Change Your Business Today, Benefit Tomorrow

As I stood at the gas station this week, pumping liquid gold into my gas guzzling SUV, I had the revelation, “nothing will ever be the same again.” I need to suck it up, move on and learn how to survive in this new, leaner world. The circumstances we’ve faced over the past few years permanently changed public mindset. People are no longer competing to have the biggest car, the biggest house and the highest paid job; or at least the majority are not. Most are just trying to hang on to what they have, in their personal life and in business. But when you look at different ways to crawl out of this hole we’ve dug ourselves into, just hanging on isn’t good enough.

In 2006, housing starts peaked at an annual rate of 2.1 million. Today, single-family starts are down 75% from that peak*. That’s a pretty big mountain to climb, which looks nearly impossible to most. But now’s not the time to stop climbing. We just need to find a different way to climb, or find another mountain completely.

As companies strategize about how and when the market will come back, they need to consider the potential answer could be “NEVER”. However, that doesn’t mean consumers have completely stopped spending money either. Now is the time to invest in research to find where your audiences are spending their money. For example:

• Homeowners may not be building or buying new homes, but they are renovating their old homes. Push retrofit products to help fill the gap.
• Moisture management tops the chart of importance in U.S. households. Modify your marketing approach to address this issue.
• The biggest potential gold mine in the economy right now is the growing baby boomer population. Ask yourself, “What do they want or need and how can my products fill that void?”

It’s time to stop looking back at the good 'ole days, and start forging a new path for the future. This can be an intimidating exercise, but one that’s well worth the effort – and potentially the only way to make it back to the peak.  

*Big Builder Online April 20, 2011