Time to Take a Look at Growing Your Company

Ways to grow your company could be right in front of you at one of the upcoming industry shows.

When I attended my first Water & Wastewater Equipment, Treatment & Transport (WWETT) Show about seven years ago, most of the products there were portable restrooms, septic trucks and similar equipment.

While there were some vacuum excavators on display back then, I’ve seen an uptick in the number of vacuum excavators and other trenchless technologies appearing on the show floor.

Now there are vacuum excavation trailers, small trucks and large trucks on display throughout the show floor.

I think there is one big reason for seeing more of these type of machines at the show: diversity. Contractors who want to expand their companies are adding more services. These industries are tied to one another in many ways.

If you’re a septic hauler, why not buy yourself a vacuum excavator and do some digging? You’re still using a vacuum truck, pulling up material and dumping it. Same the other way around: If you are already doing vacuum excavation, why not take on septic pumping work?

WHY DIVERSIFY?

There are some big reasons why you should consider diversifying your company if you haven’t already done so. Those include offering more product variety for your customers, getting into more markets and reducing risk factors as your brand grows.

More Product Variety: This, of course, is for the customers. You want to be that one-stop shop for your customers so they don’t get swooped up by a competitor already offering more services. If your customer only has to work with one company, they will. That’s because it’s easier for them to have one contact person and one invoice, plus they are familiar with the quality of work being done.

Entering More Markets: Let’s say all you’re doing right now is vacuum excavation. How many customers could you pick up by offering directional drilling, septic pumping, pipe cleaning and so on? By just offering one service, there are a lot of customers you’re not hitting. The more markets you enter, the better it can be for your business.

Reducing Risk Factors: This ties into entering more markets. If you’re doing directional drilling and vacuum excavation when the directional drilling industry takes a nosedive, you can still be OK with the vacuum excavation side. However, if you only offer directional drilling, then your company has just closed its doors.

START EXPLORING YOUR OPTIONS

We’re jumping into the show season now, with the WWETT Show kicking it off for 2020, followed by CONEXPO-CON/AGG in March and then the North American Society for Trenchless Technology’s No-Dig Show in April.

Take some time to talk to manufacturers and other contractors and see what your options could be for diversifying and strengthening your company. It could be the smartest thing you’ve done with your business since you started it.

Dig Different will be at all of these shows coming up. If you would like to visit with us, email me at editor@digdifferent.com and let’s set up a meeting. You can also call me at 715-350-8436.

Enjoy this issue!



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