In order for your trade business to be successful in the long term, it needs to grow. To grow your business, you need to be able to scale your operations.
If you’re constantly Googling “how to grow my business”, then you’re not alone. For trade businesses, the rate of failure is high but the rate of stagnation is higher. However, there are plenty of opportunities to succeed. Here are some tips and insights from a few businesses that managed to break that barrier and successfully scale their business.
1. Embracing & utilizing technology
First, you need to move with the times. Technology is advancing every day, and with it, businesses are growing. You need to be able to both embrace and utilize these shifts in the world of technology, in order to scale your operations. Using the power of the internet is the primary way to do this, using things like social media and your own website to promote your trade services.
However, you can also use specific pieces of software, such as customer relationship management (CRM) software to increase your business’ productivity. You can also use the cloud for things like payments and accounting, as this will allow you to speed up this side of the business.
Having everything in the cloud gives you easy access to things like ongoing jobs, future projects, and what the payment situation looks like on each one. Check incoming orders and assess how long your payments are taking to process, and you will be able to find areas of your business that need to be improved. All of these things are vital for scaling operations in your trade business.
2. Tightening up controls
Speeding things up isn’t the only way to scale your business, simply tightening things up is another important method. This involves going through your accounting and processing procedures to find where time – and thus money – could be saved. Ensuring there are no duplicate orders in your system for example, and ensuring your payments are being processed efficiently, are great ways to move your business towards growth.
Source other suppliers for your materials and equipment to make sure you’re always getting the best deals, and ensure you effectively track your staff and any subcontractor’s hours. This allows you to see where your time is being spent, and to track which customers aren’t profitable. Anything that’s costing you money where it shouldn’t be is preventing you from scaling operations.
3. Commitment to growth
The final tip to consider when asking how to grow my construction business involves your overall mindset. You need to have a growth mindset, which means building the right management skillset and developing your soft skills as well. Building strong relationships with both clients and suppliers, as well as any investors in your business, will in turn build a stronger business for everyone involved.
To grow your construction business, you need to have the right attitude, and so does everyone else in the business too. So, set a growth mindset for yourself, and everyone around you will follow in your footsteps. All of this will help you when scaling operations for your trade business.