10. How to quote right
Imagine how much more efficient and consistent you would be if you could pull quotes from a set of saved templates, and simply adjust time required for each job, based on previous experience.
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9. Avoid loss leading
If you haven’t heard of it, loss leading is when you offer work at a price that isn’t profitable in order to get your foot in the door. Simply put, the risk is too great for small businesses and there’s enough good work out there to not need to try it.
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8. How to manage your unused materials
Even though its best practice to only order the materials you need for the job, it’s not always possible in the real world. How can you manage unused materials? Simple: Return all unused stock to the supplier for credit.
- Keep all unused stock with their docket
- Ask someone from the office to do weekly returns to suppliers for credit notes.
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7. How to successfully manage a team
How do you ensure your tradies are set up properly for each job? As the business owner and manager there are a few key things you can do to ensure your team can perform at their best.
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6. Get paid faster with credit card
By streamlining the way you take payments and offering customers a quick & efficient means to do it, you will get paid quicker. Did you know that trade businesses who offer credit payments will get paid 4X as faster then those who don't?*
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5. Get to grips with gross profit
It’s best practice for trades businesses to work on gross profit, rather than net profit. Using gross profit means you are using [actual] revenue and outgoings to make smart and realistic financial targets.
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4. Charge deposits for jobs over $2000
Many other industries charge deposits to confirm jobs, so why don’t trades? The simple act of charging deposits means more cash flow during quieter times and the customer is more likely to pay the last bill if it’s a fraction of the total cost.
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3. Keep your team motivated and invested in being successful
As a business owner it should be in your best interest to keep you team happy & motivated. Motivated teams are more efficient and this means more hours charged. 5 tips creating a motivated team
- Tell them what's required
- Understand your why
- Incentive's
- Get them resources needed
- Company culture
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2. Nail customer follow-up
Word-of-mouth is key in the trade industry. How can you make sure your customers are happy with the end result? Two simple steps:
- A quick call from someone to check in with the customer is invaluable. You’ll quickly learn if they’re not happy before you invoice for the job, instead of 12 weeks after.
- Once you do invoice, make another call to confirm they’ve received the invoice and understand everything in it.
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1. Invoice as soon as the job is finished (every day if possible)
Despite seeming obvious, invoicing regularly is one of the most frequently overlooked pillars of running a successful trades business. The issue is that while it’s important, it isn’t always urgent. If necessary, make one employee solely dedicated to invoicing.
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Dan Pollard
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