2020 Growth: Taking Your Construction Business to the Next Level
Many remodeling business owners are looking to grow their businesses to the level where they can dedicate more time to the ins and outs of the running the business, and less time in the field and on job sites. However, that jump can be difficult to make. The majority of construction and remodeling business owners find themselves in a position where they’re wearing many hats – aside from doing the majority of field work, they find themselves responsible for accounting, sales and marketing. One education session from the “2020 International Builders Show”, as run by Kyle Hunt revealed several essential tips from remodelers who managed to grow their businesses to the next level.
Here are some key principles exhibited by successful remodelers who transitioned their role from on the field and into the office – growing their businesses and redefining their own role in the company. Of course while there is no one “right” way to grow a business successfully, here are the specific key principles exhibited by owners who succeeded!
Successful owners want to make the jump to the next level and aren’t afraid of implementing new ideas they believed would help them get there.
– Increasing markup is key to getting from one level to the next, as is netting more gross profit from projects.
– Streamlining the sales process is critical, and the key to changing and improving is ongoing practice and assessment. Post sales calls, take time to review and reflect on successes, what didn’t go well and what could be improved upon. Improving your sales process is also critical for setting client expectations prior to project kickoff, and can also help improve customer satisfaction.
– Rejecting “non-ideal work” can contribute to business growth and reduce stress levels. This may also be one of the most difficult changes for business owners to implement. “Non-ideal” jobs are those with small profit margins and are small scale – they do not typically impact annual revenue. These types of jobs can be a time suck and take time away from more desirable and better paying projects.
– Knowing when to get assistance when you need it is also important. Recognize when you need help with your numbers or financials. Some business owners may feel embarrassed if they aren’t comfortable interpreting profit and loss statements and other accounting related material. Allowing this to prevent you from getting assistance or additional education about your financials may cripple chances of growth. The bottom line is, if you need help, get it.
– Enjoy the journey. As stated previously, there’s not one right way to build a business. Are you getting enjoyment out of the journey to grow your business? If not, how can you adjust it? Constantly evaluate why you want to grow and what you really want to achieve.
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IBS 2020’s Education Session: “From Swinging From Swinging a Hammer to Running a Business: How to Take Your Remodeling Company to the Next Level”