The COVID-19 pandemic has really changed the way we do business, and the economy is taking a serious hit from the response to the situation. But as economies across the country begin to reopen, it’s time to figure out the best way to ramp up your home improvement business once again. Contractors like you are resilient and innovative, and open to finding new ways to grow your businesses in these difficult circumstances.
We’re here to work through it all with you. Here are some best practices to help you re-grow your business during the recovery:
Partway through the crisis, the United States Congress passed the Coronavirus Aid, Relief and Economic Security — or “CARES” Act. Included in that legislation was the United States Small Business Administration’s Paycheck Protection Program — assistance in maintaining payroll during the economic downturn caused by the coronavirus pandemic.
Under the act, many small businesses with fewer than 500 employees could borrow up to approximately 2.5 months of average monthly payroll expense (subject to approval), helping businesses and their employees stay afloat for a while.
Programs like this often change — with funds running out, then being reestablished — and the specific eligibility rules getting modified over time. For the most up-to-date information on this kind of relief, we recommend visiting the SBA at www.sba.gov/funding-programs/disaster-assistance.
Even though businesses are reopening, social distance recommendations remain in effect, and some clients will likely still be hesitant about getting too close to other people. Fear not — EnerBank offers three quick and easy loan application methods for your customers — Mobile Loan App, Online Loan Application, and Loan-by-Phone. To help reduce physical contact with others’ devices, we recommend encouraging your customers to use their own device or computer to apply using the Online Loan Application. Using the Online Loan Application during this recovery period will limit the amount of handling of devices, so clients can apply with comfort and confidence.
Many home shows and trade shows have been canceled during the lockdown to uphold social distancing standards. Contractors like you had to forfeit that growth opportunity, reducing your leads. But you can boost your leads by advertising payment options in all your marketing materials, especially on your company website.
Contact your EnerBank relationship manager to find out how to add our integrated banners and buttons for pre-bid qualifying customers. These tactics have improved lead quality and increased close rate for many contractors, and can help you bounce back from this economic downturn.
To combat the economic impacts of the shutdown, we recommend you offer Same-As-Cash Loans to help customers who want to hold onto their cash for now. Our Same-As-Cash Loans are very appealing for ensuring work progresses, despite the sluggish economy.
Prepare a basic script or key messaging points for speaking to customers about the steps you’re taking to keep customers safe as we emerge from the COVID-19 situation. Explaining the adjustments and precautions your business is making to safely move forward will help customers feel good about moving forward with their projects.
These best practices can help you continue to provide excellent home improvement services and navigate through this recovery time.
Meanwhile, EnerBank remains excellently positioned to continue serving you and your customers. If you have any questions at all, please contact your dedicated relationship manager. For the latest information on EnerBank’s ongoing response to the pandemic during this recovery period, please visit our COVID-19 Update Center.