Wacky weather – boom or bust for your business?

Canmore, AB ?

?“We’re going to have to get a new roof and then decide on the car.”

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Can’t read the full email –?click here for the online version.

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This was the comment by friends of ours in the neighbouring city of Calgary, speaking about a large thunderstorm with accompanying hail damage that swept through their area in July.

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As a Canadian – the weather is likely the most talked about topic in any conversation.

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Take this morning, for example. At 8:00 am, the temperature was a cold 3C (or 37F). Yesterday was rain and thunderstorms, with the high during the day reaching a “balmy” 12C. (54F)!

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All this after receiving heat warnings during the week, where temperatures reached the scorching high of 31C. (88F – heavy sarcasm?)

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But with all the wildfires this summer, the following headline got me thinking: “Surge in U.S. thunderstorms has caused 'unprecedented' $34B US in insured losses this year”.

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I’m not writing, however, to remind you to check that you are insured for events like this. Rather, if your company relies on “emergency” events like floods, hail, wind, or accidents and human misfortune, then this article is for you. Think, roofers, plumbers, restoration companies, dentists, medical practitioners etc.

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Now don’t get me wrong, we humans need your services when misfortune befalls us. We’re glad you are there.

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But for you, relying on such events often involves a cyclical, boom and bust affect on revenues and profits. It’s difficult to predict when you will be busy and there is a cost in ensuring you have enough staff to cover emergencies, when they do arrive.?

What can you do?

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Well, for starters – you can ensure that you are the premium player in your industry, and you only get hired at the highest prices when called. What that means is you should have some Market Dominating Position and it shouldn’t simply be that you are #1 on the first page of Google search.?

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Your second strategy is to develop and offer services and products that your clients will want, after you do the job, they first hired you for. This could be additional services you don’t even offer, but you know companies that do, and you create joint ventures and strategic alliances with.

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It could also include figuring out how to turn your one-time buyers into ongoing subscribers or members. The roofer, for example could refer (or create and offer) landscaping, eaves troughing, exterior painting, fencing or any number of services from observing what else the homeowner might need work on.?

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Adding regular revenue streams is achievable for event-dependent businesses and go a long way to smoothing out a boom/bust business cycle.

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Until next week,

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Stay healthy and focus on profit!?

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- Hugh? The “Profit Accelerator” Expert

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P.S. Did you know that even tiny improvements of 1-3%, in just 12 fundamental areas of your business could give you 50% and more improvement to your bottom-line? Test out my brand-new?Profit Acceleration SimulatorTM? and discover the true impact of a conservative estimate of Profit Acceleration initiatives on your business and see for yourself. (https://hughtafel.com/sim)

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