Fundamental Lessons to Help Your Landscaping Business Thrive
There's been a lot of talk and speculation about the economy recently. Are we headed for a recession? How do we plan for the year ahead with uncertainty in supply chains and logistics? What if demand does stay high, how do we plan for that?
In life, we rarely have certainty. No one knows what will come next, and the best thing we can do is have a plan for what we think will happen and focus on the things that we can control.
I was in business in 2008, and I remember what that recession was like. I'm not going to sugarcoat it: it was not very much fun. But I learned a lot, and it's influenced how we run Grunder Landscaping Co. in the years since. This week, there are three areas I encourage you to prepare in so that you're ready for whatever this year brings:
- Bad economies happen to good people. This is a session title for GROW! 2023, and Jennifer Murray, Director of the Professional Program in Finance at the University of Texas Dallas and team member at McFarlin Stanford, will share the measures that can help you interpret what today's news means for your business. Understanding what is happening in the overall economy can help you plan and make smart decisions for your business.
Pre-2008, Grunder Landscaping Co. did not have a great process for plant procurement. We frequently bought plants that looked great from the local nurseries, and then would hold them in our yard until we sold a job that used them. When the recession hit, we were stuck with a ton of cash tied up in plant inventory. Cash in the bank or stocking your non-perishable materials is more useful than cash tied up in your speculative plant yard.
- Marketing becomes more important. We've had so much demand that for the past few years, marketing hasn't been a focus. Many companies are growing even without doing much of it. That will change, and having a smart marketing plan in place to drive the kind of growth you want to see will set you up for success no matter what comes next. At GROW! 2023, Emily Lindley of The Grow Group and Grunder Landscaping Co. will teach a session on aligning your marketing and sales goals. Plus, most of what she recommends companies do is low-cost: you just have to be intentional!
- You must watch your costs. Now. Pigs get fat, hogs get slaughtered, right? Raising your prices isn't a bad thing, but if you're doing it without first looking at how you could reduce your costs, you could be leaving margin on the table. Your team using their time efficiently is the #1 way to reduce costs, and it needs to be your focus. At GROW! 2023, executive coach at McFarlin Stanford Jason New and Ryan Malone, Maintenance Division Manager at Malone's Landscape will share how Malone's Landscape overhauled their maintenance program to optimize efficiency. It's a great case study in what companies should be doing.
The companies that survived 2008 were the ones who did these things right, and we can help you prepare for whatever may be headed our way. If you're nervous about the year ahead, the best thing you can do is plan, learn, and continue improving on the fundamentals. I hope you'll take the time to join us at GROW! 2023 to do just that.
You can view our whole agenda on our website to see what else we have planned. Space is filling up quickly at this event, and tickets may sell out this year. This year we're excited that our VIP attendees will see Summit Landscape & Design's morning roll-out, but we only have 20 tickets left before they're sold out. Register today, especially if seeing a morning roll-out is a can't-miss for you!
Have a great week!
Marty Grunder
President & CEO
The Grow Group & Grunder Landscaping Co.
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