As we discussed in a previous article, it’s a good time to be in the construction business, with 93% of contractors set to increase their profit margins in the coming year. If you are already within the industry, or if you are thinking about setting up your own construction business, then chances are, you might see success.
Your business isn’t infallible. When working in construction, there are risks to your business, and while you might reap the financial rewards, you might also see a downturn in your profits.
Here are two of the reasons why.
Risk #1: Seasonal slowdown
At the time of writing, many of us are enjoying the warmer climes of the summer season. And when we say ‘enjoying,’ we should probably replace that with ‘working,’ as if you are already involved in the construction industry, you might currently have more work than you know what to do with. However, this won’t last forever. When the sun dies down and the winter months start to rear their chilly heads, you will enter the slow season when work is hard to find. And besides, the last thing you want to do in the wind and the snow is to climb scaffolds and skyscrapers, so you might choose to slow down yourself. However, when work starts to slow down, so will your profits, and that could hurt your business.
So, what should you do? Well, you need to prepare for an economic downturn, so ensure you have enough money saved up for both your personal and business life to keep you afloat during the winter months. Budget accordingly and make savings where you can. Spend time marketing yourself to those clients who might require indoor remodeling jobs. And look at these other ways to generate revenue during the slow season, so your business doesn’t come to a grinding halt.
Risk #2: Not delivering work on time
Missed deadlines will scupper your reputation, and that could have fatal consequences for your business. This is especially true during the summer months when you might have several projects on the go in your bid to meet demand. Consequently, you might well fail to deliver work on time for some of your clients. And there are other issues that could cause you to miss deadlines, such as staff productivity and sicknesses, building materials being delivered late, broken tools, and weaknesses in planning. Your clients won’t be happy, and neither will you be when word gets around, and your business takes a hit.
So, how can you manage the problem? Well, for starters, take precautionary measures. Ensure your staff are fully trained for the jobs they have to do; as this way, there will be less of a problem with productivity. In the event that any of your staff do fall ill, have a hotline to a temping agency at the ready, as they will provide you with extra people for your team. You should also take on less work, because aside from the fact that you might miss a deadline if you have taken on too much, you might also rush jobs and cut corners in order to meet demand, and that might scupper your reputation further. Be sure to use reliable building material companies too, so there is no delay in transit, and buy the best tools to avoid any breakages.
If you do need to push a deadline back, speak to your client. So long as you keep the lines of communication open with them, they will be less likely to turn against you should you fail to complete work on time.
You already know that working in construction is risky, especially when you’re working at height and with potentially dangerous equipment. However, as we have seen in this article, there are other types of risk that don’t involve loose scaffolding and falling bricks, and these could damage your business. Take heed of our suggestions then, and take the necessary steps to build rather than bring down your business.
No, Passwords Can’t Keep Your Business Safe
The average office employee needs to remember up to 30 different passwords to access the tools that are indispensable to their everyday tasks. Passwords have received a lot of attention as part of safety policies. Several businesses have even introduced a regular password change date at which their employees need to renew all or some of their passwords. The traditional password rules generally include choosing a complex combination of words, letters, and special characters as well as not leaving any written down trace of your chosen password. However, it would be foolish to assume that a strict password policy can serve as a protective shield for your business. As a business owner, you need to make it your priority to know at all times what or who you bring into the company.
Having trustworthy people make a great deal of difference
Your most valuable business asset is your team. Your employees are at the core of your company; their productivity builds your success. But if you want to grow your business, you need a team you can rely on. Did you know that employees are the most common source of frauds and thefts in business? Inadvertently, hiring black sheep in your team can open the door to many troubles. To avoid any risk, you need to run tight background checks on your applicants, using both a solution such as Checkr.com and the interview stages to find out more about the individuals. References can also help you to cast some light on the professional history of the people you meet.
Do you know who’s coming?
Your premises can be vulnerable to intruders. Running a tight business that is fully protected against external risks also includes ensuring that you keep the place secure. Nowadays, CCTV cameras are a no-brainer for most business sectors, as they can provide valuable identification in case of a break-in. Additionally, an alarm system can manage the company at night and during holidays, ensuring that the building is linked to the closest police station.
Can you trust your customers to pay the invoices?
Giving credit to customers is a significant risk when you’re launching your business. You can’t afford to lose money. However, failing to provide long-term payment options can mean losing customers. If you are considering delaying payments to 30, 60 days or even introducing installments, you need to be in a position where you can trust customers to pay. Running a credit check on your customers can give you the insight you need. It can be a tricky process, so as a company, you need to obtain a signed authorization to run the check.
