The construction industry is still not back to the boom times that it once enjoyed. If you’ve hit a bit of a lull, how can you make your business more viable and see out the economic downturn?
There are ways you can build up your business so that you come out the other side stronger and more efficient.
Proactive Marketing
Often the marketing budget is the first cost to be cut if business is slow. This is completely the wrong move and you should be continuing to invest in building up your customer base. If people don’t know you’re out there, then how will they know to contact you? You should analyse the results of your current marketing and see where you get the best return on your investment.
Word of mouth is one of the best ways of attracting new customers. Make sure you stay in touch with previous customers and see if they can refer you to any of their friends.
Door to door marketing and leafleting can produce great results and is cost effective. If you’ve just done a job in an area, knock on other doors around there. This way they can see the quality of your work and even talk to the homeowner to make sure they’re happy with the job.
There are websites where you can search for project leads and then apply for the ones that are relevant. By using these sites, various construction contracts can be looked at in detail and you might end up working on something that you wouldn’t have found otherwise.
Maintain Quality
Some contractors will skimp on the quality in order to generate more profit from a job. This will only work for so long, until previous customers start to complain when the work doesn’t last long. The better option is to be known for using quality products and providing a reliable service. To help illicit more positive reviews from previous customers, set up accounts on trades person review sites where customers can leave comments.
An Efficient Service
The quicker you complete a job, without compromising on quality, the more profit you’ll earn. Work closely with the sub-contractors to ensure that the right people are on site at the right time; there’s no point having people standing around for hours doing nothing. Employing a site manager can also be a wise move, as they can order stock to arrive when needed.
Reduce Costs
Shop around when buying materials to see who has the lowest prices, but don’t be tempted to buy a lower quality alternative. If you have equipment that you don’t use very often, see if renting would be a better option.
By taking a closer look at how your business is run, you can help to see it through the bad times and turn it into a more successful company.