How to Build a Successful Contracting Business Part 4
In this six-part series, we are offering tips to contractors on ways they can build a successful business. In sections one, two, and three, we discussed everything from developing a financial plan to effectively implementing the best business practices. In this section, we will discuss self-auditing your business and how to build strong relationships with clients. Remember, an Orlando construction attorney from Cotney Attorneys & Consultants is here to help contractors with many crucial aspects of their business.
Auditing Your Business
Once your business is up and running, you’ll want to assess how effectively your company is operating by asking questions like:
- How are you acquiring your clientele?
- Are many of these repeat clients?
- Are your clients pleased with the results?
- Are you steadily generating more working capital?
- Are your employees satisfied in their position or is there a lot of turnover?
Many of these factors can be reviewed internally. Everything from speaking with your employees and clients to reviewing the financial affairs of your business can help you determine your strengths and weaknesses and decide where you should focus more of your attention.
Creating a Positive Reputation
You can’t build a successful business overnight; it takes time to develop a reputation as an honest, hardworking contractor. Unfortunately, not everyone in the construction sector always prioritizes their clients’ best interests. If you are a straightforward person that exceeds expectations, corrects mistakes when they happen, and treats your clients with respect, you will excel.
It’s Okay to Prioritize Some Clients
With that being said, not all customers are equal and some do deserve priority. It’s best to show the most consideration for clients that pay promptly and offer your firm consistent opportunities to work. If you are contemplating taking on a new client, research the prospective customer and ask around about their reputation. If a client has had issues in the past, it may be best to avoid working with them until a better fit comes along.
Partnering With Ideal Clients
The main goal is to develop long-term business relationships with the right clients. For example, although your contracting services may be specialized, you can help your clients with an array of needs by outsourcing certain tasks to a subcontractor. This is a win-win situation as you are providing yourself with a timesaving solution while proving to your clients that you can adapt to their specific needs on current and future projects. However, be careful to not overextend yourself in the process.
For more information on building a successful contracting business, please read sections five and six.
If you would like to speak with one of our Orlando construction attorneys, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.