Tough time? Your bbq can help!
17 Sep 2024, Business Tips, Learn, Prove Your Know How
During economic downturns, builders can find inspiration from all manner of places. Here, The Successful Builder coach Graeme Owen explains how to find inspiration in a Kiwi classic
Do you know any builder who doesn’t enjoy the sounds, smells and tastes of a great BBQ? Me neither! Recently, I wheeled out my own from its winter storage and started cleaning it for summer. As I went through the process of scrubbing and checking, I got to thinking how running a successful building business can feel a little like grilling the perfect steak – there’s no room for mistakes and every detail counts!
You wouldn’t throw a BBQ without a bit of preparation, would you? Just like throwing a successful BBQ, you shouldn’t run a business without ensuring all the essentials are in place and ready for use; especially if, like many other builders, you are facing a tough summer business environment.
So, let’s explore how maintaining your BBQ can mirror the steps needed to keep your business firing on all cylinders!
1. Keep your bbq clean: first impressions matter
Just as a clean BBQ creates the right impression for your guests and helps them relax and enjoy your cooking, a well-maintained business creates a positive first impression for clients and he’s them feel comfortable around you.
When a prospective client meets you for the first time, do they see a professional? If they walk onto your building site, is it clean and tidy? Do your vehicles, equipment and tools look well maintained? Does your team give a good first impression? In hard times, clients have more choice. They can afford to be more selective and are likely to choose those who present themselves well and stand out. The little things count.
So, take some time to clean up your business’ appearance. Check that your marketing materials are up to date and that your branding and advertising is consistent. Also, check that your sites and your team are looking tidy and professional. Make this a regular routine.
2. Check the gas: fuel your business with the right resources
Imagine the frustration of running out of gas midway through grilling.
Anyone for raw sausages? How embarrassing!
Similarly, running out of resources – whether it’s finances, materials, or skilled team members – can bring your business to an abrupt halt. In tough economic times, it’s absolutely vital that you ensure you have enough ‘fuel’ to keep your business running smoothly.
So, keep an even closer eye on your finances, ensuring that your cash flow is as steady as possible. If necessary, shorten the time between incurring costs and invoicing your clients. Keep short accounts where possible and ensure that your suppliers are reliable. Maintain good relationships with your subcontractors, remembering that they are also traversing the same economic environment.
3. Monitor the temperature: keep track of key business indicators
A BBQ thermometer helps you cook your food to perfection. In business, your financial dashboard helps you monitor your company’s health. Whether it’s tracking your income, costs, profit margins, client satisfaction, or project timelines, having reliable data at your fingertips is essential.
If you don’t have a dashboard for your business, set one up – now! Regularly review your key performance indicators, which can be as simple as total amount invoiced, total costs incurred, gross profit, overheads, cash in the bank, the number of marketing leads into the business, lead conversion rates, and the progress of each project. Do this on a weekly or monthly basis to stay on top of your game. Knowing your numbers is essential in tough times.
4. Check the lid: ensure your business retains momentum
A BBQ lid that doesn’t close properly means you can’t maintain the heat needed for cooking.
Similarly, a business that loses its momentum will struggle to stay competitive. In competitive times, you will need to work harder to gain new and retain existing clients, maintain team morale and preserve efficiency. If you are not getting as many enquiries, you need to put more effort into your marketing and advertising. However, make sure that you test any new methods before spending big.
Focusing on closing the gaps will help you retain what you already have. Providing an excellent service, while maintaining a motivated and efficient team, will help you retain your momentum.
5. Use a cover: protect your business assets
A BBQ cover protects your grill from the elements, extending its lifespan.
Similarly in business, protecting your physical and intellectual assets is key to gaining a long-term return from your efforts. This includes everything from safeguarding and securing your equipment and premises to safeguarding your business’ reputation.
A tough time may be exactly the right time to check your insurance cover, review your equipment maintenance schedules and check that your public communication is appropriate and relevant.
6. Test the burners and ignitor: ensure your business can fire up
Testing your burners and ignitor ensures you’re ready to cook when it’s time. In business, this means reviewing your processes and systems (marketing, sales, pricing, site, admin, legal, etc) and adapting them where necessary to the changing environment.
Ask yourself: ‘If I were starting from scratch again, would I do things differently?’ If you answered ‘yes’, now is the time to modify how you do things, so you’re better prepared to embrace the next economic upswing.
Running a building business in tough economic conditions is much like preparing the perfect BBQ – attention to detail, preparation and maintenance are key. By keeping your ‘BBQ’ in top shape, you can ensure your business is ready to handle whatever challenges come your way, serving up success even when the heat is on.
Graeme Owen is a builders’ business coach at thesuccessfulbuilder.com. Since 2006, he has helped builders throughout New Zealand get off the tools, make decent money, and get more time in their lives. Grab a copy of his free book: The 15 Minute Sales Call Guaranteed To Increase Your Conversion Rate or join Trademates and connect with builders who are scaling too.
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Awesome