As the nation continues to emerge from the Great Recession, albeit at a near glacial pace, there are copious lessons and insights to glean from those businesses that didn’t just survive the malaise but actually prospered. Understanding how they reacted to alter their operations or fully transform their business models can provide answers on how to remain nimble when then next economic storm hits or even in the current competitive landscape.
Certainly there are many shining examples of businesses among the installing security and integration communities that thrived during the recession. However, I wanted to share one company’s story from outside the security industry I happened upon this week in The Charlotte Observer that offers parallels to any small- or medium-sized business.
Many companies were, of course, forced to cut costs and did so primarily by reducing their payroll through layoffs or reducing the number of hours worked by employees. This short article highlights how Charlotte, N.C.-based Roger Hendrick Construction was able to ride out the difficult economic times without resorting to layoffs. As you’ll read, the company’s CEO stepped outside his comfort zone by taking on smaller projects and gunning for work that was located outside the firm’s normal geographic area of operation.
Another important arrow in Hendrick’s quiver — networking. Check out how he expanded his own horizons by making contacts with other entrepreneurs that led to new understandings about the state of the industry. The lesson here for installing security contractors is to take advantage of the range of industry networking opportunities available locally, regionally and nationally. The answers and solutions to your difficulties can often be found among your peers.
Rodney Bosch | Managing Editor