Boost Your Bottom Line Through Business Diversification
In today’s world, there are so many contractors, remodelers and home improvement specialists competing for projects. And while it may be tempting to cut prices to win bids, there are other things you can do — like business diversification — to help you stand out from the competition.
To help you boost your bottom line, try these four tips for increasing your business diversification.
1. Expand the Types of Building Products and Services Offered
One of the best ways to add more business is to expand the types of building products and services that you offer. For example, instead of only focusing on roofing, can you do more with siding, windows or gutters? In broadening the products you offer and your area of expertise, you could grow your business by helping new customers and expanding projects for current ones.
ABC Supply can help contractors diversify their product and service offerings and learn the latest application techniques. As the nation’s leading supplier of select exterior and interior building supplies, we’re among the first to learn about the latest products and trends directly from manufacturers.
2. Become Certified
Another way to offer customers more value? Earn a certification in a new area. By exploring industry trade events, associations and training resources available to roofing contractors and construction professionals, you can polish your skills and stand out in today’s increasingly competitive industry.
From NRCA University — where contractors can get exposure to technical courses, safety training and professional development — to more focused programs like the Vinyl Siding Institute or a manufacturer’s certification, ABC Supply can help identify a variety of programs across the industry.
Showcase any earned credentials by publishing relevant certifications on your website and marketing materials. This will help customers see you as an expert with the skills to take on their home projects.
3. Open Business Lines of Credit to Accommodate Extra Work
If you want to start tackling larger jobs, including more projects for current customers, opening business lines of credit can help you accommodate the required amount of work. If a customer asks to expand a project’s scope, you don’t want to miss out on potentially increasing that project’s revenue and, ultimately, your bottom line. Having access to credit puts you in a position to help more customers and grow your business.
ABC Supply’s Customer Financial Services program enables contractors to open business lines of credit at the terms they need to provide customers the best solutions possible. To protect privacy, ABC Supply keeps the process completely confidential.
4. Build Connections by Networking
Being affiliated with a nationally or locally accredited association, like NRCA or AGC, can lend third-party credibility to your company and help you diversify your services with connections to key industry resources. In addition to networking and industry tips, you can gain exclusive access to helpful events like training programs and trade shows.
Talk to your local ABC Supply associate to find out how they can aid your business diversification and help you grow now and in the future. You can also visit the ABC Supply blog for additional tips on boosting sales, including ways to build relationships with customers.