Tips and tricks for your trade business
Do you worry that your trade business is falling behind the pack? Need some tips and tricks to improve your business processes? We’ve got you covered!
Not only does our team specialise in accounting for trade businesses, we also have a thorough understanding of what a trade business needs to be successful.
Read on to learn our tips and tricks your trade business.
Manage your time to maximise your profit
If there’s one thing your trade business needs to succeed, it’s good time management. Most staff members in a trade business work long hours, and sometimes emergency hours, to ensure every task is completed.
This means you’re left scrambling for extra hours in the day to complete the business management tasks or simply time to relax.
Time management is a vital skill for any tradie and is what separates one trade business from another. You can assess your time management skills and determine where your business could improve by completing a four-step process.
For example, if you’ve identified that taking phone calls after hours prevents you from concentrating on much needed paperwork, you may want to set your phone to do not disturb after hours, or use a work phone that can be put away at the end of the day.
While running a trade business is all about assisting your customers, it’s important to manage your time efficiently so your customers are receiving the best possible service from you and you have time to complete other business responsibilities.
Specify your market to become your community’s ‘go-to’ client
While it may seem ideal to offer your services to anyone and everyone, this can sometimes hinder your business growth.
A key tip for tradies is to offer your services to specific market areas so you can grow your business and become the go-to tradie for that area. It’s important to focus your advertising budget in this market area too. This way, you’re not wasting your time or money advertising to an area that may already have a go-to tradie.
Don’t wait until it’s too late to get insured
Unfortunately, tradies face dozens of workplace risks every day – more so than any other occupation. It’s important to assess which insurances you may need, including:
Speak to a business insurance broker as soon as you start-up your business to determine what you need to ensure you’re covered.
Use the appropriate accounting software
With any business, using the appropriate accounting software not only improves your financial processes, but can save you time! And if there’s anything tradies are short on, it’s time.
Xero is the ideal accounting software for trade businesses. From construction to manufacturing, no matter the type of trade you work in, Xero has a solution for you.
We always recommend Xero to our trade clients because we know the benefits it offers tradies. Some of Xero’s benefits include:
Get your trade business ahead with the right accountant
With any industry, there are specific tools of the trade that you can’t live without. As a tradie you may not have considered accounting advice as a tool you need to add to your toolbox.
Our client-centred approach starts with finding out your needs so we can provide the accounting advice and industry knowledge you require from the get-go.
We offer tailored solutions designed to achieve positive results and improve your financial position. Some of our tools include: