Contractors Reporting Services has over fifty years of experience in Florida assisting contractors of all types by guiding them through all the nuances and typical challenges that contractors face when dealing with contractors licensing, incorporation, renewals, annual reporting, credit reports, bonds, and more. The mission of Contractors Reporting Services is to meet the needs of clients by helping them navigate the licensing process while staying current on state and county requirements.
Independent contractors play an essential role in the economy. Without them, homes and businesses would fall to pieces. The consequence of this dependence on contractors is that starting a contracting business can be financially lucrative. Contractors Reporting Services offers these tips on how to build and grow a stable, thriving contracting business.
Tip #1: Operate the company using the best business practices.
Put in place systems and procedures that improve efficiencies and allow for growth. Business volume may increase. Business operating systems need to be able to scale with increased sales growth. Starting out fresh using best practices prevents a company from having to make significant structural or operational changes that require intensive labor and funding. A business consultation with Contractors Reporting Services, an IT managed solutions provider, and an accounting firm or CPA could save thousands of dollars and hundreds of hours.
Tip #2: Assess the internal organization of the business in its current condition.
After choosing a system that uses the best practices, conduct an extensive evaluation of the company. Examine these areas:
- Financial stability
- Repeat sales
- Customer referrals
- Online customer reviews
- Workforce stability: turnovers, absenteeism, productivity
Focus on areas that need improvement before growing the business at a faster rate. If receivables are lagging and cash flow becomes a struggle, revisit accounting strategies. If customer complaints surface regularly, some changes might be needed in personnel, training, and quality control.
Tip #3: Be accessible to clients and prospective customers.
Having a real person answer the phone in a business that is people-oriented is a necessary component of customer service. Forwarding business calls to a cell phone when out of the office ensures a human voice answers the phone. Return calls promptly.
Avoid any confusion by clearly stating business hours on business cards, the website, and social channels. Have automated email and social media messages set up during non-business hours. Sending a simple message to inform customers that their message was received and that they will receive a response within 24 hours is adequate.
Tip #4: Join an industry association.
Industry associations are great for networking, developing essential business skills, and acquiring crucial product and services information.
Tip #5: Engage a robust market strategy.
Have an online presence and interact with a specific audience through email, social media, and blog posts. Demonstrate how the business provides solutions. Focus on the local market.
- The company’s address, phone number, and hours of operation are available online and easily searchable.
- Network in the community, both online and offline. Attend chamber of commerce meetings. Advertise the business on social networks like Facebook.
Tip #6: Identify funding sources.
Find ways to access lines of credit and obtaining loans for when cash flow is problematic. Having detailed and organized records is essential for securing funding.
Tip #7: Find a mentor.
Having someone to act as a resource and confidant is essential in an industry that requires a broad knowledge base, as well as people skills.
Tip #8. Hire up.
This strategy solves micromanagement problems and keeps them from returning. Hiring competent employees who can be trusted enables the owner to focus on growing the contractor business.
Tip #9. Carefully manage overhead and expenses.
Scrutinize overhead expenses and note any additional costs before accepting a job. Make sure the bids factor in all the costs involved with the project. Keep invoicing current.
Tip #10: Be different from competitors.
Capitalize on the services that make the business different from others in the area. Also, offer a balanced menu of products or services that appeals to a wide audience while focusing on specialized services or a niche market. Choose customers who will be good customers and pay their bills. The goal is to have a solid return on investment.
Tip #11. Outsource if necessary.
Accounting and IT managed solutions are two areas most contractors would want to outsource. These two areas require special training and are very time-consuming for the novice. A third area that can easily and affordably be outsourced is reporting. Securing the services of a company such as Contractors Reporting Services in Tampa Bay saves time and reduces the risk of failing to file on time. A contractors reporting service can manage permits, mechanics liens, notices of commencement, surety bonds, and other documentation associated with the construction industry. It is like having an employee that only has to be paid when they provide a service. A competent full-service reporting service can scale with a growing business.
Focus on work rather than paperwork! Contractors Reporting Services in the Tampa Bay area can help new and existing contracting companies with Florida contractors license needs and other services. Contact the office at (813) 932-5244 or email info@activatemylicense.com.
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