The managers from renovation companies need to stay informed about the latest improvements in regards to wiring, flooring, painting, roofing, plumbing, waterproofing and tiles. Some products may have been discontinued because of reported hazards from the materials. There could also be new and better compounds that are not widely available. Therefore, contractors can sign up to receive information from email newsletters to get up-to-date information on new trends and developments. Here are ways a renovation company can optimize their business and profit margins.
Newsletters from companies help to inform contractors about new products. Store advertisements are valuable because most businesses will initially run an ad campaign for new products and services such as for new services for coating metals. The contractors are responsible for making improvements to buildings and parking garages. Therefore, the contractors should keep a file for new information about products and should also research new information before beginning a new project such as a project for removing asbestos tiles.
2. Professional Organizations
Many professional organizations offer membership for fees. Plumbers, electricians and HVAC technicians may have memberships in group organizations such as The Building and Engineering Services Association. There are several certifications that require the professionals to participate in continuous training programs, which keeps the technicians informed about industry changes. Some organizations offer posted information about new processes, unique tools or innovative treatments on their websites.
3. Form a Network
Vendors are an excellent source of information about new products. Therefore, the contractors should stay in contact with vendors and with other contractors by requesting to receive updates about new products and processes. Many projects may require that several contractors work together, which is an opportunity for the contractors to build successful business relationships.
Some companies can reduce costs by joining cooperative groups for buying products such as the SEN Design Group, which is a kitchen and bathroom buying group. The group offers training, marketing support, coaching, education and business development opportunities. Therefore, the contractors will have advantages in purchasing from suppliers, learning new information and reducing costs.
The renovation companies should stay updated with current software, which includes the option for online payments for services. Contractors should also request feedback from customers and advise the customers about any product improvements. The feedback can be a source for generating customer referrals for new projects. Therefore, the contractors should offer free inspections for six months or one year after the projects have been completed, which is also an opportunity to get referrals.