Starting a new construction business is exciting but has its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It's not just about keeping things tidy; it's about understanding the financial health of your business and meeting all your tax obligations.
Don't underestimate the basics
Some small businesses continue to rely on traditional systems, like pen, paper, and a trusty shoebox. Although it may seem outdated, this method can work well for businesses with few transactions. These businesses might not have the latest payment technology and could be invoicing customers or receiving immediate cash or cheque payments. In such cases, they must maintain a record of all receipts, past, present, and future jobs, and a log of their customers and transactions.
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Topics:
Restarting Contractors,
Start Construction Company,
Growth Coach,
Contractor Startup,
Construction Company Startup Tips,
Grow Your Construction Business
Once your construction business is up and running, it’s essential not to rest on your laurels. Successful business owners always look for ways to grow and maximize their profits. We’ve compiled a guide and checklist to help you identify ways to get the most out of your contracting company.
1. Grow your sales
Contact your best clients.
One of the easiest ways to increase sales is to sell more to your existing clients. For example, you could try contacting every customer and offering a complementary product or service they might need now. You could also determine when clients need maintenance checks.
Create a client loyalty scheme.
You’re looking to create a customer care program using customer contact software and implementing a customer loyalty scheme.
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Topics:
Growth Coach,
Profit and Growth Strategies For Contractors,
Construction Business Interest Rates,
Grow Your Construction Business
