The reason we take bids from subcontractors is that we don’t know any better way. There is a better way! First, determine exactly what you want them to do. Prepare a subscope of the master scope detailing the work you assign them.
As a contractor, I was always interested in how others did it and built successful businesses. Perhaps you will find insight and encouragement from learning how I did mine.
We all want referral work!! In our restoration industry, we call National Managed Repair Programs Third Party Administrator Networks (TPAs). These National groups administrate property claims in conjunction with the carrier, including assigning them to network contractors.
This is the time of year when we take note of our year-end numbers. We ask what can we do to have a strong finish to the year. What can you do? NOTHING! Perhaps that isn't entirely fair. You can focus on collecting unpaid balances and reducing your AR.
Good cash flow management ensures there is always enough cash on hand to meet expenses. For most restoration owners, this is rarely the case. We always seem to be cash strapped. We are either preparing for payroll or just completing it. There is rarely a surplus of money on hand, making this one of the highest pressure experiences in our business life.
NO, you don’t use it for masking a paint job, silly! Have you ever had a customer at the end of the job come up with a two-page punch list that’s easily a week’s worth of work? Yes, I have.
What if one TPA sent you 3 jobs a month. That’s 36 a year, and if you are a mitigation-only company that will produce more than $100,000 of revenue. If you are a full-service contractor, those three jobs a month…
If you want to grow your restoration business and are not providing rebuild services, you are missing out on the biggest moneymaker ever! Every Restoration owner wants to grow their business! They want more revenue, higher profits, open up new markets, add services, and generate more work?
This statement is about your future and it should begin directing your steps today! The matter is vitally important to you, and I hope you read this carefully! To the 25,000 Restoration Company Owners, I ask you, “What size must your business be to retire?"
Fear? Know-how? Confidence? Of the 25,000 restoration companies in the US, 80% are mitigation-only businesses. Would it surprise you to learn that many of those want to become full-service? But they don't do it because of nagging self-doubt.