Best Business Practices for a Contractor Company

Best Business Practices for a Contractor Company

Across the country you’ll find contractor companies in nearly every town or city. There are so many to choose from, but not all of them have solid business practices. In order to succeed, it’s important to focus on best practices for a contractor company that will bring continued success and growth. 

Establish a Marketing Strategy

Your website and word of mouth have brought in a steady stream of new business. But it’s important to create a marketing strategy that uses new ways to reach potential customers where they are. Sit down each quarter to map out the services and specials you want to promote. Make sure you consider the best times and channels to do them. 

For example, maybe the potential customers you want to reach are families doing home improvement projects. If that’s the case, consider a local television ad during prime time when they’re more likely to be watching.  Even better yet, utilize your free marketing on social media outlets. 

Be Open to New Business Opportunities

The construction business is competitive, so it’s important for your company to adapt. As you continue to submit bids for new work, be sure to brainstorm new ways to drive business. One idea is to learn specialty techniques to increase opportunities beyond what you currently do. For instance, if you already do roof repairs and installations, consider adding solar panel installation. This will increase the scope of what your company can offer.  

Create a Policy on Last-Minute Changes

It’s a common problem for contractors. You’re mid-project and the client or homeowner wants to make a change to the plan. Obviously you want to adjust and accommodate, but many of these changes are made in good faith rather than in writing. This leads many contractors to have to track down payment later, potentially landing them in a difficult situation when clients claim they didn’t realize it would change the cost. 

Head off this problem by establishing a policy regarding changes mid-project. Start by addressing this policy in your first consultation with the client and include notes about it in your initial contract. If and when changes are requested, create an addendum to the signed contract and have both parties sign off on the agreed rate prior to any work being done. This will allow you to collect on what’s owed to you for additional materials and man hours created by the changes. 

Have Standardized Processes and Systems 

When it comes to construction projects, no two jobs or job sites are the same. However, that doesn’t mean you can’t approach them with a process. Keep each project and job site organized with project management software to track project status, inventory, scheduling and staffing. Your day-to-day operations will be more streamlined and you’ll be better prepared with inventory and status information at your fingertips. 

Offer Financing to Your Clients

Offering the best contractor financing options for customers is the most important best practice to implement in your company. Without funds, projects aren’t going anywhere. Your company can have a leg up on the competition by being a one-stop shop for both the construction and financing necessary to fund home improvement projects. The beauty of partnering with HFS Financial is that we work with your clients to finance virtually all of their home improvements. Completing a 60-second application is all it takes for your clients to get connected with the right home improvement loan! HFS Financial has been in the home improvement financing business for many years. Call today at 1-800-254-9560 to get started on the best contractor financing for customers. “You Dream It, We Finance It.”

Best Business Practices for a Contractor Company

HFS Financial solely operates in the home improvement lending space which means we can confidently say that we are THE HOME IMPROVEMENT LOAN EXPERTS. When you apply at HFS Financial you will get a customized loan experience tailored to ensuring you get the best personal loan to meet your home improvement loan needs.