams of from-industry experts. From Architectural and Structural to Civil, MEP, and even Scanning, we’d love to talk with you about your project needs.
Assess your current tools and expenses
It’s the first rule of evaluating personal finances, and the same is true for your business expenses. Are you getting the most for your dollar? Does your service include complimentary technical support and on-demand training? When was your last assessment of your licenses? Are you providing the right hardware and software to your various teams?
Switching can feel like a hassle, so it can be tempting to let licenses auto-renew or continue to buy through the same providers. But a few due-diligence quotes and calls can turn into significant savings.
Minimize errors and rework cost
We’ve all been there. You’re running full speed on multiple projects at once when BAM! You hear about a critical error threatening your deadline AND your budget. It’s not just a recipe for potential disaster on this project – it will likely affect other projects too.
Avoid the time and money suck (not to mention the team drama) by ensuring your team works in a cloud-based solution (like Autodesk Construction Cloud) to increase visibility and supply real-time access to the latest document version.
HOT TIP!
Don’t step away from your projects for training. Look for a partner who offers project mentoring where you can ask questions in real-time. You’ll apply the information immediately (with better retention) while contributing it to your billable project!
Keep connected to your community
When money and time are tight, it can be tempting to pull back on anything that seems nonessential, including community service. Don’t make the mistake of taking a short win with a long loss. We’re all in this together, so keep contributing to your community in ways you typically have. Supporting local events, volunteering with employees, and donating to schools or shelters in your area contributes to company morale (retention), keeps your name in front of the community (publicity for future bids and hiring cycles), and keeps you connected to the bigger picture.
BONUS! Don’t do it alone.
A recession can be unnerving for any business owner, but you can overcome some major hurdles with a bit of intentional leaning in. At ATG, we’re a full-service partner who has your back from the big picture items all the way down to everyday workflow hacks. Schedule a free business consultation to tell us your goals. From software and hardware solutions to services and financing options, we’re here to support your success.
