Tips for Growing Successful Contracting Business

/ BLOG

Tips for Growing Successful Contracting Business

Feb 9, 2022 · 5 minutes to read

A contractor worker checks kitchen cabinet

Every business’ first five years are important. It is during this time that you must overcome hurdles to prosper. Construction companies are particularly prone to failure during this period. According to the US Small Business Administration, roughly two out of every three construction contractors will fail to make it to the 5-year milestone.

General contractor business owners encounter a variety of issues on a daily basis that, if not addressed properly, could lead to financial disaster and the eventual liquidation of their company. Unhappy customers, poor project outcomes, equipment failure, shipment delays, personnel concerns, and other factors may all hamper your company’s performance and development.

Here are some contractor business suggestions to help you stay on top of the game in the face of market obstacles. Being well-rounded and making sensible decisions will undoubtedly give your company the boost it requires to ensure its long-term viability.

1. Observe excellent practices in the construction business

To ensure high-quality work, every sector has its own set of standards and best practices, and the contracting industry is no different. They say there’s a suitable tool for every job, and there are ideal ways to complete various construction activities. The best practices your business uses may come from within the industry, be prescribed by state or local law, or could be created by you and/or other high-level staff.

Regardless of who sets the standard, as long as your staff have a fundamental understanding of what’s expected of them, your small business is in excellent hands. There should be a process in place to assist everyone to perform key processes. This includes everything from bookkeeping and scheduling, to training and management, along with the physical work you do on job sites.

2. Make your contracting business more specialized

No doubt your company is one of many that may offer similar services to customers. This can make it hard to stand out from the crowd, especially if there are many contracting businesses in your area to choose from. To differentiate yourself from the competition, consider adding a specialty to your service offering.

While specializing your service may feel like you’re limiting your pool of potential clients, it could actually help you grow your contracting business. Clients may be quicker to hire someone who is seen as an expert in the type of project or build they are planning. It can also be more efficient, as you may need to purchase fewer types of materials and could possibly buy some in bulk. Specialty services could be offered alongside more general ones to keep your portfolio diverse and help protect you against economic downturns in one area.

3. Carefully choose your clientele

Turning away customers may not feel like an option, especially when you’re just started out. However, there are reasons to decline certain projects or working with some clients. While all customers contribute to your company’s income, some are undoubtedly better than others.

You’ve almost certainly dealt with a customer who was demanding and rude to others. Then there are some that track you down to get you to work on a project that is only worth a few dollars. The time, money, and effort you’ve put into these sorts of clients may not be worth it for you and your business. You should learn to recognize these indications early on and separate them from the signs of good prospective customers. For example, customers who refuse to pay a deposit could be more likely to dispute your final invoice or drag their feet paying you.

4. Hire a professional to help you

You can be the best business owner in history, but you won’t be able to master and handle everything from bookkeeping to manual construction. There are only 24 hours in a day, so even if you do have the skills to do the work, you may not have the time. It may be enticing to have a go at everything to save money, but outsourcing to professionals could help you focus on what you do best.

Accounting and bookkeeping, human resources, marketing your business, IT, customer support, maintenance, and office cleaning are just a few of the jobs you might consider outsourcing. You may use the time you save on these tasks to focus on delivering your business services. In fact, professionals in these areas might be able to suggest ways to work more efficiently, which could allow you to take on more clients.

5. Here’s to your success!

We hope this short business guide will help you grow a successful contracting business. These and other changes could help you get past the first five years of business and set you up for greater success in the years to come.

As you build on this success, consider protecting your contractor business with insurance. BizInsure has coverage options built just for contractors – start comparing quotes today!

*As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this article is general only.  Coverage for claims on the policy will be determined by the insurer, not BizInsure, and will depend on the specific facts and circumstances involved.

Compare quotes in minutes with no obligation to buy

Get Quotes

Compare quotes in minutes with no obligation to buy

More than 6,000 customers covered by top-rated insurers.

