Expert Tips for Managing Contracting Business and Achieving Success

A major challenge to managing contracting business is handling administrative duties, marketing, and other business areas while maintaining a steady flow of projects. At times the job can seem overwhelming due to taking on multiple responsibilities. Here are six tips to help make it easier for you to manage marketing and plan for your contractor business.

Plan well in advance

One of the strongest pieces of advice for any business is to set long-term plans with short-term milestones that point to your goals. It’s much easier if you are confident that your contracting service will make life better for those who hire your company. Part of your planning should involve how you expect your service to evolve in terms of the number of clients and employees and earnings growth.

Formulate a marketing strategy

Every company needs a marketing strategy to be successful. The key to managing your contracting business effectively is to create unique marketing messages that define your services and location and distribute them to your target market. While online marketing can bring you traffic, many other forms of reaching prospects exist, such as via print media, trade shows, and community events.

Automate tasks where possible

Many contractors have turned to automation technology for time-consuming tasks to achieve operational efficiency. The use of autonomous machines at construction sites for redundant or dangerous tasks helps free up crew members to focus on work more suited for humans. Some contractors have explored robots manufactured by Built Robotics to create control systems integrated with their existing construction equipment.

Rent equipment instead of buying it

Your contracting business can preserve its capital by renting equipment instead of paying upfront cash that dramatically drains resources. Some of the many reasons to rent construction equipment include the flexibility it brings, more control over production costs, and the fact there’s no need to worry about storage or repair costs.

Keep your licenses and insurance up-to-date

Keeping your contracting license and insurance updated is crucial to avoid financial consequences. Advertise your service only after you have the fundamentals in place. Make sure your business is completely compliant with all levels of government regulations. Remember that each state has its own laws on contracting and insurance.

Hire experienced supervisors

It’s helpful to hire an experienced leader you can trust to supervise your projects and report to project managers. Some of the tasks for your supervisor may include scheduling workers, ordering from suppliers, and training new staff members.

Evaluate your coverage options

Often, contractors require subcontractors to carry their own liability insurance to enter a partnership. It’s advantageous to be aware of all your insurance options with subcontractors.

Contact our team here at Artisan Insurance Solutions for more information on managing your contracting business securing it with adequate coverage.

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