Best Practices for Your Contractor Business

Best Practices for Your Contractor Business

You’re working hard, and your contractor business is growing because of it. But it takes more than that to ensure that your company will continue to grow and be successful. Contractor companies who see consistent growth follow specific rules to do so. If you’re ready to grow your company, stick with us. We’ll share the best practices for your contractor business. 

Good Marketing is Critical

The contractor business is competitive. Give your contractor company an edge with quality marketing. Solid marketing takes into account where your business currently stands, where you want it to go and steps to get there. Once you have a plan in place, don’t forget to utilize your company’s online presence to get your name out there.

Be Available

You can have amazing ratings and reviews on Yelp, but if you are never available, people will take their business elsewhere. Start by being clear about your hours of operation. Make sure these hours specify days of the week, if you shut down for an hour for lunch each day, or if you plan to be closed for certain holidays. 

With clear expectations set for customers, your next step is to be available to answer their calls. Your customers want to speak with someone, not just leave a voicemail. If you don’t have someone dedicated to answering your business phone, consider hiring a service. 

Change the Project and Collect Payment

It happens more often than you care to admit. You and your client agree on a project plan and budget. But along the way, changes are requested and the cost of the project changes. Some contractors fail to adjust the project cost and bill their clients for the changes. 

Avoid unpleasant surprises for your customers by using clear language in the contract. Make sure they’re aware and sign off on the fact that changes to scope of the project will result in a change in cost. 

Utilize a Good Cost-Reporting System

Business is good. The payments are coming in. Your bottom line is solid. Or at least you’re pretty sure it is. You won’t know for sure without an accurate system that tracks bookkeeping and labor costs. 

Successful contractor businesses use systems that track the anticipated costs against the actual ones. This gives a better view of what your profit margins actually look like. If you’ve been using good old pen and paper, it’s time to make the switch. 

And after you transition to an automated system, be prepared to adjust. Once you have a solid sample of true labor costs, materials, and incoming payments, you may need to adjust your rates. 

Offer Financing to Your Customers

A critical best practice for your contractor business is to offer financing to your customers. You can take the financial load off your shoulders when you partner with HFS Financial. Your customers will be in good hands when you connect them with our incredible customer care team, ready to help your customers.

At HFS Financial, we work directly with your clients to connect them with the best financing option for their home improvement project. Whether they’re trying to finance home improvements or searching for how to pay for a new pool, HFS Financial will help them find the financing they need. It’s easy to get started. All they have to do is complete a 60-second loan application. Call us today at 1-800-254-9560 for more information. “You Dream It, We Finance It.”

Best Practices for Your Contractor Business

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.