Why an Economic Slowdown is a Time of Opportunity

Economic slowdowns can be challenging to businesses — and painting businesses are no exception. Recessions can lead to job losses, downsizing, and a decrease in productivity that can make even the most confident finishers lay awake at night.

What’s the difference between businesses who capsize and ones that confidently ride the choppy seas of economic slowdown? It’s that successful businesses view these trying times as times of opportunity.

Let’s take a closer look at how finishing businesses like yours can take advantage of the opportunities that arise from a slowdown.

More Time to Address Pain Points

Most companies have some form of pain, but they often live with it when production is high because they don’t have the time to address it. When jobs are fewer and further between, you’re presented with time to address those pain points that have been piling up.

Maybe it’s a disconnect between your team’s skills and the services you want to offer. Or maybe it’s a process that hasn’t been working smoothly for months or even years. No matter what your pain point is, an economic slowdown is an opportunity to relieve the pain.

Increased Competitiveness

When the economy is booming, it’s easy to let innovation take a backseat. Companies become complacent and the “don’t fix what’s not broken” mindset becomes the status quo.

But when the economy takes a dive, companies are forced to innovate to remain competitive. Dipping your toes into new products and services can help you stake a claim and put your finances back on track.

Some thoughts for finishers like you to consider in this era of competition:

• What’s something your competitors are doing that you aren’t?
• Can you start doing it?
• What’s something that you’re doing that your competitors aren’t?
• Can you do it even better?
• What’s a product or service that you’ve always wanted to offer?
• Could you spend this time researching and decide once and for all if it’s worthwhile to pursue?

Lower Costs and Opportunities for Investment

Lower interest rates, lower raw material costs, lower labor costs — financially speaking, there are some silver linings during a time of economic slowdown.

With those lower costs comes the opportunity for entrepreneurs like you to expand your business. It may be the right time to consider the assets, equipment and business acquisitions that may have been unattainable during a robust economy.

And for some, times like these are a great opportunity to invest in a new business altogether. Whether it’s adjacent to your finishing business or it’s completely unrelated, it never hurts to go back to the drawing board and re-envision your strategy.

Increased Consumer Focus

Value is the name of the game when the economy is in a slump. Customers want to get the most value for their money, which creates an opportunity for entrepreneurs to offer products and services that strike a delicate balance between cost and quality.

Needless to say, the businesses that will come out on top are the ones that can offer high-quality products at a reasonable price. If you’re one of the lucky finishers who has identified opportunities to cut costs without sacrificing quality, you’re already set up for success.

Economic Downturns Aren’t All Doom and Gloom

Now that you’re seeing through the lens of opportunity, your finishing business has a real shot at navigating these uncertain economic times more confidently.

If you’ve found a unique approach to success during this economic slowdown, we want to hear about it! Hit the button below to share your story, and you could earn a shoutout on our social channels. We’re excited to hear how you’ve navigated these choppy waters, and how other finishers can follow your lead.


Share Your Story