“Beware of little expenses; a small leak will sink a great ship.” – Benjamin Franklin
Are you struggling to keep costs down for your home renovation business? A plethora of little expenses can significantly impact your profit margins. On the other hand, you don’t want to cut corners and risk ruining your reputation. Thankfully, HFS Financial is here to help “trim the fat” with 6 tips for lowering costs without sacrificing quality and customer service.
1. Bring Advertising Costs Down
Many businesses nowadays are forgoing traditional advertising such as billboards and commercials in favor of less expensive options. Taking time to build your social media presence will be just as effective, if not more effective, than paying thousands of dollars for a commercial. Visit our blog for more information on social media marketing.
2. Bring Software Costs Down
Are you using expensive in-house software to run the tech side of your business? Consider switching to a cloud-based system. Usually, you’ll pay a certain amount per employee using it.
3. Bring Office Space Costs Down
Do your “behind-the-scenes” office employees really need to come to an office? Could they work from a computer at home? You might be thinking your office space is essential because customers can come there to pick out materials. In that case, could you possibly bring material samples to your clients’ houses instead? Just imagine how much money you could save if you could decrease your office’s square footage and the bills associated with it.
4. Bring Workers’ Comp Costs Down
The best way to lower workers’ compensation payouts is to avoid injuries in the first place. Make safety the number one priority at your company by implementing a safety policy and designating a safety officer. There’s more to it, so learn more about lowering workers’ comp costs.
5. Bring Waste Costs Down
Buy high-demand materials in bulk and store them for later use. Additionally, put your project managers in charge of identifying extra materials on the worksites that need to go back to storage and be saved for future jobs.
Buying or renting bigger equipment can save your employees time. Purchasing a professional paint sprayer or powered wheelbarrow might feel like the opposite of saving money initially, but the upgraded equipment will pay for itself over time.
6. Bring Down the Costs of Mistakes
Going back to fix mistakes at customers’ houses can get expensive. Take steps to ensure your employees make fewer mistakes by setting them up with proper equipment. For example, cheap drop cloths can be easily ripped and cause damage to the floor. Using a laser level will be more accurate than a basic one. It’s good to invest in a bit more quality if it means saving money on mistakes in the long run.
Increase Customer Satisfaction by Providing Contractor Financing
Partnering with HFS Financial to provide home renovation financing is the perfect way to make customers happy with no added cost to you. We make getting home improvement loans fast and easy. In fact, the customer application only takes 60 seconds to complete. But the most important perk for your business is that their loan will be funded upfront with no stage funding throughout the project. Remember, at HFS Financial, “You Dream It, We Finance It!”