Electricians. Plumbers. Carpenters. Masons. Roofers. Landscapers. General contractors. What do they all have in common? Profit margins that seem to get tighter by the year and increasingly tough competition from both amateur and professional outfits alike. There’s good news though. Growing your contracting business and maximizing profits is still possible—if you double down on these three fundamental principles for success.
1. Build a Foundation of Transparency & Honesty
Nothing drives new business better (or cheaper) than word-of-mouth recommendations from your satisfied customers. In a perfect world, you’d be able to service every client equally at all times. But that’s impossible for a variety of reasons. For starters, you can’t be in more than one place at a time. If you could, you wouldn’t be reading this right now, would you?
This is where being open and honest with your clients can help your business stand apart from competitors. Think about it. Unless you’re ahead of schedule or under-budget, clients hate surprises. Keep them in the loop throughout the entire job, though, and they’ll usually be much more understanding if you run into an unexpected setback. Not only that, they’ll also be that much more likely to recommend you to a friend, whether you finished exactly on time or a little bit later than predicted.
2. Surround Yourself with Likeminded People
It’s not enough for you to value honesty and transparency by yourself. You need a crew who shares the same values, work ethic and dedication to customer service as you. While you might think that finding good people comes down to luck of the draw, you can actually stack the odds in your favor by approaching the hiring process with the right mindset.
Instead of looking for employees, look for individuals who would make good teammates. Here’s the difference: Many employees are perfectly capable of doing the work you tell them to do. But, only true teammates will be interested in upholding your values while getting the job done. Again, this all goes back to the concept of transparency—both internal and external.
3. Take Care of Your Investment in Equipment
Think back to when you were a child. Did your parents ever get after you to clean up your toys? If so, it was probably with good reason. Looking after your things prevents accidental damage and loss, which saves your parents from having to spend more money on replacements. As you take on new jobs and your contracting business grows, you’ll probably need to invest in more equipment.
When properly cared for, this stuff can last longer and save you money down the road. The only problem? It eats up space pretty fast. That’s why it’s a great idea to slow down and figure out a solution for keeping your tools organized and out of harsh weather conditions. Large temperature fluctuations and humid environments can do a number on the batteries and electronics inside your power tools.
Stay Tuned for More Advice for Contractors and Businesses
At StorageMart, we believe that what’s good for you is good for us. So, we’ll be back soon with more information to help contractors like you grow their business, boost profits, and generate positive word-of-mouth among clients. In the meantime, follow us on Facebook or see how we’re making a positive difference in our communities through the “Store it Forward” program.