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6 Strategies to Keeping Cash in Your Company’s Pockets

keep cash in your pocket
May 18, 2022 at 9:00 a.m.

By Kate Ratcliffe, Leap. 

Simple ways to make sure your hard-earned profits don’t end up in the hands of your competitors. 

Money is everything and while you may try hard to make a profit, you could be losing money in little ways and not even know it. If you keep losing bids to your competitors or losing customers in general, you’re basically throwing money away. Here are six strategies to use to make sure your company is making money, not losing it. 

1 - Control your pricing 

Material costs are fluctuating everyday. What your prices are today will be different a few weeks down the line. In order to scale your business, you need to be able to control what is being quoted at a moment’s notice. Do you have the ability to communicate those changes effectively? Do your reps get that notice in time or are you looking at inconsistent pricing based on which rep sold the job? Find a way to standardize and streamline what is being quoted through a digital quoting system that updates across your organization in real-time. See how Leap can help. 

2 - Apply methods for accurate measurements 

It only takes one miscalculation for you to under or over order materials. What happens then? Do you have access to order available products elsewhere? Do you hope and pray the manufacturer hasn’t sold out of product before you can order the remaining needs? Or do you just make sure your measurements are right at the start? Create a fool-proof measuring process by leveraging measurement providers.   

3 - Create precise contracts every time 

Do you trust your reps to do that math right? Do you trust them to always stay above floor? What happens when you have one rep that consistently misses a few dollars and cents? That has a growing impact on your margins. Implement practices that will allow your reps to create precise and professional contracts quickly. Create automated calculations in 30 seconds with Leap.   

4 - Cover dealer fees 

Offer financing. Homeowners are less and less likely to have the ability to afford a remodel as the generational shift occurs. Give them the option to pay in installments. After you make that (very wise choice), have a method to bake in dealer fees, so your result is all net and no loss. It is also wise to offer multiple lending options, just in case the homeowner is denied funding from one lender. Learn how to start financing today!  

5 - Keep your reps in the know 

Reps in the field need the most updated and accurate information. You should have a real-time system to get the reps the materials and information they need. What is out of stock? What prices have changed? How long will it take for those materials to arrive? All “need-to-know” information that needs to be communicated seamlessly. Inform your reps through Leap.   

6 - Accept payments of all kinds 

Modern homeowners are a lot less likely to have a checkbook in hand, or even less-likely, cash ready to hand over. Offering multiple ways to pay will increase your close rate by making it easy for the customer. Putting the power in the sales reps’ hands by providing the tools to accept cash, check, credit card and financing is a no brainer. Put the power in reps’ hands with Leap.   

Implement these six best practices to ensure cash is in your company’s pockets and not in your competitors.   

Learn more about Leap in their RoofersCoffeeShop® Directory or visit www.leaptodigital.com

Original article source: Leap 

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