“Business strategy is the battle plan for a better future.”
Patrick Dixon, author and business consultant
In the business world, strategies are planned actions that benefit the business in the long run. These actions should be able to carry the business forward from the start and can help the business recover when it encounters bumps and downfalls along the way. In the trades industry, many business owners or tradies operate on small to medium size scales. But this does not mean that they shouldn’t have business strategies in place, as this will be their key to growing the business and taking it to greater heights.
Formulating strategies that are specific to the nature of one’s business can be complex and tedious, but here are three major business strategies that are proven effective to improve sales, make the business known, and overall, grow the business.
Make use of your network
In the service providing industry where tradies belong, having different networks and connections is very important. Being well connected in this industry will be helpful in building your business’ credibility. For instance, by having a good relationship with your vendor, or supplier of your tools and equipment in plumbing, you may potentially receive discounts and special offers. In other instances, having strong connections with a wide network of clients, can bring in more clients by word-of-mouth. That is why it is important to have top-notch customer service, as it is one of the main factors that customers consider before they recommend a business in the trades industry.
Another form of networking that should be utilised by tradies is social networking websites, such as the social media platforms of Facebook, Instagram, and LinkedIn. Building a wider and stronger network inside and out of your industry is made easier and more convenient through the use of these websites. In addition to that, marketing and advertising is also made a lot simpler by these user-friendly platforms.
In the trades industry, though physical work is the basis of the services being provided, it is also important for everyone in the team to continue learning. Tradies’ businesses like plumbing, electrical works, and roofing are mostly considered to be part of the small to medium-size enterprises, so it is understandable for owners to take up more roles. To be able to learn the ropes of the business quickly and effectively, the best way is to sign up for business coaching sessions.
Business Coaching is perfect for those who want to enter a business, with little to no knowledge on how to start and manage one. By signing up to these classes, business coaches will equip business owners with textbook-based knowledge such as principles, practices, and theories that are proven effective in the field. TradesFormation is a formidable tradie training company based in Sydney. The owner, Adrian Fadini, takes the role of Sydney plumber business mentor coach, and being a former tradie himself, he’s able to provide additional knowledge to people in the industry.
Be on top of all the finances
Business, above everything else, is about money. No businessman opens his business to lose, so it is important to strategise and be on top of the business’ finances. Tradies invest a lot in tools and equipment to support their business, however, more expenses will also show up such as salary and compensation for employees, insurance for clients, etc. These things have to be accounted for so that tradies will know how to position their pricing.
Advances in technology mean that tradies can now keep track of financial information using different accounting software such as Excel, Spreadsheet, and Xero.
Did this list help you in deciding your business’ strategies? Let us at TradesFormation provide you with more focused information by joining our in-depth discussions through our trades business coaching services. We are also offering business consulting services that will provide you with a ‘design for you’ business strategy, tactics, and options in growing your business.