Commercial Contractors: Follow These Tips to Stay in Business Part 2
Every construction contractor wants their business to be long-lasting and rewarding. Even in the best of times, running a business can be an uphill battle as you face many challenges that you may not feel equipped to handle. From day-to-day, you may experience issues that include material delays, employee issues, disputes with customers, product defects, or a lack of cash flow that hinders your progress.
If you are already facing a legal issue and need the expertise of a Jacksonville construction lawyer, the lawyers of Cotney Construction Law are here for you. In the meantime, read part one of our article for the first set of tips.
Find Your Community
Every contractor can benefit from a likeminded community. Find a mentor and join an industry association such as the Associated General Contractors of America or any other association throughout the state of Florida. Both are especially important for more inexperienced contractors, which helps develop contractors professionally. The mentor you choose should be someone that is well-versed in your trade and has had success within the field. A mentor can provide guidance and help you solve business problems including charging and managing clients and recommending subcontractors and products.
Choose Clients Wisely
Times may be tough and you may really need a project to meet your financial goals; however, some customers are more trouble than they are worth. Quickly learn to weed out the good guys from the ones that are sure to cause you trouble before you start a project. Learn to look for red flags observing how they interact with you. Check to see if anyone in your network has had experience with them. You can also check their credit-rating and look at their contracts. If you’ve already worked with some “bad” clients, note some of the following behaviors and avoid working with them in the future:
- They have unrealistic expectations
- They are slow to pay
- They do not compromise
- They produce poor drawings and specs
Know When to Outsource
You will not be good at everything, which is why you should outsource whenever possible. Spreading yourself thin will only hurt your business in the long run. External providers such as an accountant, for example, can be beneficial because they will save you time and many headaches. Outsourcing can help you yield better results in the areas of profitability as well as your results.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.