Get instant quotes
The process was fast and easy and the professional staff was very knowledgeable with any questions that I had and ready to help
VALERIE M.
06:40 31 Mar 22
Friendly agents. Timely replies. Fair pricing. This is a good fit for my business! Thank you, Noah, for all your help.
Beth Anne V.
19:27 28 Mar 22
They are awesome
Tony H.
00:41 07 Jan 22
Noa made sure I had all the information I needed for a first time business owner . He helped me understand what I needed to secure a quality policy and he was super helpful when explaining how the policy would serve its purpose to my company. I was very satisfied and had an Awesome experience, I think people like that make the company look good!
Wayleen O.
04:36 15 Oct 21
I was in need of WC, GL and PL coverages for my business and was able to shop, discuss, confirm and purchase all the coverages in two days! This was a great experience, especially when "Time is Money". Noah Bowman was very professional and knowledgeable. Thanks!
AmeriCreed 1.
15:42 23 Sep 21
MOVING FORWARD, I WILL BE SENDING ALL OF MY BUSINESS TO THIS COMPANY !!!! Incredible customer service!!! Thanks
THEODORE W.
19:49 09 Sep 21
Their representative clearly explained different kinds of policies to help me select the one appropriate for my needs and then helped me enroll by phone painlessly. By the end of the call, I had a policy in place.
Dissent D.
22:21 02 Sep 21
Eugene was Awesome!!!!
Lakesha G
17:19 21 Jul 21
Excellent solution for writers and authors professional liability policy as well as coverage for copyright and trademark infringement. Service was prompt and excellent.
Lane
18:22 22 Jun 21
Done in less than an hour!
William O.
00:30 02 Jun 21
Efficient, and great value. The agent was able to give us a quote and a new policy in a short period of time. Thank you
Brenda J.
20:30 24 May 21
I had a great experiencing obtaining several of my insurance needs as a landscaping company here in Northern Colorado. BizInsure's team took care of my needs and was very responsive to help with paperwork needed to secure a potential client account!
Arik S.
16:34 10 May 21
Very efficient they were able to help me out with my request promptly....highly recommend this companyI am very happy to have them
Elba P.
18:50 26 Apr 21
I need a help getting errors and omissions insurance along with general liability. Jose was very friendly informative and was very patient with me during the process. He found me some of the best rates for the coverage that I needed. Highly recommend
Casper M.
19:51 20 Apr 21
I had numerous conversations with several business insurance agents over a month's time. I also had several conversations confirming the policy inclusion/exclusions and asked many questions. My BizInsure agent was professional, knowledgeable and most important—detail oriented. Even after having an initial conversation a month earlier he knew and *remembered* all my personal/professional insurance needs. When I asked for additional information on the third call he was able to provide me with details very quickly. He was also VERY patient. That is a big plus in my opinion. It illustrated a high level of respect for my needs. I also found when I called back and asked to talk with the initial agent, the person who answered the call was able to get in contact quickly and my agent responded and returned the call within 5-10 minutes. The transaction was smooth, and I think it's a good sign should I ever need to make a claim. I highly recommend BizInsure.
Poetic F.
21:00 07 Apr 21
The rep was extremely helpful actually lowered my quote and made sure I was covered to fit my needs with my growing business! 5star!!
Franklin B.
19:04 16 Mar 21
Excellent service and prices.
Cassiopée V L.
23:13 09 Mar 21
Mr. Daniel Scott was very responsive to my professional needs.
Stephanie W.
17:38 18 Feb 21
Eugene deserves a raise! First time purchasing insurance and he made the process so simple for me. His patience and attention to detail left me feeling confident in my decision to choose BizInsure. Gracias Eugene!
Esined P.
23:32 17 Feb 21
The customer service provided by Jose was outstanding. He explained everything in a very clear/logical way and answered all of my questions. After providing all the information to obtain general liability insurance, Jose sent me the declaration page of the insurance for review. All of the information matched what I provided over the phone and there were no typos. The next day I called back to purchase the insurance which was easy and fast. Overall, my experience with BizInsure including the customer service by Jose exceeded my expectations.
Joe W.
03:29 12 Dec 20
