In December 2017, the Tax Cuts and Jobs Act (TCJA) passed, giving small businesses such as plumbing and drain cleaning operations access to some beneficial tax code changes. In print, the TCJA runs 274 pages—too long to outline in a blog. However, the essential changes include
Growing your plumbing business presents many challenges, but building a reliable, trustworthy and dedicated team is usually one of the biggest. Employees must be willing to do everything it takes to do the job, while still staying safe and protecting themselves and your company. For your budding plumbing or drain cleaning company to succeed, you need to have straightforward expectations in place for your employees. They should know what you require from them and what they can expect from you.
What’s your strategy for a successful 2019? Here’s a list of nine things you can do to grow your plumbing and drain cleaning business. Make 2019 a year for the record books!
The year is nearing its end. Have you taken advantage of the tax breaks available to plumbers and drain cleaners?
Not too long ago, people relied on word of mouth or the phone book to find a plumber or drain cleaner. Now, customers are more likely to search online. If you don’t have a website, you may be overlooked. In fact, research shows six out of ten consumers expect businesses to have an online presence, and more than half of these consumers head straight to a company’s website when they want information.
Did you know the average small business waits 21 days to get paid? Or that the average small business has only 27 days worth of cash reserves on hand? These stats are jarring because cash flow problems can have major ramifications for your plumbing and drain cleaning business. Healthy cash flow is important to survival, and it requires more than the right amounts of money coming in and out; you have to take timing into account, too. Getting paid on time and in full is key to the success of your business.
Eighty-two percent of all businesses fail because of poor money management. Given this number, ensuring effective money management should be a priority for any small business looking to thrive and succeed in today’s economic environment. And having a thought-out, well-written and executable budget is a necessary component of running a business that can withstand common financial roadblocks. Budgeting can help your business become financially sustainable by helping you:
As a small business owner, deciding your hourly rates is one of the most important tasks that you face. You have to look at your business in a holistic manner, balancing costs with profit, and calculate a number that can satisfy both.
Is Your Crew Ready for National Safety Month?
Keeping people safe on the job is crucial to the success of any business and the morale of its employees. However, safety training is too often overlooked during on-boarding and throughout the tenure of your crew. In any case, keeping employees safe on the job is more than just a good business practice — it’s the law. Under the Occupational Safety and Health Act (OSHA) of 1970, employers are responsible for providing a safe and healthful workplace, and safety training is an important aspect of complying with this requirement. When was the last time you thought about your training program? June is National Safety Month, so now is the perfect time to improve or reevaluate how you’re helping your employees stay safe on the job.
Pricing your services is one of the most important business decisions you'll make. Whether you’re an established plumbing company or an up-and-coming drain cleaning business, the right economic strategy can make or break your success. Price too high and you'll drive away customers, price too low and you may struggle to cover costs. So, how can you find the sweet spot? It takes a little research and reflection, but these five steps are a great place to start.