Do you know your suppliers?
It’s in the nature of businesses to establish a trust relationship with their suppliers. Indeed, negotiating with suppliers and identifying the best option for your company takes a lot of time. You want to be sure that you are receiving the best value for your money, as seen on BGateway.com. More importantly, you also want to work with providers who offer an environmentally-friendly and respectful approach to the process. Remember that their reputations could affect yours!
Business safety is all about making the best-informed decisions to let in only trustworthy and reliable contacts into your business, whether they are employees, suppliers, or customers. Failing to check on the people you work can put your company at risk.
Are You The Type Of Person Who Should Put Their Money Into Real Estate?
If you are an investor, you have numerous options to make your money grow. But precisely which assets you should choose can be a mystery. Should you buy stocks? Or should you put your money into crypto?
The answer depends considerably on the stage you are at in your life and your goals. People heading up for retirement probably shouldn’t bet their life savings on continued rises in the price of bitcoin. But, likewise, young investors are possibly leaving unrealised returns on the table by avoiding stocks.
What about real estate? Which type of investor stands to benefit the most from buying property?
People Who Want Dividend Income At Lower Risk
The problem with stocks and shares is that they’re risky. A company might deliver a healthy dividend for a decade, but then all of a sudden, it dries up. Customers leave, a new competitor emerges, and it’s game over. The stock tanks and the dividend doesn’t return. It’s Schumpeterian creative destruction in action, and you just got destroyed.
The returns to property, however, are different. Not only do property assets tend to rise at or above the rate of inflation, but you can also make rental income from your assets. There’s no risk of a house going out of business and losing all its value, so it’s a much safer investment than most other kinds of assets.
People Who Want To Have A Second Income
Stocks do pay dividends, but typically, they are pretty low. Most investors make a return on the stock market when they sell after having waited for the price to rise to the desired level. Waiting for the right time to sell, however, can take years and, sometimes, decades.
So what assets can you buy to obtain a second income?
As estate agents point out, property can provide you with a steady income stream from day one. All you need are tenants. What’s more, you don’t need to buy an entire house outright. You can purchase property instruments called REITs, which buy you the rights to a chunk on the rental income from a portfolio of properties held together with other people. In other words, you can buy a slice of the property market without having to go through all the usual hassle.
People Who Have Good Credit Ratings
No bank or financial institution in its right mind lends to investors so that they can plough money into the stock market. However, if you have a good credit rating, you probably can gear up when buying property, grabbing bigger returns as a result.
Let’s say that you want to buy a property for £100,000 that will generate annual rental income of £10,000. You have £50,000 in the bank and need a mortgage of £50,000 to cover the rest of the cost. The interest on the mortgage is 3 per cent per year, coming out as £1,500 per year. So by buying the house, you can generate £8,500 in net income per year – income that you couldn’t have had without leverage.
Are Your Garage Doors a Security Risk to Your Home?
Your garage door is a potential target for thieves and criminals looking to gain access to your home. So, whether your garage is connected to your property or not, it is important to ensure that it is meeting the requirements for security. You may believe that your current garage door setup is sufficient, but if your doors are a number of years old, or you are aware of being crime in your area, it could be the perfect time to review whether the doors are still suitable.
Many models of garage door are extremely secure – especially if they are on a motorised track and have no physical handle. This certainly applies to many modern garage doors, but older models can be very vulnerable, especially if they have not been professionally installed or properly maintained. Here we will take a look at whether your garage door is a security risk to your home.
How garage doors can be forced open
There are many ways that a burglar can break in to a garage – and it tends to be older garage doors that are targeted because they are generally easier to deal with. Modern security features can make this much harder, but not necessarily impossible, so even if your garage door is relatively new it is important to take steps to make sure you are secure.
The risks to older doors are greater. For example, it is generally much easier to drill or cut out the locks on older models, whereas this weakness has been dealt with on more recent developments. Some older versions with only one lock could be broken into in a matter of seconds. There was also often a weakness around the top of the door that could be exploited with a simple device like a crowbar.
Any doors that run on tracks such as roller and sectional doors offer a greater level of protection simply due to the way that they open. One of the most common ways for thieves to break down these doors is to actually cut a hole in the door – although this is loud and time consuming.
What security features should you look for?
If you are thinking of switching your garage door to a new model with better security features, it’s important to know what you are looking for. The first thing to be said is that you should always buy from a high-quality manufacturer and from a company that can provide you with a professional fitting service.
