Rev Up Your Business in 2024
Strategies to Kickstart the New Year
Attention:
Now's the time to take a good look at your business and plan where you want to be in 12 months.
We're not big on the New Year's resolutions hoopla that hits this time of year. We believe in rolling up our sleeves and delivering top-notch work all year round. Consistent progress is our ticket to achieving greatness.
So this is our yearly reminder: buckle down and make smart moves daily to level up your business.
Not because of the New Year frenzy but because winter tends to be a slower season, which gives us a chance to pause, assess, and figure out more innovative ways to work.
So let's get to work.
Table of Contents
Chapter One: Strategic Planning for Success
Chapter Two: Online Reputation and Client Reviews
Chapter Three: Equipping Yourself for Success
Chapter Four: Leveraging the Slow Season
Chapter Five: Conclusion
"A true business opportunity is the one that an entrepreneur invents to grow himself. Not to work in, but to work on."
― MICHAEL E. GERBER
Chapter One: Strategic Planning for Success
Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for the upcoming year.
Goals should be defined and evaluated:
Weekly, so your team members know what they are responsible for in the day to day
Monthly, so you can determine if you're on track to your yearly targets
Quarterly, so you can review trends and allow time for habits to build
Here are some other guidelines for setting goals:
Define metrics that allow progress tracking, such as project completions per month or revenue growth percentages.
Emphasize the importance of setting challenging yet attainable goals based on the available resources.
Align goals with overarching business objectives, ensuring they contribute to long-term success.
Set specific timelines for achieving these goals, breaking them down into manageable phases to track progress effectively.
Outlining a clear strategy will help you make smart decisions, know what jobs to turn down, and more importantly, what jobs and clients align with your bigger picture.
Improving Efficiency
It's also a great time to evaluate your processes to assess where you waste time / money and how to improve systems.
Streamlining Operations: Analyze current systems and identify bottlenecks. Implement lean methodologies to eliminate waste and streamline workflows.
Inventory Checklist: Take time to review your inventory. Make sure you have supplies ready for the busy season and research new equipment. Having the right tool can save you time and money. (K&K Supply is ready to help with this part!)
Waste Reduction: Discuss methods to minimize material wastage, whether through better inventory management, recycling initiatives, or optimized construction practices.
If you're looking for some A+ guidance on how to work on the business and not be bogged down in the business, check out The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber.
Chapter Two: Online Reputation and Client Reviews
Customer reviews online impact a business's bottom line. Period.
Especially in the contracting industry.
Here's why: we live in an era where the first thing someone does when looking for a service, if they don't already know someone who provides such service or has a referral, is Google using specific keywords.
97% of consumers use online resources when researching products or services in their area.
As we discussed in our recent blog, Manage Your Online Reputation, creating a positive relationship with your customers is paramount to getting new business and increased sales.
Cultivating positive reviews by requesting feedback from satisfied clients can help boost your ranking.
Below, we outline a few action items you can follow.
Feedback Loop: Establish a feedback flow with satisfied clients post-project. Reach out via personalized emails or follow-up texts requesting reviews. Express gratitude for their business and encourage them to share their experience on Google, Yelp, or similar platforms.
Timely Requests: Strike while the iron is hot—request reviews while the positive experience is fresh in their minds.
Make It Easy: Simplify the review process. Provide direct links or step-by-step instructions on how to leave a review. The easier it is for clients to share their thoughts, the more likely they are to do so.
Engaging with Online Audiences:
Be Responsive: Monitor reviews and comments regularly. Acknowledge and respond to both positive and negative feedback. Express gratitude for positive reviews and address concerns raised in negative ones. This demonstrates your commitment to customer satisfaction and a willingness to resolve issues.
Be Consistent: Regularly engage with your audience by sharing valuable content, updates, or tips related to your industry. Engaged interaction fosters a sense of community and keeps your business visible and relevant.
Chapter Three: Equipping Yourself for Success
We know that to save time and money on a job, you need to equip yourself with the right tools that make sense economically for your project.
Choosing the correct tools isn't just about functionality; it's a strategic investment toward maximizing efficiency and profitability. The right tool for the job isn't just a convenience; it's a game-changer that can transform a project from challenging to streamlined.
Get The Right Tool For The Job
As we laid out in our guide, 11 Ways Contractors Can Save Time and Money, there are important things to look for when searching for tools to boost productivity.
Efficient Tools: Specialized tools can help with unique tasks. The right tool can also prove more efficient than manual labor. Opting for basic tools over renting specialized tools may save initial costs, but significantly increase effort and labor later.
Choosing Correctly: Prioritize the correct tool for the job. Seek expert advice if uncertain, and save time by gathering details over the phone. BONUS: Schedule tool pick-ups in advance to save time at the store.
Quality and Sourcing
Reliable Tools: Emphasize the importance of tool reliability. Always rent or purchase from trusted sources to prevent mid-job breakdowns.
Trusted Sources: Stress the significance of sourcing tools from reliable dealers to ensure smooth operations and avoid unexpected delays or price increases.
Shop Around for the Best Prices
Although it may seem like supply prices are fixed, that's not always the case. For example, K&K Supply has a weekly sales promotion section on its website, highlighting deals. There are opportunities to save if you are looking out for them.
If you work on specific projects seasonally, you could pick up supplies cheaper in the off-season.
Additionally, if you plan your projects in advance, you know what you're looking for and can pick up items in bulk or on sale.
Being prepared pays off!
Chapter Four: Leveraging the Slow Season
For some contractors, winter ushers in a slower season. Although the slow season can seem daunting, it's okay, actually smart, to leverage this time to implement changes.
Here are a few ideas to keep you busy (not that you need it!)
Skill Expansion: Utilizing this time to learn new skills or obtain certifications can pay off in the long haul. It expands your capabilities, enabling you to tackle diverse projects and responsibilities while scaling your company's operations.
Train Employees: If you have extra time, invest in your employees. Teach them new skills or focus on areas they need improvement. This guidance builds trust in your team's abilities, contributing to smoother project executions.
Diversifying Offerings: Use the slow season to restructure your service offerings. Consider diversifying into interior projects or offering seasonal specials to attract clients during this period.
Strategic Branding: Position your business strategically by improving your branding. Strengthen your marketing to elevate yourself above competitors. Or figure out how to cater to different market segments, which will expand your clientele base and increase leads.
By focusing on skill development, team training, and restructuring offerings, contractors can leverage the slower season to strengthen their skillsets, improve operations, and attract new business opportunities.
Chapter Five: Conclusion
The strategies we've explored aren't confined to a January buzz; they're the heartbeat of a thriving business that beats consistently, regardless of the season.
Smart moves, be it in setting goals, nurturing client relationships, or investing in equipment, are the daily fuel for advancement.
As the colder months call for a slower rhythm, it's not a time for stagnation but a moment for reflection, enhancement, and calculated progress.
Remember, the pause isn't a halt.
It's a strategic pit stop to fine-tune operations, learn new skills, and offer revamped services that cater to evolving demands.
So, as we wrap up this discussion, remember: your business's trajectory isn't defined by the New Year's clock; it's sculpted by your year-round commitment to progress, innovation, and unwavering dedication.
Let's forge ahead, not just in anticipation of a new year but in celebration of daily growth and sustained success.
Rooting for you,
Your Team at K&K Supply
