How To Grow Your Contracting Business
How to Grow Your Contracting Business From the Inside Out
You might be wondering how you can grow your contracting business from the inside out – have no fear. We can help. If you’re trying to get better at building up your business, there are some good best business practices to adopt. Here are a few that should make it a lot easier for you to own and operate your successful contracting business.
1. Operate with best business practices in mind.
Contractors often face down the problem of improving their efficiency whilst growing their business – their own familiarity with their current systems may be working against them. To be comfortable is to be mediocre, and sometimes stepping outside of your comfort zone is necessary in order to see progress happen.
With that being said, getting comfortable with how your own system works is important for developing and maintaining a task management system that you can handle. It should be able to handle everything from bookkeeping to scheduling and invoicing, and it should be easy for your employees to utilize and understand. The system should, by extension, contain basic knowledge of the task at hand and provide step-by-step instructions to each employee regarding proper use.
Having an effective system in place to remedy mistakes and fix errors allows you to maintain your current business ownership while helping you scale properly for continued growth and financial prosperity.
2. Assess your internals.
After settling on a system that makes use of best business practices, your next step should be to conduct a comprehensive assessment of your company – basically, you need to assess your internals. Ask yourself the important questions – here are a few to start with.
1. Is your company financially stable?
2. Are your customers coming back for more?
3. Are your customers referring your company to other people?
4. How many of your employees leave to work somewhere else, and how long do they stay with you?
Review your internals. These questions need to be answered, lest you forget to pay attention to how other people are receiving your business model and proposition. Review your books, and make sure to pay attention to what people talk about online – doing so is pertinent for maintaining a good business reputation. Talk with your employees and customers to determine where you need to improve – there’s always room for improvement somewhere.
Focus on these areas before you look to maximize your profit margins in other areas of your business, because odds are that making these fixes will certainly benefit your pocket.
For example, if something like a customer service issue is your customer’s #1 complaint, you may recognize that your employees don’t excel at providing fantastic customer service and may want to consider hiring people who do. You may want to extend your employee line out just a little bit in order to see a massive return on your profits. Or, you may want to provide proper training for your current staff.
In either scenario, you need to review your internals in order to have a clue as to where your company needs to improve.
3. Availability Makes Customers Happy.
If your customers speak to robots whenever they call your company, they’re going to stop calling your company. Make sure this doesn’t happen by having somebody man the phones – people want to talk to human beings and not robots during normal business hours. Having someone handle the phone all day is a necessary step for gaining and retaining more customers.
Being an available company that doesn’t put your customers on hold for an hour every time they try to hire you for a job will reap dividends for your bottom line.
A tip for making yourself available to your customers is routing your business calls to your cell phone whenever you’re not in the office. While this may blur the lines between personal and work life, it’s a necessary sacrifice if you want to have a handle on your customer service. Even if you can’t get to the phone in your office, you’ll know that you need to before you get there.
If you’re looking for profitability, focus on these three aspects of maintaining and sustaining a healthy contracting business. These tips are virtually guaranteed to boost your profit margins and benefit your bottom line by way of being logically correct and relatively unknown – your competitors probably aren’t making use of the tips outlined here. You should – who knows, maybe we’re right!