Running a contractor business might be a challenging affair if you don’t have the proper systems and processes in place. However, get these right and you can be highly profitable. Indeed, research shows that many companies prefer hiring independent contractors instead of full-time employees, translating to a business boom for the contracting industry. Additionally, you and your staff get to fully explore your skills by working with different clients in different fields and delivering expert services. (1)
With this said, getting your business operations to work effectively is no walk in the park. You are bound to run into problems along the way –– from business operations to clients, employees, and partners.
To manage such issues, you need to develop an efficient framework that’ll govern your business systems. This article offers some tips you can use to realize a streamlined working environment for your contractor business. Read on to learn more:
This is a must-have for any business looking to succeed and compete with an edge in the market as it simplifies complex processes. This means tasks can be achieved much faster and the additional time earned can be used to add value to the business through servicing more clients.
A recent survey indicated that, on average, an entrepreneur spends 68% of their time handling simple daily tasks and only 32% on the long-term goals and tactical plans that can help develop a business. Do a quick self-assessment. If you find that you’re also spending a disproportionate amount of time on small tasks, it’s time you address the way you are working and save yourself a lot of time and money. (2)
One perk that comes with using business software is that if you do your research right, you should be able to find one tailored to your specific business niche. For instance, if you run a contractor company offering plumbing services, then this plumbing service software developed by Jobber will come in very handy. It acts to facilitate scheduling tasks with your clients, quickly dispatch teams to client locations, and enable you to quickly send professional job estimates and quotes.
Software of this kind can also be used for sending invoices to clients, accepting payments and processing payroll for your team members. If you’re in the plumbing business, or any business for that matter, invest in the time to learn how to create and send a professional invoice.
All in all, whatever field services you offer, be sure you are getting the most out of using the right business software specifically designed for your needs.
Your finances are among the most crucial assets of your business. For this reason, you should get them handled by a professional. A Chief Financial Officer (CFO) in your company, or someone with the right skillset to take on this role, will ensure that your accounts are in order.
A CFO plays several roles in your business. Not only do they manage your finances but they can also be responsible for analyzing your business’s potential and suggesting strategies to implement to improve your overall performance. It is very important that no matter how small your business, someone is responsible for the financial aspect of your business. Depending on your business model, it is possible to outsource this role to a reliable virtual CFO who can be utilized only when required. (3)
Your employees are the backbone of your business. The service they provide to your clients will speak volumes about your business and your brand. Reviews from customers can build or destroy any business. Therefore, you must ensure that the services delivered to your clients are consistently of a high quality standard.
For this reason, dedicate your time and expertise when hiring new staff to ensure that you get the best that the market has to offer. Famous entrepreneur Bill Gates once said, “I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it.” This may have worked for him, but the point is, invest your time in making the right hires for your business to excel. (5)
Carry out all the necessary background checks, skills and experience levels. Consider an employee performance scheme where people are rewarded for their success, hard work and efforts, which encourages a sense of positive competition among your team.
Being the manager of a contractor business is quite an undertaking. You have to constantly manage your teams, the services they provide, the clients and expectations, and the quality of work done. To make sure you are able to keep on top of all of this, streamline your business operations and be more effective with your time.
Business management software, employing a CFO or equivalent who is solely responsible for your finances, and building a dependable team will really help you to streamline your business operations. In doing so, you will have a more productive team, which only means greater success and growth for your business.