Top 5 Tips For Construction And Trade Businesses in 2021
Maintaining a small business in the construction and trade industry is challenging enough without the difficulties presented by COVID-19. Whilst these challenges are expected to be eased out in 2021, it still serves an important lesson for businesses: Continuously planning and preparing for the future.
Most small businesses are already trying to shift their focus from traditional operations to a more dynamic and digital approach allowing for greater flexibility and dexterity required to overcome obstacles such as COVID-19 in future.
Below are the top 5 tips for small business in the construction and trade industry that we’ve collated to help businesses within the industry to be better equipped for 2021 and beyond.
Technology has become an essential part of our daily life. We can see the upward trend of words such as “smart” and “automation” in all the aspects of our daily life. It is no different in the trades and construction industry. The rise of home automation tools, smart devices, app control etc. has given more flexibility to customers and opportunities for small businesses. However, this requires training and equipping business for various technology, so it’s best to start investing in upskilling your workforce accordingly so you can maximise new opportunities
Promoting business online
With the limitation of mobility and benefit of flexibility, if one thing is to be learnt from the COVID-19 period is that online presence for small business is essential. The increase of localised business searches with search engines and social media platforms it is of utmost importance so that your business is not missing out on new opportunities. It might take a bit of online education and research to get your business appearing for searches such as local renovations or contractor jobs but it’s definitely worth the effort (or investment if you decide to engage a digital agency to assist)to not only raise awareness and presence but to actually convert customers..
Get reviews and recommendations
Gone are the days of quoting customers for the job and getting construction and trades businesses based on competitive pricing. Customers are more demanding now than ever and do their research on the quality of service, workmanship, duration of the work etc before making a decision. The best place for them to learn about this is through various reviews and recommendations provided by previous customers on sites like Trust Pilot, Product Review and Google My Business. This might require you to sign up to different platforms and pay a subscription fee but this not only increases your chance to get more jobs but also increases the reliability factor that is vital to convert customers.
Partner or Sign up to online platforms
Whilst platforms such as Airtasker, Hipages, Serviceseeking etc seem to be predominantly a freelance platform for jobs, smart construction and trade businesses are ensuring they have a presence in these platforms as well. While there may be a fee for jobs acquired through these platforms, it lets you tap into a market you previously couldn’t access and gives you additional opportunities to increase revenue.
The shift from a cash economy
Offering multiple options for payments, especially electronic methods allows for easier management of finances including receiving instantaneous payments, following up on overdue invoices and also lodging your BAS, making it an essential element for long term success for businesses.
Although implementing these strategies requires working capital, the benefits of long term success are undeniable. If you require additional funds to achieve these goals, Capify can help you with a variety of short term finance options.