It’s also important to consider the following safety features:
- Locks on either side of the door
- The ability to fit extra locks
- Bars designed to stop the locks from being physically pried open
- If automatic, the system should have secure locking mechanisms powered by the door motor
Investing in a high-quality lock
There are various types of lock that you can add to your garage door. The most common is a standard lock that can be attached by anyone with a little DIY experience. You may also wish to look into options such as side door bolts, which are installed on the inside of your garage door. Another option is a deadbolt lock, which will reinforce the door and are very challenging to remove.
If you don’t want the bother of having a key – which could get lost or stolen – you could opt for a keyless lock with a keypad, allowing you to open your door with a code.
What about a garage defender?
Another security feature that homeowners are considering for their garage doors is something known as a garage defender. This device is only suitable for up-and-over garage doors – they are a heavy-duty block that stops the outward swing of the door if someone attempts to force it.
These devices can be very effective, but it is important to fit them correctly, and to make sure that they are suitable for the type of ground that you are going to be fixing them to. Incorrectly fitted defenders are little more than a visual deterrent.
What is the most secure type of garage door?
Any garage door can be extremely secure if you put the correct measures are put in place. Many specialists in the industry consider automatic roller garage doors as the most secure, as they are held in place by a motorised system, and modern models are made from insulated aluminium.
How To Manage A Successful Tech Product Launch
The world of business has changed an awful lot since the dawn of the Internet. More people than ever before are relying on the web to handle their social time, market research, and, most importantly, shopping, and this has made it a lot easier for companies to get started. When it comes to something like a product launch, though, there are an awful lot of nuances which business owners don’t understand. In the world of technology, this only becomes more apparent, but this post is here to help you out. By exploring the elements which can make a launch like this successful, this post will be exploring some of the steps you need to take.
A lot of modern products are popular long before they ever hit the market. The companies selling them understand the importance of building hype, and will work hard to make sure that information about their new launch is spread around the web. This will start on social media and your own website. Teasers can be shown off, giving hints at what your new product might do or be for, but you need to make sure that you don’t give too much away. Apple are great at building hype like this, with people across the world being excited about releases which haven’t even been announced.
There are a number of different strategies which can be taken with this, though it is worth being creative and trying to find unique ways to build hype. One of Apple’s strongest methods in all of this involves leaving a device for other people to find. This is usually done in bars, with loads of pre-release iPhones being dropped off like this. Enabling news companies and publications to talk about the product before it hits the market, this sort of action can be a great way to keep your company in people’s minds.
In a perfect world, businesses would know exactly how many items they are going to sell before a product hits the market. This isn’t possible, though, and you have to take on some risk when you’re going through this process. Pre-orders can help to mitigate this, giving you the chance to start earning before you ship anything, while also giving you an idea of how popular your product might be. This should only be done once production has started and you’ve tested your product properly, as this will ensure that you don’t make any promises which you can’t keep.
Working With Influencers
Over the last decade or so, websites like YouTube have become a huge driving force in the world of online sales. When the right content creator decides that they like a product, it can send a company’s sales off the charts, and this is something you should be aiming for. It’s very common for businesses to send out free products to people in this position, all in the hopes that they will give it a positive review. This can be a little risky, as YouTubers will be honest about bad products, and this means that you can give yourself a bad name if you choose the wrong influencers. Other social media can be great for this, too, but might not have the same sort of reach.
While the internet provides a powerful tool for companies looking to market their products, entering the physical world is also critical. When something like a phone is about to launch, for example, events will pop-up across the globe, giving potential customers the chance to test the products before they commit to buying them. While this will be expensive, the impact it can have can be staggering, as it will provide an opportunity for your customers to try the product for themselves, rather than having to wait for reviews to come out.
Arranging events like this will be a lot of work, and it’s unlikely that you’ll be able to achieve the same scale as a larger company. Instead, it’s best to focus your event on one or two prime locations, like London, New York, or Tokyo. You only need a few tables, custom signs, and a few people to help you out, with this being enough to give customers the chance to try your products. You should be ready to answer questions, while also keeping anything secret which you don’t want people to know, yet. This is best done when the product you’ve been making is ready for launch, and can even be coincided with your launch to make sure it has a massive impact.
Testing & Bugs
Testing a complicated product takes more than using it once or twice in lab conditions. Along with this, you need people who have never used your product to be let loose with it, giving you an opportunity to make sure that there aren’t any issues when those who have paid for it come to give it a try. This is often referred to as beta testing, and is something which you can have done for free if you’re willing to use online communities to help you out.
