Do you feel as if you are about to crumble under pressure and stress? Do you no longer have time for your family? Well, this is not a psychology therapy. It is about whether the words ‘competition’ and ‘low bidding’ have completely changed the way you live your life. It is no doubt that many excavation contractors businesses’ are on the verge of bellying-up. Competition from new contractors who are starting out is taking its toll on older players in this field. Instead of going under, here are 7 smart ways to keep making profit amidst all these challenges:
1. Ask your customers to give you referrals
– great customer experience
– request for referrals
– both old and new clients
It’s true that the newcomers are stepping in with style- ludicrously low bids. However, nothing beats the experience a customer goes away with after a job well done. You have been in the market for long and you know all the tips. Work on your project using all the expertise you can garner and remember to request your current client to give you referrals. Don’t just limit yourself to the current ones. Even previous ones can be a great resource. This way, you stay way above the competition and the low bids.
2. See your employees as a resource
– their networks
– extra effort
Have you ever taken time to see your employees as a resource? Of course yes. They help you meet the company goals and make profits, and that’s why you keep them. A second look will do as they can help you get clients by tapping into their networks. They are able to give referrals as well. Why not request them to bring in clients, (yes they are not in the marketing team) and if they do they get a reward for the extra effort?
3. Maintain your brand’s trust
– avoid low bidding
– avoid sub-standard work
– keep your brand’s trust
It’s attractive, yes and everybody is doing it. That is precisely why ‘everybody’ will soon be out of business. The downside to low bidding is that you will lose money big time, and you will soon belly-up. On the other hand, in a bid to lower running costs, you will lower your standards, doing only shoddy work that surely leads you down the route of losing your customers’ trust. Ultimately, you will go under. Remember, you got a brand that took you quite a great deal of effort to see it to where it is today. Why waste all that investment?
4. Let your expertise shine
– don’t down your tools of trade
– don’t try even other jobs in your niche
– let your expertise shine
With all these external challenges, it’s not time to down your tools of trade and change your job description. Just because excavation contractor jobs are seemingly dwindling, don’t try out another job, even if it may look like it’s in your niche. For example, if you specialize in residential buildings, stick to them through thick and thin. Trying to work on commercial buildings will take you down the very road you are trying to avoid- failure. You lack the expertise and skills to borrow from and you are bound to do a sub-standard job. Just let your expertise shine!
5. Get relevant and useful web presence
– High quality of content on your website
– Major platforms
– Reviews of the company and its services
Do you have a website? A resounding response in the affirmative will be heard. It’s no longer about whether you have a website. The quality of the information on that site matters, and matters a great deal. Better still; ensure that your business exists in major platforms that can expose you to wider audiences, for instance, bbb.org. This way, clients will get to know of your business’s existence. On such sites, include photos of your latest projects. Also allow clients to review your company and its services. Customers usually need some basic information before settling on whom to allow working on their project. What a joy it will be if you are highly reviewed!
6. Keep your documents up-to date
– Bonding, insurance, and license
– Never let your credibility be questioned
Don’t become too obsessed with seeing your profits soar to ensure that your documents- bonding, insurance, and license, stay up-to-date. Such a basic flaw could see a great project that you had invested a lot in go down the drain as the core of your credibility comes into question. Never give your clients any reason to doubt you.
7. Have your equipment at the ready
-have equipment at the ready
-caterpillar excavator is a must have
-cheaper to rent
-unavailability of equipment
-rent only what is needed
To ensure that you stay in business, you must have your equipment at the ready. Have most of the equipment that you need, for instance as an excavator contractor, a caterpillar excavator is a must have. However, in the event that you cannot afford one maybe due to financial constraints, renting will be your other option. You can also rent if your equipment is really old and cannot perform as well as newer equipment or if storage space is a challenge. Renting is affordable especially if you rent over a longer period- a week or longer. The downside to renting is that the equipment may not be available when you need it, especially during the peak season in contracting. The best thing to do is have all the equipment at hand and only rent what has minimal use, maybe just one month in a year, special equipment, or smaller equipment like hand tools. You now know, there is absolutely no reason to not be ahead of the pack!
Featured image flickr.com