Is Your Solar Company Healthy Enough to Survive Financial Risk?

Is Your Solar Company Healthy Enough to Survive Financial Risk?

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Since the COVID-19 shutdowns began, solar contracting businesses throughout the states have been treading uncertain waters. Most are able to operate as essential businesses, but a lot of contractors have experienced a big drop in solar lead generation. This is leaving many wondering if their companies can survive the post-virus recession, let alone the current economic crisis.

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Fortunately for many, there is still time to make changes that can keep things afloat. We go over some of the ways you can maintain a healthy solar business below.

Overhaul Your Inventory Purchasing Morgan Stanley recently predicted that sales volumes for residential solar would steeply drop: 48% in the year’s second quarter, 28% in the third, and 17% in the fourth. Some other analysts have predicted that there could be a rebound in the third and fourth quarters if contractors successfully transition to online marketing.

Whichever scenario plays out, contractors need to plan for a period of lower demand. Inventory purchasing needs to be shrunk down to match the current sales climate.

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If you have yet to revise your purchasing plan for the rest of the year, it’s time to adjust your numbers. This will free up more cash for your business to cover overhead spending and other emergency expenses.

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Embrace Online Operations You’ve already likely noticed that since the shutdown, you’re spending less on fleet fuel costs. Much of this can be attributed to the fact that you no longer have sales reps out canvassing for leads. But you can still get even more financial gain by leaning into a fully-online marketing and sales process.

Instead of door-to-door soliciting and participating in local events, marketing online gives you a chance to be more efficient. Using Zoom, Facetime, Skype, and other video conferencing services also allows you to get the face-to-face benefits of traditional sales, without any of the investment required to actually show up to customers’ homes.

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Some companies are reporting that online marketing is enabling them to reach customers located farther away, because now they do not need to drive out for introductions or consultations. If the deal gets closed, then there is only a trip needed for the installation, which is well worth it.

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Seek Help for Solar Lead Generation Many contractors can’t make it on their own at this time, and that’s more than understandable.

The most resilient companies are the ones that reach out and form partnerships when they need a boost, especially when it comes to pulling in new sales.

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Last year, 16% of solar contractors reported that they already purchased solar leads from solar marketing agencies. The economic crisis has made it so that many more will need to go to these companies to keep their lead income high enough for survival.

Grid Freedom is one of the most trusted of these agencies. After years of providing America’s contractors with serious, ready-to-meet leads, we’re the best poised to supply you with all the sales opportunities you need.

Learn More About Our Affordable, Exclusive, Thoroughly Screened Leads at www.Gridfreedom.com

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