No doubt that most of Irish businesses are facing challenging times. The construction industry alone has recorded a loss of 200,000 jobs over the past two years*. A wide majority of building projects are on a stand-still and there is no sign of recovery expected soon.

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In such uncertain times, is your only option to lock the door and leave the key behind? – Well, not just quite yet. We explain below a few things that can be done and why, even in recession (dare we say depression??), there are still opportunities.

Winning back control of your business

The first thing you can do is to reconsider your costs and overheads compared to your level of income. If your revenue is likely to be reduced, your costs and overhead

Another important step is to design and implement a strategy to deal with your cashflow. Do you already have a structure in place and someone dealing with it? Good, but make sure that this is working efficiently.s must change in tandem. Look at each one and take the time to answer this question: is there any way I can reduce or minimise this? However, if this includes choosing the least expensive sub-contractor, make sure that your targeted quality of work is still met. The last thing you want is to loose an unhappy customer (Remember: it costs more to attract a new customer than to keep an existing one).

Another manoeuvre is to diversify your activities. With your office(s), employees and processes already in place, why not use these resources to do something new and different? Moreover, this may lead you to re-structure your company, instead of having to downsize it. So, what other activities can you develop, using your existing assets?

Looking at new opportunities

Companies are facing huge challenges. Some will get through stronger, and some others will be weakened or not survive. You need to make sure that your business will belong to the first category. Keep an eye on your competitors. Have they modified their offering, their prices? Have some closed down and is there an opportunity for you to acquire their lost market?

This is where communications and advertising play an important role. Keep communicating and show that your company is still around! But beware of spending without having a proper strategy in place. A good option is to appoint a marketing consultant. This is an additional cost, but that can save you money and make your communications spending more efficient and profitable.

Also, we talked above about reducing your costs. Recession brings increased competitiveness. More likely, if you tend to use the same suppliers or sub-contractors, there is a high probability that they will be willing to re-work their prices to support your business, increasing your competitiveness. Or look at more affordable alternatives.

Looking at piling costs? – ~Did you know that Precast Piling is the most cost-effective solution?

Talk to us to find out how – contact Marie at Terradrive on FREEFONE: 1800 PILING (745464), 059-9164419 or mail@terradrive.ie.