In an economic slow down, loyalty in these working relationships can mean the difference in getting new projects or not. It is also important to develop new relationships and alliances. You must constantly be on the watch for new sources of business. Creating relationships with these types of business people will broaden your business base and generate new leads. Diversification into other markets can allow you to thrive in soft economic times.
Builders can branch into customized remodeling projects.
Remodelers can broaden their business with insurance restoration projects. Trade contractors can offer additional consulting services or target a different category of builder. The key is to look for areas that compliment what you already do and that will require very little start-up capital. These transitions to other markets can take time to develop, and the same principles apply to building business relationships. You must begin to think now in terms of extending your professional services to other markets.