Technology is a tool, not an end in itself. It can’t do anything for you unless you know what to do with it. Contractors are one of the few professions that have not fully embraced technological advancements, but they stand to reap major benefits if they start using these tools to their advantage. This article will explore some of the ways contractors can leverage technology to increase revenue and earn more money for themselves and their companies.
This post will cover some strategies that contractors can use right now, as well as some future-oriented ideas about how technology may change the profession in the coming years.
Use technology to bid more efficiently and accurately on jobs
When you want to win more bids and increase your chance of success, it’s not enough to do the same amount of work faster or cheaper than everyone else who’s bidding on the job. If your competitors are one-upping each other with incredible offers, you need to stay in front if you want to come out ahead. That means taking the extra time to do some research, identify your highest-value competitors, and study their approaches.
Technology is not enough to win more bids by itself, but when used properly it should improve your existing business strategies. Identifying competitor strategies is one of the best ways to leverage technology in your business, but there are others. For example, you can use technology for better inventory management, more accurate financial forecasting, and remote communication with clients and team members.
You can also use software that allows you to respond to requests for proposals or RFP for construction projects from developers. The software allows you to seal the deal with the developer using its user-friendly tools.
Use technology to track time and expenses more accurately
Technology can help when it comes to tracking time and expenses. Smartphones are changing the game, allowing workers to plug-in estimates of how much time they spend on jobs before or after they go home, even if they don’t have access to their laptop or planner. This is one way that developers can stay ahead in bidding wars—they can examine competitors’ budgets and see exactly how they spent their time.
Contractors who make good use of smartphones can also take advantage of apps that help them track miles and expenses without having to go through a lot of paperwork. Tracking time and expenses accurately will allow you to be more efficient and save money on taxes.
Use online tools to connect with new clients and drum up business
If you’re not using social media to promote your business, you’re missing out on a lot of potential clients. Most people find contractors by looking online. Many sites allow users to post reviews and comments about companies that provide their products and services. You can also advertise on many of these websites. If you’re uncomfortable with social media or advertising, however, don’t worry—you can still use tools like email to communicate with prospective clients.
Communication tools also allow you to build relationships with new clients, explain what you do in a positive light, and promote your business without looking pushy or desperate. You can use these tools to share your knowledge with others, which will let clients know that you’re a dependable contractor who has a lot of valuable information they can benefit from.
Technology takes time to implement, but the results are often worth it. If you use these strategies, you should find that your win rate increases and your business becomes much more profitable in the months to come.
Utilize cloud-based storage solutions for project files and documentation
There’s a big difference between a contractor who uses technology and one who harnesses its full potential. A lot of the infrastructure of using technology is more simple than you think—in fact, it can be as easy as storing your project files in online storage solutions instead of just keeping them on your work computer.
If you’re not familiar, cloud storage is a massive bank of online servers that you can access through an internet connection. You can store files on this external storage instead of your laptop hard drive with almost no restrictions. This lets you access important documents from any location, even if you don’t have your laptop with you.
The same goes for keeping track of your projects. Cloud-based project management software is extremely useful because it lets you assign tasks to your team members and manage the entire life cycle of a job, even if you’re not in the office.
Technology has revolutionized the way contractors do business. If you’re not using technology to its fullest potential, you’re losing out on a lot of money. This article has explored some of the ways that contractors can use technology to increase revenue and make more money for themselves and their businesses. Utilize cloud-based storage solutions, social media, advertising, email marketing, and project management software to get the most out of your technology tools. You’ll find that these strategies help you be more efficient, save time and money, and win more jobs in the months to come.