This is just about the most important part of your product launch. People expect their techy products to work well from the moment they buy them, and will be very annoyed if they have to wait for updates to fix small problems. If you fail to test your goods properly, you could find yourself struggling to sell future products, and may even have the first launch fail entirely. Even if it takes a couple of months and costs some money, this is a truly vital step to take when you’re making a tech launch successful.
New products are hitting the market all the time, nowadays. This makes it hard for companies which are new to the tech industry to get their voices heard, forcing organisations like yours to be creative and thoughtful with their product launches. It’s never worth assuming that you don’t have to compete, as there will almost certainly be a product on the market which rivals your own.
Giving Users A Better Experience Online
Giving every user the best possible experience when they visit your website should be your main priority as an internet based business person. In a physical store, you can easily see the reactions on a customers face, and also at what moment they enter and exit, whereas this is much more difficult to discover online. You have to be more creative and innovative if you want to provide a great service for every customer that encourages them to remember their experience and want to visit your website regularly – luckily, there are a few top tips that can help to get you started!
One of the most beneficial features you can include on your businesses website is cookies. Essentially, when a user visits your site their own small text package is created, and is subsequently filled with information specific to them. This information can consist of their different habits whilst interacting and browsing, log in details like username and password as well as what they might be drawn to. Having all of this information at your fingertips can give you what you need to improve and personalise every users experience, and you may want to see how to bring real-time web tracking in to Salesforce to identify how you can maximise the efficiency of the whole process.
See From Another Perspective
By putting yourself in the shoes of the user and visiting your site from different devices regularly, you can get a better idea of how your website actually feels for people on the other side of the screen. Though this may be beneficial up to a certain point, you must make an effort to see from another perspective and stay in touch with your average visitor by regularly carrying out testing to gain reviews and feedback, but only using people from outside of your business. Exclusively testing your website on employees or colleagues will simply produce a biased opinion that is pretty much the same throughout – this is why you need diversity in age, gender, background, etc. in order to have a wide range of differing viewpoints.
Make Your Site Reliable
If your website is unreliable, whether this means broken links, badly written code or loading errors, you will lose business as a result. Cutting corners in an attempt to save money in costs will only end up making you lose out on profit when you encounter problems in the future, so make the initial effort in order to lay the foundations for the future of your website. Constantly patching over holes will end up taking more time and funds then if you were to ensure your sites reliability on its first release rather than months down the line, so testing is key to restoring good levels of reliability.
Being able to provide your users with the best possible experience on your website will give you more than just profit, as your reputation and motivation with see an improvement too. What are you waiting for?
Leasehold vs. Freehold – Why do Leasehold Properties Have Such a Bad Reputation?
Leasehold properties have a reputation for being bad buys, but is this way of thinking really fair? Millions of people own leaseholds across the UK after all, so surely they can’t all be bad – can they?
In order to answer these questions, and ascertain once and for all whether buying a leasehold property really is such a poor investment decision, it’s important to initially understand what exactly a leasehold property is.
What is a leasehold property?
When you buy a property in England or Wales, there are two main types of agreement you can purchase – a freehold and a leasehold. A freehold effectively gives you full ownership of a property and the land it stands on. When you buy a house, for example, you will typically become the freeholder of that property.
Having a leasehold, on the other hand, means you can essentially rent a property from a freeholder for a denoted period of time, whether that be years, decades or centuries, but you will never actually own the land it is built on. For example, if you rent a flat and pay money to a designated landlord, unless that landlord owns the entire block of flats you live in, they will be a leaseholder.
Because of this, most flats are sold as leasehold properties, with the freehold being held by the builder or firm they have sold the freehold to. Conversely, most houses are freeholds, due to there typically being only one property on that piece of land. This isn’t always the case, as the case of new-builds under the Help To Buy scheme proves, but as a general rule, flats are leaseholds and houses are freeholds.
Leasehold vs. freehold
Now, while this may all seem fairly clear-cut so far, there are a number of issues that leasehold properties suffer which freehold properties don’t. Let’s take a look at some of the main examples.
- Managing Agents. The freeholder of a property will usually appoint a managing agent to deal with the day-to-day management of the property – keeping the communal parts of the building, such as the garden, staircase, roof and lift, in proper working condition. However, while the freeholder decides which work is done and who by, it is the leaseholder’s responsibility to front the cost, meaning that any decision-making related to repair work is out of their control. The only aspect a leaseholder does have control over is any changes they want to make inside their own property, brought up – for example – following a pre-purchase building survey.
