The other day I was in a discussion with a colleague about a new direction that a local wood flooring company is taking. They are a larger company and have a lot of employees that they need to keep working. Rather than let go of employees and focus on their specialty of wood floors, they are now doing remodels as well. This is interesting because it illustrates the phrase, “Jack of all trades, Master of None”. They aren’t a premium quality wood flooring company to begin with and with the added dimension of full service general contracting I really wonder how they will manage to maintain their quality in wood flooring.
As I understand it, a recession happens when the amount of available cash in circulation is reduced. It started to occur to me that during this time it is best to reduce your volume, increase your service, and specialize in a few specific facets of your trade. Passing more referrals in areas that are not your specialty allows more cash to circulate to other trades around you. This allows you to manage profitability much better in my opinion because you do what you do well and do that only. It improves your performance as a contractor and allows you to focus on service and quality.
The intent of this blog is to serve as an educational piece for those in any industry. If you are dealing with any professional who will always tell you they can do every part of your project, then I would really question their potential for quality. I have a favorite saying with which to end: “If you think you can enrich yourself by diluting others, you can only end by diluting yourself”.