According to Small Business Trends, only 35 percent of small business construction companies ever make it to their fifth year of business. There are numerous reasons why this could be the case. As a small business construction owner, you should be as concerned about the long-run as you are with the short-term. Below, you’ll find a few tips that will allow you to develop a successful, long-term contracting business.
Use The Business Practices That Work For You
Too often, small business owners try to use platforms that are recommended as an “industry best practice.” However, the problem with doing so is that these business practices may not meet the needs of your construction company. By trying to conform to fit the industry, you may cost yourself valuable time and money. Instead, consider using systems that work best for you and your business. Such systems include:
• Scheduling
• Bookkeeping
• Invoicing
• Task Management
• Timecards
You should look for all-in-one solutions that make things easier for you and your employees. For instance, ClearTaskSolutions provides a time card app that allows employees to clock in and out of a job site from their phone. The time card app also allows them and their managers to track their hours-worked in real time. This app also sends report overviews to your payroll department, making it significantly easier to run payroll. Finding a business practice that works well for you should help to increase your likelihood of success.
Put Yourself Out There
With the internet being so prevalent, the days of relying on word-of-mouth and the occasional phone call are over. Small business owners must invest in modern technology, making themselves available to customers. Consider investing in a quality website that indicates clearly the type of services you offer. Having a quick contact form on your website will make sure that customers can easily contact you at their convenience.
Investing in digital marketing can greatly help your business to succeed. Consider putting your business onto social media platforms like Instagram and Facebook. Here you can show images, updates, and outcomes of your current projects for potential customers to review. There is a whole industry dedicated to digital marketing and making sure that you appear on the first page of search engine results. Investing in digital marketing could be well worth your effort.
Furthermore, make sure that you follow up with prospective customers. Once you’ve worked with the customer, make sure that you maintain and nurture the relationship. Additional statistics from Small Business Trends finds that the repeat customer spends up to two-thirds more in year three of the relationship than first-time customers do in the first six months.
Consider Joining An Industry Association
Another way to ensure the longevity of your company is by joining an industry association, such as Associated General Contractors. These associations provide members with the training and tools that will enable you to develop your business skills. Even if you consider yourself business-savvy, these tools could help keep you up-to-date with modern processes. Additionally, industry associations give you the opportunity to network and find sub-trades.