E17 - with hosts Will Blake and Dillon Cott
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We get questions all the time from contractors wanting to know pro-tips for their business. In this special episode, hear direct answers that will revolutionize the way you do business.
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An Exercise for Managers and Operators Rank the Following Components of the Business from First to Last... |
- Service Offering:
Contractors offer specialized services in construction, renovation, repair, or installation. Does what you offer provide customers with something unique and distinct from your competition? - Client Acquisition:
Contractors attract clients through various channels like word-of-mouth referrals, advertising, online platforms, and partnerships with real estate agents or property managers. How well are you attracting leads? - Estimation and Bidding:
Contractors assess project requirements and provide cost estimates to potential clients. They bid on projects competitively, balancing profitability with competitiveness. How well do you bid out work? - Contract Negotiation:
Once selected for a project, contractors negotiate terms and conditions with clients, including timelines, payment schedules, and project scope. When was the last time you renegotiated? - Project Management:
Contractors oversee all aspects of project execution, including procurement of materials, hiring subcontractors (if necessary), scheduling work, and ensuring compliance with regulations and safety standards. Do parts of the project slip through the cracks regularly? - Quality Assurance:
Contractors maintain high-quality standards throughout the project to meet or exceed client expectations and ensure customer satisfaction. Do you believe your team's work is quality? - Financial Management:
Contractors manage finances meticulously, tracking expenses, invoicing clients, and ensuring timely payments.
They also handle budgeting to ensure profitability and sustainability. Can you trust your books to guide decisions? - Risk Management:
Contractors identify and mitigate potential risks associated with projects, such as delays, material shortages, or unforeseen issues. How close are you from a crisis? - Relationship Building:
Building strong relationships with clients, subcontractors, suppliers, and other stakeholders is crucial for repeat business and referrals. Do people want to work with and for you? - Continuous Learning and Improvement:
Contractors stay updated on industry trends, technologies, and best practices to deliver innovative solutions and maintain a competitive edge. When was the last time you stepped away from the business to work on the business? - Licensing and Compliance:
Contractors obtain necessary licenses, permits, and insurance to operate legally and ensure compliance with local, state, and federal regulations. Are you following the law or taking the gamble? - Customer Service:
Providing excellent customer service before, during, and after the project fosters trust and loyalty, leading to positive reviews and recommendations. Do you create raving fans or just okay experiences? - Expansion and Diversification:
Successful contractors may expand their services, enter new markets, or diversify into related areas to grow their business and mitigate risks. Are you have a culture of growth and desire to create a bigger impact?
Then from your bottom 3, create action items to address those weaknesses in your business.
