A period of business growth can be exciting and lucrative, but it's important to handle this time with care. There really is such a thing as too much growth if it's not handled properly.
As you expand your remodeling business, keep these tips in mind:
When you begin growing, the added business can be nice. But, say yes too many times, and you'll find yourself understaffed and ill-prepared to handle your backlog, Construction Dive pointed out. Learn to say no, but do so kindly. You don't want to end a customer relationship before it begins, so make sure you're turning away business in a way that doesn't discourage them from asking about another project at a later date. Be apologetic, but point them in another direction.
You may need to say no to more than just new business, Inc. pointed out. As the leader of your company, you likely wear many hats. When your days fill up with new work, it could be time to take off one of those hats and bestow it on someone else. Sometimes, that may mean hiring new help such as a secretary, or outsourcing a business task.
Growing quickly can be a good thing, but it can also lead to unbalanced finances. Cash flow problems are common among businesses who grow faster than they are capable, Inc. explained. Additionally, you may need more inventory to fulfill project needs than you can immediately afford.
It's important to keep an eye on your books to keep budgetary issues at bay. Some companies opt for a small loan at a critical growth point, knowing that incoming business will help them pay it off shortly after.
Construction and remodeling businesses may not get customer payment immediately, which means they need to find the funds to pay for materials elsewhere. Working with a financing company like Aqua Finance can help resolve this. When you partner with Aqua, you can get 100 percent payouts for some customers and daily funding directly into your bank account.
As you grow, remember who you're working for: your customers. Make sure your growth doesn't compromise your brand or reduce your capacity to build relationships with your clients.
Customer service quality can be one of the first functions to begin to fall behind during times of expansion. Don't let this happen to your company. Your customers trust you to make changes to their homes and when they have a problem or a question, make sure you're there to hear them out and provide a solution.
Another way you can make it easy for your clients to do business with you is by offering financing programs. These help people invest in their homes without spending too much all at once. Aqua Finance offers attractive deals like same-as-cash and deferred payments.
An additional perk of working with Aqua to offer financing plans is not having to worry about legal compliance, billing and collections; our in-house team takes care of all these important aspects so you can focus on your business growth.
Want to learn more about Aqua Finance's programs? Reach out today.