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Experiencing a Downturn? Don’t Just Sit There

Chad Ogden

By Trent Ogden, CFO

April 2024

Leverage slow times to optimize your flooring business and gain market share with QFloors

As we navigate through the ups and more recently the downs of business, it's essential to recognize that slow times can present unique opportunities for growth and customer base expansion. Many businesses contract (or shrink) on purpose during slow times, and many, without cash reserves, contract out of necessity. Too many don’t survive the downturn because they didn’t prepare beforehand. It may seem counterintuitive, but if you have the cash, these periods provide the perfect environment to strategically position your business for long-term success.

Here are 5 key ways to leverage slow times to grow your flooring business and take a larger slice of the market:

1. Evaluate and Innovate

Use this period to critically assess your business operations, identify areas for improvement, and innovate. With QFloors software as your foundation, explore how you can optimize workflows, streamline processes, and deliver added value to your clients.

2. Do The Basics

Most of our customers do the basics in QFloors (although there’s a portion who are still coming up to speed). If you’re not reconciling your checkbook every month, using our purchase order and inventory management systems, implementing integrated payments, and producing meaningful financial statements regularly, you’re not doing the basics. Taking care of the basics will put your floor covering business on the proper foundation for more profitable growth. If you need assistance with any of these tasks, please reach out to our support department, and they can help.

3. Go Beyond The Basics

Make time to find out what other things QFloors software does that would particularly benefit your business. We have so many features and extras that people never knew were there because they get too busy working in their business. It’s not at the forefront of their minds. I can’t tell you how many times I have been doing a training or even a support call and someone says, ”‘Oh, I never knew that was there!”, or, “I didn’t know you could do that or integrate that,” or, “Do you know how much time I could have saved over the years if I had known that?”. Sometimes we don’t have a particular feature you want but many times our trainers can find a workaround or at least a more streamlined approach than the one you are using.

4. Make Time for Strategic Marketing & Partnerships

While competitors are pulling back on marketing efforts during slow times, this presents an opportunity for you to stand out. Maintain a visible presence in the market through targeted marketing campaigns. Utilize digital marketing channels, social media platforms, and email newsletters to engage with your customers (and make sure you are collecting email and contact information from each customer and lead). Even a little bit goes a long way!

In addition, ask for referrals. Collaborate with complementary businesses or industry influencers to expand your reach and access new customer bases. By forging strategic partnerships, you can leverage each other's strengths, possibly share resources, and potentially tap into additional networks.

5. Look to Expand Your Audience & Influence

Explore untapped markets or segments that align with your business strengths and capabilities. If your only location isn’t that great, consider diversification of product lines to do more business out of the same showroom footprint. Consider opening more locations if you’re doing well in one. With QFloors software properly implemented, scaling your business is possible, manageable, and efficient. If you want guidance, feel free to ask other QFloors dealers how they manage multiple locations. (You can find other QFloors users on our private Facebook group page).

Don't Forget!

Remember the key to taking advantage of some of these opportunities is building up the cash when times are good instead of spending all of it like most people do. I would recommend saving half your profit when times are good. That’s how wealthy people get wealthier. They buy and expand when others are contracting and shrinking.

At QFloors, we are committed to supporting your growth journey every step of the way. Our cutting-edge software solutions are designed to empower your business with efficiency, agility, and scalability. Together, let's seize the opportunities presented by slow times and pave the way for a better future.

I wish you continued success and resilience in your business.

Trent Ogden

About the Author

Trent Ogden - CFO

Trent is a University of Utah Alum with a Bachelor's in Accounting & an MBA. With over 25 yrs of experience in flooring, Trent works tirelessly with QFloors to protect small & medium dealers through the use of innovative & usable technology solutions, individualized consultative procedure implementation, & excellent responsive training & support services.