Upgrading to a Structured Strategy
Trade Advisory Group specialise in supporting construction industry businesses to achieve success. They have decades of experience owning and operating successful trade businesses, we can help you operate more efficiently, minimise mistakes, maximize profits and create less stress.
Running a small to medium size business requires a wide range of skills and the ability to work on many different aspects of the business at the same time. Business owners are often overloaded with all the tasks and challenges that need to be addressed on a daily basis, so inevitably the important and not quite urgent items such as business and financial planning, goal setting, Work Health & Safety, quality improvements etc., all get pushed aside.
This is particularly common among small construction industry businesses, with owners often finding themselves busy on the tools, quoting and busy with keeping the work happening. We are often exposed to business operations as Tradespeople, but there is so much more to growing a strong and healthy business that isn’t shared by employers or taught at trade school.
We’ve been there, and understand the challenges of converting practical skills into business success. If you are finding that running your own business and achieving consistent growth is starting to become challenging or overwhelming, we have identified 6 key areas to focus on to improve your trade business.
Have a plan with some short and long term goals that define what success looks like to you. Implement some Key Performance Indicators (KPI’s) and ensure you monitor these on a regular basis. Ensure your business legal entity is the correct one for your current and future situation.
The financial performance of your business is key to your success. It is so much more than doing work, sending invoices and making profit on jobs. You must have a clear understanding of how much work you need to turnover over and at what profit margin to ensure all your costs are covered. Ensure your cash flow is forecasted in the business so you understand and are in control of the cash in and out of the business.
Sales and Marketing
Ensure your business is presenting a clear and accurate brand message to your clients and is consistent across all media. The most effective branding defines your value, position in the market and helps to give your business a competitive edge. Are you making good use of all Digital Media including Socials, Linked In and your Website to give a targeted presentation of the value you can provide?
Operations and Processes
Trade’s businesses have a complex and unique workflow. From pricing, handover, contractual management, job management, debt collection, defects and warranties; your systems and processes need to be defined and simple to use. You also need to ensure all team members understand the job status and what is expected at each stage of the delivery cycle.
Human Resources and People
Your People are your most valuable asset but can also be the weakest link if they are not performing well. Your employment documentation, staff retention strategies and employment procedures can be a key success factor if correctly managed. Trade’s businesses can easily fall into issues with what is required under the Fair Work Act, so this is extremely important for your protection.
Work Health & Safety
As a business owner, you are required by law to comply with Work Health & Safety (WHS) Legislation, this comes in different forms depending on the State you operate in. All states except for VIC and WA need to comply to The Work Health & Safety Act 2011 including the WHS Regulation 2011 and relevant Codes of Practice. Navigating this regulation as a Trades business can be complex so ensure you have a trusted advisor.
Making time to address these key areas is important if you want your business to grow and build resilience. If you don’t have time to unpack each of these components and create the strategy on your own we can help. Trade Advisory Group have decades of experience owning and operating successful trade businesses, we can help you operate more efficiently, minimise mistakes, maximize profits and create less stress.
Trade Advisory Group are industry experts, who specialise in supporting construction industry businesses to achieve success. Do you want to know more? For an obligation-free initial consultation please contact us:
07 3607 6348
Will you be focusing on any of these key areas as you grow your business? Need help, or want to check out what Trade Advisory Group can do for you?
Visit our website: www.tradeadvisorygroup.com.au
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