- Consent To Sell. If a leaseholder decides to sell their flat or property, depending on the lease they have, they might need to gain consent to sell from the freeholder. This freeholder will typically charge for the privilege which, again, will be the leaseholder’s responsibility to pay.
- Buildings Insurance. The freeholder is responsible for the property’s building insurance, requiring leaseholders to make contributions towards the overall yearly cost. However, when it comes to the annual renewal, the leaseholder will get no control over how much they are expected to pay. In essence, you pay for the buildings insurance but don’t get a say in how much it costs or which insurance provider to use.
- Service Charges. Freeholders are entitled to charge leaseholders for the services they provide, regardless of the actual work carried out. For example, a roof repair could actually cost £80,000 to complete, but a freeholder could add a 15% service charge on top of that, and disproportionately charge a leaseholder for the work.
- Lease Term. Leases with less than 80 years until they expire will doubtless cause problems when the property is eventually sold. This is because the cost to renew the lease increases massively the closer it gets to expiring; a charge which freeholders will expect the leaseholder to pay.
- Freeholder Consent. Depending on the lease involved, if a leaseholder needs to make a small alteration to their property, they may require the permission of the freeholder. Freeholders will unsurprisingly charge for providing this, which it will be up to the leaseholder to pay. If the freeholder refuses to give consent, they will prevent the leaseholder’s planned alterations from taking place.
- Poor Service. Since many freeholders use the help of a managing agent, the service that leaseholders receive is generally fairly poor. This isn’t always the case but many leaseholders say that they are often left waiting for quite some time when trying to make alterations to their property, or when asking for freeholder consent.
As these points clarify, it’s not hard to see why buying a leasehold property is generally regarded as a poor investment choice. However, that’s not to say it’s always the wrong thing to do, as there are many leasehold properties who have happy leaseholders occupying them. The most important thing is to make sure you understand everything going in. If you are thinking of buying a leasehold property, don’t let this article or the points we’ve raised put you off. Seek comprehensive legal advice, explained in plain English, and ensure you know what you are letting yourself in for before you decide to buy.
The Most Popular Consultancy Businesses Driving Organisational Change
Consulting is one of the oldest professions. At root, it involves offering your expertise to companies so that they can make more money and improve conditions for critical stakeholders, including employees. With the economy becoming increasingly sophisticated and interconnected, there’s a need for firms to be able to find people who can help them adapt to the demands of the modern marketplace.
What’s interesting about the consulting industry is how it both drives and reacts to megatrends. We see new consulting opportunities emerge all over the place. Here’s are some of the most popular consulting business ideas that can drive organisation change.
Today’s companies don’t just want to make money: the people at the top of management also want to protect the planet, even if that means lower profits in the short term. The reasons for this are simple: the top brass wants to ensure that the world of tomorrow is inhabitable and enjoyable for their children. And they want people to be wealthy enough to continue buying their products. If harvests fail and food prices shoot up, people will struggle to have money left over to buy their products; or so the thinking goes.
Firms, therefore, need environmental consultants: people who can explain to them how to be more sustainable in a cost-effective way. Currently, environmental consulting is an active field, both for political and technological reasons. Innovations in sustainable energy are making “going green” much more affordable for the average company.
According to LimeLicensingGroup.com, the franchise market expanded more than 70 per cent in the UK over the last ten years. Franchising offers modern workers what they want: the ability to earn a decent income, but also the flexibility to organise their work how they want. Becoming a franchisee is a bit like becoming an entrepreneur, but with less personal risk.
Making franchises work, however, remains a challenge for many people who get into the space. They need consultants who can help them identify opportunities and leverage the occasion as much as possible.
Information technology is powerful. At the same time, it’s continually changing, meaning that most firms are on the back foot. Yes, better solutions might be available, but don’t expect management to be aware of it. Things move too fast to keep up with all the latest goings-on.
Firms need IT consultants to put them on the right path; to tell them which systems they should implement, and which they shouldn’t. Companies also need IT pros to manage their workflows and ensure the security of their networks.
Not all companies understand how to make the best use of the cash that they generate according to startupfreak.com. From an operational perspective, they may excel, but they might also be financially naive. Your job as an investment consultant is to help them make better decisions with the money that they generate, including how to minimise tax and maximise return in the stock market. A lot of firms will make rash financial decisions that hurt their long-term cash generation.
