Today you'll discover the 3 things you need to be working on in order to grow your building company.
We all know there are over a million different things you could be working on right now in order to grow your business, the secret is to know what you should be working on and when.
Now, we don’t know you and we don’t know your business. But we got this question from a builder in New Zealand and the response can pretty much be applied to any owner of a building company.
He said, “What you’re teaching makes perfect sense, and I’m excited about everything I need to be doing, but I’m also feeling overwhelmed by it all. Where do I start?”
There are 3 strategies that can be implemented immediately in order to achieve profitable growth.
The third strategy takes seconds to implement and is a ‘set and forget’ and yet 98% of builders are not doing it.
Strategy 1 - Increase The Time You Spend On Marketing x3
The first thing we'd suggest you do is TRIPLE the amount of time you spend on marketing your building company.
The fact is, almost every builder we speak to is caught up in the day-to-day running of their building company and they never invest enough of their time working on activities that will actually grow their business.
Marketing your business successfully is the key to generating a steady stream of work and increasing your income.
You need to create a steady stream of fresh enquiries for your business and then have a process for taking those leads through to a sale.
So the more time you spend each week in this area of your business, generally, the more money you will make.
So number one, triple the amount of time you spend on marketing your building company.
Strategy 2 - Get Feedback From Existing Clients
If we could only tell you 3 things to do, the second one would be to contact all of your existing clients and ask them how they feel you are doing. Get their feedback and then ask 1 simple question, ”On a scale of 1-10, 1 being highly unlikely and 10 being very likely, how likely are you to recommend (insert Your Building Company Here) to a friend?”
For a 7 or above ask them if they know of anyone who would like to receive your free guide on (Insert the name of your free guide here).
The reason this strategy is so powerful is because it is leveraged.
You have a potential testimonial when they give you feedback. Make sure you ask permission first!
Your clients appreciate the fact you are interested in hearing what they have to say
You have a Net Promoter Score that can be used to benchmark the performance of your team.
You are opening the door to potential referrals which are 5 times more likely to convert into a sale.
AND, you can increase your margin on clients that have been referred by at least 5% and they will still convert.
Strategy 3 - Increase Your Gross Margin
Finally, if we could only share 3 ways to grow your building company, the third one would be to increase your gross margin by 10%.
Hands down this is the simplest, yet most powerful strategy we teach our builders. We’ve tested this strategy over and over again with hundreds of builders in Australia, New Zealand, the US and Canada.
Not only does it work, the business owners are ALWAYS amazed at how easy it is to implement.
Of course, pricing is all about the perception of value. So you need to be delivering a good service and selling your prospects on benefits and not selling them on price, which is what 95% of builders are currently doing.
If you try and compete on price in this game you will fail. You will lose jobs and ultimately lose your business.
Competing on price at best is a waste of time. At worst it’s a race to the bottom and the reason you’re reading this is because you want to race to the top right?