Preparing for the Slowdown

The polyurea industry, like many others, is not immune to the effects of a sluggish economy. Whether it's a drop in consumer spending, delayed projects, or tighter budgets, these challenges can hit hard. But here’s the thing—business owners who prepare now won’t just survive; they’ll thrive. The key is to stay ahead of the game and make smart moves before the storm hits.

Here are three four tactics I'd be implementing today to ensure your polyurea business not only weathers the coming economic storm but also emerges stronger on the other side.

1. Double Down on Your Core Market:

When the economy takes a downturn, it’s easy to get desperate and start chasing after every possible lead. But trust me, I've done it and that’s the wrong approach. Now is the time to double down on your core market—the customers who already know and trust you. These are the clients who see the value in what you do and are more likely to stick with you even when times get tough.

Using your CRM (you have a CRM right?), start by analyzing your customer base. Who are your best clients? What industries/niches are they in? What problems are you solving for them? Once you’ve identified your core market, tailor your messaging and services to meet their needs more specifically. Offer specialized packages or loyalty discounts to keep them coming back. Remember, it’s not about getting more clients right now; it’s about extracting as much value as possible from the clients you already have - AKA getting all the meat off the pig.

2. Streamline Your Operations:

In times of economic uncertainty, efficiency is king. Look at your business operations with a critical eye—are there areas where you’re bleeding money? If yes, amputate. Are there relationships that are not serving you or are not providing value for the fees they are charging? Alter the relationship so it serves YOU or get a divorce. Are there processes that could be automated or streamlined? Now is the time to tighten up your ship.

Consider investing in technology that can help you reduce waste and increase productivity. For example, a CRM system optimized for the coatings industry (like RCApp) can help you manage your leads, follow-ups, and client communications more effectively, saving you time and money. And while we’re talking about tech, don’t shy away from using digital tools to monitor your financial health closely. Regular cash flow analysis and budgeting tools can give you the foresight to make adjustments before issues arise. PRO TIP: Have cash reserves ready to go because if you do, you WILL be presented with opportunities to buy competitors for pennies on the dollar.

3. Innovate Your Offerings:

An economic slowdown is a perfect time to innovate—yes, you heard me right. While your competitors are pulling back, you can use this time to introduce new services or products that meet the changing needs of your clients. Think about it: what new challenges are your customers likely to face in a tighter economy? How can your polyurea applications solve those problems?

When budgets get tight, people and companies look for ways to make the things they already have last longer. With polyurea, you are in the ideal position to help them and capture that business.

Maybe it’s a more cost-effective coating solution, or perhaps a service package that offers long-term savings for your clients. Whatever it is, make sure it aligns with the current economic climate and adds real value to your customers. This isn’t about throwing something new at the wall and seeing what sticks—it’s about thoughtful innovation that meets a specific need.

4. Build Strategic Partnerships:

In uncertain times, it’s more important than ever to build strong relationships—both with your clients and within your industry. Collaborate with other businesses that complement your services. For example, in my role as a marketing consultant to polyurea applicators, I often introduce strategies I see in other industries to the polyurea industry. Additionally, I've also partnered with a supplier to offer bundled deals that are attractive to my clients and beneficial to both of your businesses. (You can - and should - steal this idea.)

These partnerships can also open up new opportunities for referrals and shared resources. Remember, you don’t have to go it alone. By teaming up with others, you can create a support network that helps everyone weather the storm together.

If you take these steps now, you won’t just protect your business from the potential downturn—you’ll position yourself as the leader in your local industry, someone who doesn’t just survive challenges but uses them as a springboard for growth. And when the economy rebounds, as it always does, your business will be stronger, more resilient, and ready to take on whatever comes next.

So, what’s it going to be? Will you sit back and hope for the best, or will you take control of your future?

The choice is yours, but if you’re like me, you know there’s only one real option. Start preparing now.

Your business—and your future—depends on it.

Thanks for reading, and I hope you have a WILDLY profitable 2025.