Running a plumbing company is hard work.
There are so many things to do and keep track of that it can be overwhelming at times. If you’re not careful, you could easily find yourself struggling with business management.
However, with a few simple tips, you can easily keep your plumbing company running smoothly. Here are seven business management tips to help you get started:
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Keep Track of All Plumbing Assets
You should know where every single plumbing tool is at any given time, including your company van and truck. This will save you a lot of money if something gets lost or stolen. It’s easier to find things when they’re not scattered everywhere.
Create an inventory list so that you always know what assets the business has available for use and their value. Keep this information updated regularly so that there are no gaps in tracking.
By keeping tabs on everything, you can easily avoid losing equipment due to carelessness by employees or customers who borrow items and don’t return them.
Creating an inventory list also helps with tax time when you need to document depreciation values.
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Have a Detailed Business Plan
No matter how well your plumbing company is doing, you should always have a business plan in place. This document outlines your goals and strategies for achieving them.
Your business plan should include information such as this:
- The services your plumbing company offers
- Target market(s)
- How you will attract new customers
- Your marketing strategy
- What differentiates you from the competition
- Financial projections
- A summary of the company’s strengths and weaknesses
When things change, you can refer back to your business plan and make the necessary adjustments. Having an up-to-date business plan gives you a roadmap to follow and keeps you accountable.
It’s also very important when seeking funding from investors or banks.
Make sure your business strategy is well-written and easy to understand. You don’t want potential investors scratching their heads trying to figure out what you’re trying to accomplish.
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Formalize Your Company’s Values
Your plumbing company should have a set of values it adheres to. These are the core beliefs that you will use to guide your business decisions and help attract new employees.
For example, if one of your plumbing company’s core values is excellent customer service, then every employee needs to practice this value each day. If they don’t, there could be consequences such as demotion or termination.
If you don’t already have plumbing company values, here are some examples to help get the creative juices flowing:
- We’re honest and trustworthy
- Our customers come first
- Excellence is our standard
Once your plumbing business has core values in place, make sure every employee knows them by heart. They can then live up to them at all times while representing your plumbing company. This will not only benefit customers but also attract new hires who share similar beliefs about how a successful plumbing business should operate.
After all, think about it. Would you want to work for a plumbing company that doesn’t practice what it preaches? Probably not!
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Implement a Sales Process
All plumbing companies should have a sales process in place. This is the system you will use to land new customers and increase your revenue.
Your sales process should include information such as:
- The steps you take to identify potential customers
- How you go about making a sale
- What happens after the sale is made
- Your follow-up procedures
Reviewing and tweaking your sales process on a regular basis is essential for keeping things running smoothly. As your business grows, it’s likely that your process will need to be adjusted. That’s perfectly normal!
Make sure you track the results so that you can see what’s working and what needs improvement.
A well-oiled sales process will help your plumbing company achieve its goals.
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Identify Reliable Suppliers
One of the most common complaints among business owners is that their supply chain isn’t reliable.
That’s why it’s crucial to find dependable suppliers who will meet your needs. They will keep you from losing money due to late deliveries or damaged goods.
Here are some tips for finding great suppliers:
- Use a reputable company such as ipsplumbingproducts.com/
- Check online reviews
- Look at supplier certifications like ISO 9000
- Contact your local Chamber of Commerce
- Ask friends and colleagues in similar businesses for recommendations
- Make sure they carry the necessary licenses
Asking these questions before choosing a supplier can ensure that things go smoothly once orders start coming in. If you wait until after the fact, it might be too late to make changes.
Choosing the right supplier is essential for the success of your plumbing company.
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Establish a Good Relationship With Your Bank
Building a good relationship with your bank is key for any business.
When you’re starting out, your bank can provide guidance and advice on what types of loans or lines of credit are available to you. They can also help connect you with other businesses who might be able to refer work your way.
As your plumbing company grows, it’s important to maintain a good relationship with your bank. This will ensure that you have the financial resources necessary to take on new projects.
It’s also helpful to have someone at the bank who understands your business and can offer solutions when things get tough.
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Stay Organized
Staying organized is one of the most important aspects of running a successful plumbing company.
If your office is cluttered, it will be difficult to find what you need when you need it. This can lead to missed opportunities and lost revenue.
Here are some tips for staying organized:
- Purge outdated information regularly
- Create folders and sub-folders for different types of documents
- Label everything clearly
- Use a calendar or planner to keep track of appointments and due dates
- Set aside time each day (or week) to review your finances
The better organized you are, the smoother things will run in your plumbing business.
Business Management Tips for Your Plumbing Company
Now that you have a few business management tips under your belt, it’s time to put them into action. Implementing these ideas will help your plumbing company thrive and continue to provide excellent service to customers.
We hope you found this article helpful. Be sure to check out our other blogs for more great business tips and advice.
