It’s a new year, and with the new year comes a new chance to grow your business. But growth doesn’t happen by itself. Instead, much like our personal new year’s resolutions, growth requires a willingness to take a hard look at our strengths and weaknesses and seek out means to improve and develop.
Unlike new year’s resolutions which are often forgotten by February 1st, a plan for growth will require a commitment that lasts through the coming year and beyond.
We want to help you grow your business. That’s why we’re suggesting seven new year’s resolutions for your business, along with an article offering great advice to get you started.
1. RESOLUTION: Develop a Marketing Plan
As a contractor, you can do the best work in town. You can deliver projects on time and on budget and walk away from a project with a satisfied project owner every time. But if no one knows about it, will it help you grow your business?
2. RESOLUTION: Build a Digital Marketing Plan
When looking for a contractor, people don’t go to the yellow pages or their local business directory, they go to Google. That’s why, as you develop a marketing plan for your business, you’ll want to develop your online presence.
3. RESOLUTION: Develop Your Professional Network
If you’re ready to grow your business, you’ll need help. The good news is that there are resources available in your community and beyond that you can use to create a more efficient, organized and productive business. However, your team won’t build itself.
4. RESOLUTION: Create A Growth Plan
Growing your business comes with both risks and rewards. Growth can bring increased profits, greater visibility in the community, and the opportunity to build a more stable financial future for you and your family.
5. RESOLUTION: Get Bonded for Public Projects
From Texas to Florida to New York, cities, counties, states and the federal government are all spending money on publicly funded infrastructure projects. When you combine that with a tight labor market for skilled contractors, it means that there are enormous opportunities for contractors seeking to get bonded for these projects for the first time.
6. RESOLUTION: Create a Succession Management Plan
The baby boom generation starts turning seventy this year. That means many construction business owners are looking toward retirement. Before they do, it’s critical to have a well defined succession management plan in place. Otherwise, contractors run the risk of jeopardizing both the business that they’ve built and their plans for retirement.
7. RESOLUTION: Improve Your Cash Flow
Construction cash flow management is about more than paying bills. Construction cash flow management is about creating a system to organize all of the revenue that flows in and out of your business.
Looking for more ways to grow your business? Ox Bonding can help with services that can help you streamline your back office, improve your cash flow and align your business to take advantage of present and future opportunities. Whether you’re looking back or looking forward, you can put Ox Bonding’s experience to work for you. Download an enrollment application, or call us today at (877) 55-THE-OX.