Pimlico Plumbers Charlie Mullins on acting quickly in a recession [Video]
Charlie Mullins reveals how his company has survived two recessions
Speaking to Startups in this video, Pimlico Plumbers founder Charlie Mullins explains how companies need to quickly change and adapt during tough times, or they run the risk of “missing the bus”.
Mullins explains how the recession of the late 1980s was a valuable learning experience for Pimlico Plumbers, as it forced them to “re-look at everything”. “We quickly realised then that the customer wants more value for money,” he explains. “So we got engineers to the job quicker, we made sure they were smarter, we trained them so they could do the job quicker.”
Mullins opines that the reason so many established companies “fall by the wayside” during recessions is because they fail to react quickly enough to changing market conditions and customer demand. “You need to cut your cloth accordingly,” he says. “If there’s a recession – such as the one we’re in now – yes, you have to give them more value for money, yes, you have to offer a better service.”
The entrepreneur reckons that smaller companies may even be at an advantage during challenging times, as large organisations are plagued by indecision and entrenched ways of thinking. “They always want to have a meeting about it, or talk about it in a month’s time,” Mullins says. “But if you miss the bus, you miss the bus.”