It’s Not Too Late to Expand Your Business in 2017!
Thinking Business Expansion? Now’s the time! According to a Small Business Economic Trends Report recently issued by the National Federation of Independent Business (NFIB), the significant surge in small business optimism that began in November of last year was still going strong in March of this year. Small business owners are remaining enthusiastic about the future of the economy and the direction of consumer confidence. They are encouraged by signs that this optimism is translating into economic activity such as capital investment and job creation.
2017 is turning out to be a good year for business owners, specifically contractors. According to a survey released by the Associated General Contractors of America, over 70 percent of construction firms plan to expand their payrolls this year. This is due to the fact that contractors expect private and public sector demand to increase in all market segments.
NFIB’s Small Business Survey also reports that small business optimism has soared to its highest level since 2004.
What does this mean for you and your business?
It means that now is a great time to consider expanding your business in preparation for this economic upswing. Stay competitive by brainstorming the different ways you can expand!
Following are some tips:
Stay Informed: Consider attending industry specific trade shows/expos to stay current on innovation and trends. Subscribe and read key industry publications. Network through National Roofing Contractors Association, the local chamber of commerce, or other similar associations. This will give you ideas and build relationships.
Crew: One of the major problems impacting the industry is finding skilled workers. Invest in hiring and training more employees in preparation for larger and more frequent projects throughout the year. You don’t want to lose a project because you didn’t have the required manpower or skill set.
Tools/Equipment: Replace anything old and outdated with up-to-date quality equipment so you can stay on top of best practices and allow your business to run more smoothly. You wouldn’t want your equipment to break down onsite, or delay a job because you don’t have the most efficient tools.
Update Your Online Presence: How does your website look? The company website and marketing is too often last on the list of priorities. If it looks outdated or is hard to navigate, think about outsourcing to a professional website designer to give your business a modern and professional look. A cohesive brand identity is key to a successful online presence. Many times your site is the first impression customers will see, so invest in it to make it stand out.
Don’t Let Lack of Funds Hold You Back: Many of our clients in the construction industry expressed that having extra cash allowed them to cover upfront costs and take on extra jobs. Being able to cover payroll and start projects when there is no down payment, or there is an unexpected payment delay, can help you benefit from profitable opportunities.
Set yourself up for success! Now is the time and we are always here to help!