Do you know any business owner who is not looking for growth? Of course not. High hopes and big plans are in the air for contractors in the year ahead, despite the challenges of the economy, labor, materials, regulations and so on (and on). As you plot your course, don’t overlook pragmatics—like these suggestions from pros.
Construction Citizen suggests that a practical path to growth is built on these four practices:
- Grow your sales pipeline
- Keep existing customers coming back
- Form strategic partnerships
- Diversify your offerings
Though perhaps not as exciting sounding as say that big new piece of machinery you wish Santa had delivered, conscious effort on these four practices is likely to find you proudly reviewing your growth at the end of 2023—and lined up for even more results in 2024. Whether you are a new business or have an appetite for growth, building new relationships must make your top priority list. Here is expert advice:
When thinking about how customers decide to buy with you consider who they are and what they want from you. Next consider, what they see when they first interact with you because first impressions are important, and what motivates them to buy with you. Doing this research will help you to understand the sales funnel that leads to successfully closing the deal…. Getting your foot in the door requires that someone is out pounding the pavement. This could be someone out passing out marketing materials or hosting a booth at a tradeshow or it could be a business development strategy that places your company at the same events as your target company. Whatever way you choose to seek new contacts and customers, keeping track of what you learn, who you talk to, and action items are key to follow-up and eventual successful conversion to being a happy customer.
Act Like Every Day Is Bid Day
Given the effort required to bring new business in, retaining and activating existing and former customers is obviously critical for growth too. As successful builders point out:
Nothing is better than repeat business. It doesn’t take as much work to find or cultivate an existing customer as it does to find new customers. But it does take creating a brand that is known for its excellence and delivery of high-quality products. It is also critical to realize that customers have a relational bond with those from whom they procure services. We all know that we are on some bid lists and not others. Keeping your company in the mix is also about maintaining relationships as well as product delivery. Having that CRM will help you realize who you might need to go see because they haven’t sought you out on bid day.
Ready to get growing? Come on: The Partnership Account for Contractors® is here to help you move ahead, win by win. This year, join the builders who are already leveraging The Partnership Account from Colonial Surety to get an edge.
Once qualified, The Partnership Account gives builders a surety line of credit—in writing—and a private digital dashboard, providing a day to day snapshot of single and aggregate limits and current and available bond capacity. Go ahead: update work on hand, increase your aggregate and move that next project forward.
Got a special opportunity coming along? Let’s talk—that’s what partners are for, right?
The Partnership Account® helps contractors grow strategically, one win at a time, via:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.