How to keep your business steady

Running your own building business is no small feat, especially when the economy remains flat. However, just as excellent workmanship depends on the condition of your tools – and your skill in using them – so your business survival relies on maintaining and using good business strategies. In this article, Builder’s Business Coach Graeme Owen shares five ways you can make it work.

All builders should already know how to keep their tools in great shape – but what about the business side of things? That can be more difficult. If you’re struggling with that aspect, you need to read these five key strategies to keep your business in great shape.

As you pick up the following tools, take a moment to reflect on the business strategy it reminds you of.

1. Your hammer: essential services

Your hammer is the archetypical builder’s tool – reliable and necessary. You can’t be a builder without one.

In the same way, your business needs to focus on essential services – things that people can’t put off, no matter what happens in the economy. Think about urgent jobs, such as home repairs, roof replacements, fixing leaks and weatherproofing. These ‘must-do’ projects are the nails that can hold your business together right now.

Homeowners may not be planning big renovations, but smaller, essential jobs still need doing. If you focus your business on these opportunities consistently, you’ll keep your schedule full.

2. Tape measure: measure your costs

You’d never start cutting a length of timber without measuring – hopefully! Your tape measure helps you ensure your building is accurate. It helps to minimise waste and save time. As a kid, I remember building a cart and cutting several pieces too short. My dad swiftly reminded me to measure twice and cut once!

Your company’s finances need the same level of measurement.

Start by taking a close look at your expenses and note where your money is going. Cut out unnecessary expenses and talk to your suppliers about better deals or bulk discounts. Do you still need all those monthly subscriptions? Is it cheaper to repair rather than replace? Can the current ute last another year?

So, next time you pick up your tape, think about your costs.

3. Level: maintain client relationships

Ensuring the floor is level and the walls plumb is a basic building skill. You wouldn’t last long in the business if you couldn’t do this!

Similarly, strong and steady relationships with your current and potential clients provide the foundation on which any business is built. Clear, honest ‘straight up and down’ communication is key. So, update your clients on progress, offer transparent pricing, and tackle any issues they may have quickly. Don’t try to hide things!

You can go the extra mile here with almost no additional cost. Your clients will love it. For example, send a text when you reach a milestone, like putting down the concrete floor or getting a window replaced. Little communication extras can leave a lasting impression that helps to build trust. When your clients trust you, they’ll come back, and they’ll recommend you to others. Much like a perfectly leveled piece of work stands out, good client relationships give your business the foundation it needs to stand tall.

4. Skill saw: cut through the marketing noise 

Social media marketing is bigger than ever, but it’s a crowded field and that can make it hard to cut through the noise and consistently reach potential clients. Just as you want your saw blade to be sharp, you need to keep your marketing sharp. So, here’s what to do! Showcase your craftsmanship online by sharing high-quality photos and videos of your work on Instagram and Facebook. Tell potential clients about your guarantees and share client stories. The more you remove their fear of dealing with you, the more you’ll cut through the marketing noise. And, don’t overlook local online groups. They’re free and can help you find jobs in your area. Networking can also be important. Partnering with architects, designers, or real estate agents can bring you opportunities and referrals.

5. Multi-tool: be adaptable

As well as all the above, you need to be adaptable and versatile – just like your oscillating saw. It’s your best friend for tackling a variety of jobs. So, be prepared to be versatile and remember, new opportunities are rarely repeats of past opportunities. If big projects are drying up, look for smaller jobs to keep cash coming in. Deck repairs, door installations and small renovations can fill the gaps. Team up with other tradespeople to offer bundled services. Or, if smaller work is drying up, check out the larger building companies. They may still have work for your team. Diversifying your services ensures that no matter what comes your way, you’re ready to handle it – just like your multi-tool.

Bringing it all together

The truth is, running your business during tough times isn’t much different from maintaining your tools. It’s about staying sharp, focused and flexible. You already know how to create sturdy, long-lasting work from raw materials. Apply that same mindset to your business and you’ll not only survive the tough times – you’ll come out stronger. Keep your tools sharp, both on the job and in your business, and you’ll build a foundation that lasts.

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: thesuccessfulbuilder.com/book-15-min-sales-call or join Trademates and connect with builders who are scaling too: www.facebook.com/groups/TradeMates