Secrets To How Profitable Contractors Make Money Belonging To Trade Groups
Cash Is The Lifeblood - Of your construction business and studies have shown customers and clients are the best places to find it. The big question is how do you find a steady stream of them? Take a lesson from Willie Sutton the bank robber; when asked why he robbed banks he replied: "Because that's where the money is."
Now Apply Willie Sutton's - Thinking pattern to your construction business and restate it like this: "Why network? Because that's where the money is."
Profitable Contractors Attend Networking Events - Not because they have nothing better to do; they do it because it pays off.
Unprofitable Contractors Don't Network - Because they are busy doing profit prevention work like bookkeeping which they could outsource to us for a fraction of what it costs them. In most cases we can save more in taxes, billing errors and overhead costs than our fees and they could use the time they save messing up their QuickBooks for networking.
Which Activity Makes You Money - Spending hours doing bookkeeping chores or getting face to face with someone who may need your services or can refer you to someone who does?
How Much Money You Can Save Doing Everything Yourself Is Limited
There Is No Limit On How Much Money You Can Earn!
Profitable Contractors Know - Not every networking event is going to yield a harvest. Most of the time the end up learning about all kinds of needs and opportunities about everything under the sun except what they came for; qualified construction leads they need to support their business.
Those Other Needs And Opportunities - Are another form of money which can be stored, cultivated and harvested repeatedly to trade for construction projects which is what they want.
Here Is An Example:
While working with the commercial tenant improvement contractor we find out they need a concrete contractor and we refer one of our clients.
While the concrete contractor is installing a backyard patio for a new client they happen to mention needing builder. The concrete contractor asks the commercial tenant improvement contractor to pass the lead on to the home builder and the circle is complete.
How Do You Get Started?
Join Local Trade Organizations Like - Master Builders Association, ABC Contractors, National Association of Home Builders (NAHB) and other organizations that represent your particular target market. We favor Master Builders Association because they cater to our target market.
If you join get involved, attend meetings, join committees because as you know construction is a relationship business and trust is everything.
Before Joining Develop Your Strategic Objectives For Example:
Clearly Define Your Target Market
Make New Friends
Seek out Actively Engaged members they will mentor you
Be kind to the Disengaged Members they will like and respect you
Avoid Actively Disengaged Members because they will drag you down
Find Ways To Serve The Organization And The Members
Be a team player
Volunteer and work
Identify Power Connectors* And Referral Partners
Power Connectors* - Are the people who know everybody or at least it seems like it because their name comes up in conversations everywhere. Those are the people that you need to get to know and when they attend an event if at all possible you need to be there. It will take time to get their attention and gain their trust. When they know you, like you and trust you they can have a massive positive influence on your construction business.
There Is A Popular Phrase - "It is who you know that counts" which I disagree with because we all know a great number of people on varying levels from casual encounters to deep intimate personal relationships.
Here Is My Version For Construction Business Owners:
It Is Not What You Know
It Is Not Who You Know
It Is Who Knows You
That Is What Counts
Power Connectors* - It is who knows you! That which is more valuable than gold and silver, they are the core of your network. They are the people who know, like and trust you. The ones whom you have built relationships with over time by adding to each other's emotional bank account. They are the people who know you well enough to answer your phone call at 3:00AM? That is what counts.
This Is Not Rocket Science- It is a lot harder because you are dealing with people. With rockets if something goes wrong you learn what not to do the next time. With people when something does not turn out like you expect it is much more complex.
QuickBooks Expert Specializing In Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor and QuickBooks For Contractors Expert. This combination of experience and skillsets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.