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3 tips for business success

Posted December 6, 2018 by EnerBank USA

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The Great Recession changed the purchasing habits of individuals, and many tightened their wallets. However, for the home improvement industry, spending increased as more homeowners opted to stay in their current home and remodel, rather than move.

For the home improvement contractor, this is good news. However, it’s still critical to have the right plan and strategic business partners in place to ensure you’re capturing as much business as possible in a competitive market. Here are 3 tips that can help:

Tip 1: Have a written plan―Without a plan, you’re merely dreaming. Your plan doesn’t have to be the size of a book, but you need a few pages outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.
Tip 2: Keep track of everything and manage by the numbers―To ensure success, it is essential to know your numbers, to check them daily, and to make all decisions based on what they tell you. One of the most important calculations is cash flow pro forma. Determine how much cash you need to do the business, and plan to that number. This is easier said than done, so it’s critical to work with the right strategic business partner that can help and has your best interest in mind.
Tip 3: Choose the right strategic business partner―Are you limiting your business reach and growth potential by relying solely on homeowners who can pay cash? You could be capturing more market share by providing your customers with access to a choice of unbeatable payment options to pay for their projects.

One strategic business partner that every contractor should have is EnerBank USA®, the largest specialized home improvement lender in the country. Just think of it, by offering your customers more ways to pay, like a Same-As-Cash Loan and a low monthly payment loan option, you are giving them the flexibility to choose the option that works best for them and their unique financial needs.

And, offering payment options is good for you too—homeowners who finance their improvement projects spend 42% more than those who pay cash. Why is this? Because when a homeowner has access to attractive payment options, they can make decisions based on what they really want for their home and not just based on cost.

So, if you aren’t offering a choice of payment options to your customers, visit EnerBank.com/contractors to learn more.

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