Back to blog

ATTRACT NEW BUSINESS DURING A RECESSION

The past couple of years have been a hard go for many businesses; reduced spending as a result of a recession can have a tough impact on all industries. So when the going gets tough, the tough get creative and innovative! In times like these it is ever more important to set your business apart and attract the attention of new customers and clients, as well as maintain the interest of your existing ones.

Ultra Supper Club by Castor as featured on the Hatch Blog - ATTRACT NEW BUSINESS DURING A RECESSION
Ultra Supper Club, Toronto, Ontario. Designed by Castor.

1. Freshening up your look can attract new customers and keep existing ones.

We all know that this is true for hospitality and entertainment enterprises. When a restaurant, night club, bar or theatre renovates their space everyone wants to go check it out. These types of social venues can completely revive their businesses by providing interior spaces that people want to spend time in.

But how does renovating in a tough economic climate attract attention to other types of businesses?

Retail business owners understand the value of their showroom design. The more time a customer spends in their store, the more likely they are to spend some money. Even a small facelift can pique the interest of both new and existing customers, and keeping up to date in style shows that you are with the times and care about your retail business’ image.

For personal service business like Lawyers, Real Estate Agencies, Investment Brokers, and Accountants, updating your space says a lot to your customers about the state of your company. A level of trust must be established with new and existing clients that you are stable enough to provide the long lasting care that is typically sought out in these types of services. Updating your space when times are tough can give your clients the confidence that you are positioned to endure the downturn and continue to provide the professional or personal services you are known for.

Dental clinic before and after by Inoui Design Collective as featured on the Hatch Blog - as featured on the Hatch Blog - ATTRACT NEW BUSINESS DURING A RECESSION
Dental Clinic, Victoria, British Columbia. Designed by Inoui Design Collective.

2. Cost of materials and labour is cheaper.

Anyone who completed a construction project during the Okanagan boom can attest to extremely high material and contractor pricing. During that time it was often quite difficult to find contractors to complete work, especially when it was on a small scale.

Construction is one of the first things to halt during a recession. Projects are put on hold, building start-ups are delayed and construction business owners are often forced to cut down the size of their crews to stay afloat.

The recession’s slowdown of the construction industry means that contractors must have a more competitive edge to acquire work. Deciding to renovate your space before the market picks up again could mean a great cost savings to your business. It also means that you are supporting contractors within your community at a time when they need it most, an integral aspect of sustainability that adds to the value of a project.

Red Velvet Vintage & Pretty Things before and after as featured on the Hatch Blog - as featured on the Hatch Blog - ATTRACT NEW BUSINESS DURING A RECESSION
Red Velvet Vintage & Pretty Things. Springfield, Missouri.

3. Renovating when it is slow means less disruption when business picks up.

The market is already starting to pick up, but waiting to renovate until your business is back in full swing may mean not renovating at all. Renovations are disruptive to your daily business and will entail closing up shop or attempting to operate in the middle of a demolition and construction zone. Better to do this when things are slower so that you are ready in your new digs to do business when you need to.

The design and renovation process also takes some of your valuable time, whether it be meeting with your Interior Designer, interviewing General Contractors, or setting up your space once the construction is complete. When business gets busy it’s great to be able to give 100% to running it and ensuring your clients and customers are receiving the attention they deserve.

Conclusion

Your potential and existing clients are enticed by the new and the creative. Creating a buzz about your upcoming new look will generate excitement and pique the interest of your new and old customers. Strengthening your brand and updating your look can be tackled with a wide range of budgets, you don’t have to break the bank give your business’ interior a facelift. If your renovation is done well it can give your company the boost it needs during a recession.

» Does your commercial interior need a boost? Contact Hatch Interior Design located in Kelowna, BC – Inspired Interiors for a Modern World.

No comments yet

The comments are closed.