TCF678: Contractor Q&A: “How to Compete With Big Companies in Your Area?”

Tom and Dan answer your questions about the impact of the current state of the economy on contractors, how contractors can thrive and survive during this time, and what they can do to compete with large companies. They also share the strongest attribute, which helped them to survive and thrive during the past recessions.

In this episode, we talk about… 

  • Question1: What is your forecast for the bottom of the economy to fall out, forcing subs and generals to scramble?
    • The past few years (except the pandemic phase) have been easy to make money in business—If you weren’t making money during those years, then you’re not doing your job well.
    • Develop the habits of what a successful business owner does with their time, energy, and focus.
    • Ups and downs in the economy are natural. It’s going to happen. Control what you can control.
    • Choose not to participate in the recession.
  • Question 2: In a market where the two largest companies are reducing prices by 30 to 40% below the market rate, how can you compete?
    • Discounting products or services doesn’t mean they’re undermining product prices or services.
    • Build your brand. Build value. Know what your customers really want—big companies can be tone-deaf because they are too busy steamrolling their systems.
    • Differentiate yourself with your unique selling proposition—how you pre-plan a job, how you show up, and follow up on things with people and yourself.

Resources: 

Submit your questions to help@thecontractorfight.com with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.

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