How To Keep Your Farm Profitable In 2019
Many farmers are worried about keeping their business afloat. Farming is a vital job to sustain the community, but first and foremost, you need to sustain your family. So if you’re seeking out ways to make your farm more profitable this year, read on.
Manage your costs
If you want to stay profitable, you’ll need to manage your costs effectively. Why pay high rent on land without a high yield? If you’re going to increase your profit margin, you’ve got to be serious about where you can draw the line. For example, you might be spending far too much on livestock feed, just because you’re sticking to a familiar supplier. You might be able to find alfalfa hay for sale at a fraction of the price by shopping around. Just use a reputable source, so you know you’re not compromising on quality. Other ways you could minimize your payments are to share equipment with neighbouring farmers, if possible, or to sell on any old equipment that you no longer use. Sometimes investing in newer equipment is worthwhile if it will increase your farm’s efficiency.
Get better at book-keeping
To keep your costs low and your profit high, you need to know what you’re spending on at the moment. Develop a system that allows you to track your income and expenditure. It’s best to keep this system regularly updated so that it provides a clear picture. Having an accountant or a financial advisor is probably a good idea. There are also plenty of resources online to help you with book-keeping and business management. Knowing where you stand is the first step to profitability! Next, you can start trimming down the unnecessarily high costs you may have identified.
While you might save elsewhere, investing in cutting edge technology can benefit your farm. Modern farming technology can help you to achieve the perfect seed placement, which can increase your yield significantly. But it’s not just about investing financially. It’s also worth investing time and energy into making your farm profitable. Speak to experts who can help you choose the ideal seeds for your soil type and when to plant them. As the science develops, it’s also essential to stay up to date on things like the latest fertilizers and developments in animal husbandry.
Diversify your income
Many modern farmers are diversifying their income to ensure that fluctuations in the market don’t hit them so hard. Some successful ventures include energy farming, for example installing solar panels or wind turbines on land that is no longer profitable. If your farm is in a good location and has a certain charm, you could rent it out as a wedding venue.
If you have land going spare and a little money to invest, you could also consider setting up ‘glamping’, or glamorous camping, rentals. These could be yurts, traditional wagons, or even tree-houses. It can cost a significant amount to set up, but depending on your location (and marketing strategies) it could offer a decent return. Other options are vineyards, forestry, and selling homemade crafts.
How to Develop Your Construction Business
If you own a construction business, then there’s good news: this is something of a booming period for the industry, with billions of dollars projected to be spent on projects in the near future. After some lean years, it’s a period that will be seriously welcomed by construction companies! But of course, even if the industry overall is doing well, there are no guarantees that your specific business will reap the benefits. For that to happen, you need to ensure that you’re in a position to take advantage of the influx of cash to the market. Below, we take a look at a few tried and tested ways for developing your construction business.
The Future Jobs
We talk about construction as is if it’s a narrow industry, but this, of course, isn’t true in the slightest — it’s wide-ranging, as wide-ranging as any other, with a million and one different types of job types. As such, it’s worthwhile not just understanding that the future of construction is bright, but in what way it’ll be bright. For example, in your area, what is going to be built? It could be offices, homes, national infrastructure, or something else — what’s key is that you know what it is, so you’re able to position your company to take the jobs when they arise.
Expand Your Services
It’s one thing to know what type of jobs are coming up; it’s another thing to actually do them. There’s nothing worse than having to turn down a job all because you don’t have the equipment or expertise to do them. These are both things that can be overcome! Looking forward, it’s a good idea to look at expanding your services. It might mean working with Ranger rigging so that you’ll have greater capabilities on job sites. It could also mean bringing on board a more diverse set of employees, so that you have workers who are able to do every type of job. If you don’t know where to start, take a look at what your business can offer, and what your competitors offer — and make sure you’re not falling short.
Building a Team
And talking of your workers: there’s much value in developing a team that consistently deliver excellent work, and whom you trust. There’s something of a skilled worker shortage, in some areas at least, and that means that if you have people you trust, then you need to keep hold of them. This may mean paying them a little more than usual, but it’ll be worth it — it’ll be the quality of their work that pushes your company to the next level.
Finally, when the good times are around, remember that you don’t need to take every job that’s offered. It’s worthwhile learning how to pick the jobs that’ll be good for your business, and which ones aren’t — this isn’t just about money. It’s also about time, prestige, and other factors. Don’t waste your time with low-quality, time-consuming jobs which won’t take you anywhere!