I recently read this wonderful piece written on generating revenue, especially in tough times. This writer’s audience in this piece are subcontractors but this goes for each and every business. RJM Professional can help you achieve these goals with practical tools and effective process.
If you are a contractor you know that leads are the backbone of your business. Every construction project and work opportunity starts out as a lead, and if you want your business to grow you need to know how to do two things: First, you have to constantly look for new leads. And secondly, you need to make sure you do everything you can to earn those awards.
One of the most important practices in business management is tracking and measuring every aspect of your operation. In this case you have to keep track of your lead source services (maybe yourself: RJM note) , their cost (your time investment: RJM note), and the number of awarded contract value. Comparing and tracking these figures will help you see where your money is better spent.
However, finding the project leads and bidding those projects is only the beginning of the process. In order to get awarded work you absolutely have to be disciplined and persistent with your follow-up method. This does not mean a single call and a fax here and there; it means hard, time-consuming work. Builders will overlook you if you do not make a lasting impression on them, causing you to lose thousands of dollars in potential earnings. The importance of a good follow-up routine is pivotal for any contractor. Always remember: If you give the builder a chance to forget about you, they will.
Unfortunately, the reality is that most subcontracting businesses do not have a person or department exclusively dedicated to sales (nor do most small businesses in general: RJM note). This can be a big mistake. Although you may think you are saving in payroll cost, what you don’t realize is that the potential earnings far outweigh the cost of a modest wage for a part-time sales representative.
It is understandable that additional spending of this magnitude can be risky for smaller subcontractors, but there are ways to go around this. The construction industry is changing, becoming more and more competitive every day. If you want your business to survive and succeed you will have to start investing in sales!
My conclusion: I actually don’t believe a sales person, or team, is necessary for sales success in a business. It can be of great help, but if it isn’t in your business budget then look for other alternatives. Hire a consultant (like me) to build you a great sales process, and then go out there and use it yourself to grow sales revenue. If you plan to succeed, you will!