It’s easy to get caught up in the nuts-and-bolts of running a business. You might be one of many contractors who toil day-after-day on projects, like painting or plumbing, without a chance to think about the big picture. If this lack of business strategy has stunted your company’s growth, these tips can be used to help you refocus.
5 Ways to Bolster your Business Strategy
1) Examine your Strengths and Weaknesses
Every small business benefits from periodically examining its strengths and weaknesses. Some of your pluses and minuses will be readily apparent, but others may surprise you.
First, review your company’s history, including its finances. You could also read online reviews of your business or talk with employees and customers.
After taking an inventory of your company, ask yourself these five questions:
- Is your business financially sound?
- Do you have repeat customers?
- Are you receiving referrals?
- Do you have high employee turnover?
- Does your business have room to grow?
By knowing where your company stands at the moment, it will help you move forward with a clearer business strategy.
2) Create a Clear Vision for Success
After a thorough assessment, the next step is to refine your company’s vision or the direction it aims to follow. If you want to achieve success, you must first know where you are headed.
- Determine what makes you different from the competition
- Figure out who you want to reach
- Develop short and long term plans to reach your goals
- Create internal and external communication strategies
- Commit time and resources to making your dream a reality
3) Hire the Best and the Brightest
Unless you are a sole-proprietor, no single contractor can do everything on their own. Whether you are a general contractor or a subcontractor, finding the most qualified staff is a critical task you must complete.
It’s a wise business strategy to hire the best and the brightest staff around, because everything they do will be reflection on your business.
4) Focus on Customer Service
Skilled tradesman, like landscapers or electricians, must also master the art of customer service. Whether they are talking on the phone with a prospect or on a job site, customer service skills certainly contribute to the bottom line.
If you can also make yourself easily accessible to clients, it will help you attract and retain clients in a competitive marketplace.
5) Retool your Business Marketing Plan
Once you have a firm grasp on who your business’ mission, you will need a strategy to spread awareness about it. From a user-friendly website to social media strategy, marketing is a key way to grow your business.
Digital and traditional marketing will help you interact more with current and potential clients. For example, you could use email marketing to update clients about your business.
If you think you could benefit from a better business strategy, these five simple tips are geared to help you refocus and strengthen your contracting company.