When I started my business nearly twenty years ago, the plan was to earn an income to support myself and my two young boys. What I didn’t foresee then, was that ten years later, I would have 5-6 employees.
Because of these employees, the latest downturn in the property market, over the last 10-12 months, for me was more serious than ever! I had the responsibility of not only my own income to consider, but also that of my employees.
Being the optimist that I am, I kept telling myself it’s going to pick up, it always does, doesn’t it?
But then reality hit!
I realised the quickest road to losing my business is to sit on my hands, do nothing, and wait for the market to improve. I realised the "business as usual" mindset was going to sink my ship, drowning not only myself but my staff, who to me are like family.
Now more than ever I had to focus, improve, and make changes to what I had been doing for years. Here are five ways I made changes to my business to adapt to the downturn and attain, retain and maintain my clients.
- Develop solid processes and procedures
I looked at this downturn as an opportunity to take time to put in place processes and procedures to ensure that when the market did pick up, my business would be running like a well-oiled machine.
- Develop marketing materials to ensure your business is out there in the marketplace
I worked on new marketing material and now have information brochures, which not only advertised my business, but they also provide potential clients with valuable information and tips. I delivered the brochures to local agents and brokers, which also allowed me to strike up rapport and develop new professional relationships.
- Take your marketing online with social media
I use social media advertising. I have someone external to help me with creating information videos that I can use on social media. These videos cost me about $120 a month – this includes video creation and the cost of advertising across Facebook and other social media channels. It’s a small outlay, but it has helped with my business branding and brought new work in.
- Network
I started networking again. It had been many years since I had felt the need to attend networking groups to obtain business referrals. I didn’t enjoy the run of the mill networking groups, so I started my own local networking group called “Pay It Forward Business Network”.
I tapped into the council business directory to find members and we now have 17 paying members. Our membership fees go to a local charity to assist them financially to provide a weekly hot breakfast to homeless, lonely and less privileged in our immediate local community.
- Plan ahead
Eighteen months ago, I stumbled across a little slice of paradise known as the King Valley in North East Victoria and bought what was to be my dream home to retire to in future years. As it turned out, I loved the peace and serenity of my perfect little get away and wanted to spend more time there without decreasing my workload and income.
I chose to bring my future forward and make the move to King Valley before retirement. I still operate Right Choice Conveyancing at my Chelsea office and earlier this year, with the help of my amazing staff, I have started a second practice “King Valley Conveyancing”, which allows me to spend more time in paradise. The majority of conveyancing work for my King Valley clients, is carried out by my staff in the Chelsea office. Thanks to industry service providers and their products and services, I can work remotely from the King Valley, spending less time at my Chelsea office.
I am still an optimist and I now look at this downturn on the property market as is an opportunity in disguise. I urge all of my industry colleagues to not sit back in fear of a slowing market and remember in the words of Chris Grosser – "Opportunities don't happen. You create them."