Hiscox/BizInsure made getting Liability Insurance very easy and reasonable.I expected it to be a long and complicated process and it was a nice surprise that they made it so uncomplicated. Thank you. Lisa
Lisa W.
21:51 24 Nov 20
Eugene was incredible. I called 4 other brokers before him who were impossible to get any help.
rhonda H.
23:26 12 Nov 20
Very quick to get in touch with you and good with follow up. Had some trouble retrieving my quote to log into my account initially but Daniel assisted me and the changes were made to get me into my account. Great value for the money.
Fran S.
16:34 20 Sep 20
Very happy to be insured with this company. Professional, Timely, very helpful. Thank you Juan, you made it so much easier for me to understand.
Aileen D.
19:55 15 Sep 20
This company responded when I needed them to respond while facing a deadline. They are an excellent choice for business Insurance.
Michele H.
01:52 12 Sep 20
Jose Quintero took such great care of me and was very patient explained everything I did not understand and got me set up quickly. Fabulous customer service
Christina R.
02:41 27 Aug 20
I can't say enough good things about Daniel Santos kind and effective communication skills as an insurance agent. Daniel was so pleasant, friendly and efficient with helping me obtain insurance as a teacher. If I were to give Daniel a grade, he has earned an At . He made the process easy to understand, it was far easier than what I anticipated. Nancy S.
Nancy S.
00:47 26 Aug 20
I was in need of professional liability insurance for my sole proprietorship. A friend referred me. Everythng was quick and simple and AFFORDABLE!
hope J.
20:31 25 Aug 20
If you need Private Home Care Provider insurance for your company, BizInsure, LLC can get it for you!
Pamela C.
16:45 24 Aug 20
Great and fast service!!!! The representative was very professional!!!!
Tanya S.
19:51 14 Jul 20
I was tryi9ng to find commercial liability insurance for my new comp-any and BizInsure was easy to use and very affordable which is great for me as a new business.
Jimmy S.
19:01 14 Jul 20
Great service insurance prices are great for professionals looking to get insurance for businesses....
Rhonda G.
22:34 22 Jun 20
The provided very professional service and made the process easy.
Paul R.
21:51 04 Jun 20
Bradley Hoyle from the Biz Insure team was excellent to work with. Everything was quick and smooth. Great service, much appreciated!
Kristene S.
02:03 04 Jun 20
Anthony Spencer was great!! Very quick response time!! He was very Professional! I would suggest him because he helped me find a affordable rate and explained all the technicalities..
Fre H.
16:38 28 May 20
I was referred to Bizinsure by a industry trade group that I am a member of. It was easy to get a quote online and then received excellent customer service from Bradley H. to complete my policy purchase over the phone. I have shared this company information now with other business owners for their policy needs.
Dawn T.
22:11 08 May 20
This company was very precise with explaining services and made sure I chose the right business insurance coverage, great customer service at purchasing.
Nekeisha B.
01:30 05 May 20
Amazing
Jasmine Q
14:31 02 Dec 19
Trish is the most patient, professional and understanding insurance agent I’ve ever worked with. Trish has taken care of all my business insurance needs for the last couple years. I am really happy that I found an insurance agent that I know will take care of me & all of my concerns. I feel like a valued customer & I appreciate the great customer service that I get every time!!THANK YOU!
Dr. Youssef C. A.
17:21 14 Nov 18
Tricia helped me get insurance for my business. The task of obtaining a quote was really starting to frustrate me until I was referred to BizInsure through a different agency. Tricia got me a quote fast, and even took a down payment over the phone and issued the proof of insurance the same day. a+ service, would do it again in a heartbeat!! Thank you!!
Josh M.
18:07 22 Jun 18
BizInsure was a great find! I did not have to fill out applications, and Tricia was able to quote and bind business insurance for me within half an hour.
Allison Y.
17:28 21 Jun 18
Started doing business again and needed a policy fast. Ramez was reasonable, helpful and the rates are OK. Buyer beware? Sure, for me it turned out OK this time. Worth a call.
Mark W.
23:42 13 Nov 17
Great customer service. I've been very inpressed with my dedicated representative that had helped me navegate my insurence needs. Thanks so much!
Graham B.
22:12 23 Jun 17
js_loader

Popular Searches

Google Rating
4.4
Based on 68 reviews
×
js_loader