Tradies! This is how to slay your business game in 2023
Business owner? Sole trader? Whatever name you go by, if you have an ABN, you have extra responsibilities in running your own operations at work. Being a business owner has many pros. You get extra freedom, greater earning potential and the sense of satisfaction of doing life your way. But it isn’t without its challenges. As a new year begins, you may feel pressure to amp up your business game. Maybe you’ve set some New Year’s Resolutions that involve your performance. At ovesco, we’ve worked with local and national businesses, from sole traders to large companies, for more than 30 years. In this article, we give some of our top tips for running your business better. 2023, come at us!
Up your marketing game
Think that social media is just for silly TikTok videos and funny memes? Think again! Digital marketing is becoming increasingly important for businesses of all sizes and across all sectors, including trades. If you’ve been thinking about creating a business Insta account or posting more on Facebook, 2023 is your year! Here are a few accounts we really like:
Creating or refreshing your website, encouraging customers to leave you Google Reviews and having some good quality photography taken are also some great ideas to improve your marketing efforts in the New Year. Some offline marketing activities may include branding your vehicle, getting a new uniform, printing fresh business cards or placing some ads in local publications.
Partner with other businesses
Double your customers and enhance your reputation by teaming up with other like-minded tradespeople. For example, a construction company may partner with a painting business. Watch as your client base booms and more and more potential customers hear about the convenient new duo in town. Another way to diversify your services is by applying for government tenders, such as building a school. 2023 is the year to think outside of the box!
Train and upskill
There is always something new to be learnt. Doing new training or upskilling will give both you and your business a renewed life.
Sort out your cash flow
Investing in gear, paying operational costs, keeping your vehicles running, paying staff and taking into consideration your own wages are just some of the financial responsibilities you may face as a business owner.
Cash flow is the measure of all cash that comes in and out of a business. It’s not revenue - that is what’s left over after all expenses are paid. If you are a small business, cash flow is especially important. If times get tough, you need a pot of money to get you by. It will keep the business running day by day.
You want more business to be coming into the business than going out. Some ways to improve your cash flow include:
- Invoice quickly, as soon as a job is completed, as then you are more likely to get paid by your clients in time to cover upcoming expenses. Some trade businesses are incorporating other payment methods such as Stripe or PayPal into their payment options, as research shows clients are more likely to pay invoices quicker if they have flexibility.
- Forecast your cash flow for the next 12 months so you’ve got a good idea of what’s to come and any hurdles you may likely face.
- Increase your rates: A small increase to cover the increasing costs of living and running a business will be respected by your valued clients. Review what other tradies are charging, consider your experience and how premium your services offered are, and reassess accordingly.
- Enlist the help of an accountant, financial advisor or software platforms such as Xero, Sage, MYOB or QuickBooks.
- Cut costs: Take a good hard look at where expenses can be reduced, even for a short period of time.
Talk to your suppliers
By building better relationships with your suppliers, you may be able to cut costs on much of the equipment you use daily. You never know the discounts they may be able to provide to you, as a valued and consistent customer, until you ask!
Another great way to cut costs is by looking out for offers exclusive to business owners. At ovesco, for example, we offer anyone with an ABN an ovesco Trade Account. This account will automatically discount your purchases, each and every time. We also provide specialised support and advice to Trade Account holders.
Some of the services we can offer include:
For more information about our Trade Account and to apply, go here or contact us.
