Finding smart ways to reinvest in your company can help to position it for long-term growth. Here are five effective, tried-and-true strategies worth investigating as you consider how to reinvest in your business.
1. Upgrade Your Remote Technology
By automating manual processes and tedious tasks, technology can help you do more with less. It can also help teams adapt to new trends: as remote work becomes the norm across more industries, businesses can stay competitive by investing in digital workspace platforms, cloud-based document management systems, and lead and customer management software to streamline customer communications along with the sales pipeline.
These tools can improve your back-end operations so that your office staff, project managers, and crew all have access to the information they need regardless of where they are. Laying the foundation for efficient remote work can expedite projects, accelerate your sales cycle, and generate both time and cost savings.
2. Buy New Equipment
If you've rented equipment or you're trying to get by using old tools, purchasing new equipment may be a good long-term investment.
Upgraded equipment such as safety harnesses, air compressors, and ergonomic roof cutters can improve your crew's safety and drive productivity. Investing in modern tools can also help your company complete roof replacements and repairs in less time without sacrificing quality.
Updating the equipment that you use as a regular part of the business can help keep processes and projects running smoothly for the long term. The cost of equipment purchased for use in your business may even be eligible to be written off as a tax deduction, therefore you may ultimately end up paying less than the actual sticker price.
3. Invest in Marketing
Customers have plenty of roofing companies to choose from; increasing your marketing efforts can help your business stand out. Consider hiring a social media consultant to increase your visibility on Google, Facebook, Instagram, and other channels. Allocate some of your budget to display and search ads online or even to revamping your website—all of which will make it easier for customers to find you.
Considering how to reinvest in your business also includes looking to your team as a resource. If you already have someone at the company with a digital marketing skill set, you could give them a slight raise or quarterly bonus to take on these responsibilities officially. Once you see how well your marketing campaigns perform, consider recognizing their efforts with a promotion, title change, or benefits like increased vacation time or a more flexible schedule. An investment in your team is an investment in the strength of the business itself.
4. Expand Your Team and Invest in Staff Training
Growing your team is an impactful move. Hiring a new salesperson is a path to growing your revenue. Bringing on a new estimator or outsourcing this work to a third-party company can help you get bids out and close deals faster. A newly expanded team of project managers could make it easier to run job sites smoothly and efficiently.
If you don't have room on your payroll to expand your team, consider upskilling your staff and crew. Subsidizing the cost of training is more cost effective than adding extra employees, and it can improve retention—your team will see that you're investing in their career growth. Look for existing training resources from leading manufacturers such as GAF as a cost effective way to invest in your team.
The industry is constantly changing. With ongoing training, you can upskill your team and ensure they have up-to-date knowledge that helps your business grow.
5. Join a Rewards Program
Over the last year, many construction companies have faced financial challenges, making it more difficult to make business investments.
However, you can take advantage of rewards programs to offset some of these costs. The GAF Rewards program has helped thousands of businesses access the tools and products they need, as well as reward their employees. You can redeem GAF rewards to cover the cost of warranties, offset the cost of new equipment, and gain employee rewards such as merchandise and vacations.
GAF Rewards is currently offering a promotion until September 30 where you can earn up to three times more reward points when you purchase eligible GAF residential roofing products. GAF Master Elite® contractors will earn 2.5% on their spending during this time period. GAF Certified™ contractors will earn 2%, and non-factory certified contractors will earn 1.5%. You can redeem all the points you earn on a reloadable prepaid card or gift card, which you can use to purchase swag for employees, treat them to lunch, or buy new tools and equipment*.
Whether through the GAF Rewards program or a portion of profits you've set aside, reinvesting in your business pays off in increased employee morale and productivity, customer satisfaction, and sales. Take the time to assess what your business needs today, and identify the investments you can make to build a thriving company that will grow for years to come.
*GAF Rewards is open to individuals and professional roofing contractor, builder and remodeler companies. U.S. only. Points earned may vary based on membership tier. GAF reserves the right to audit all claims. Cannot be combined with any other promotion or offer unless specified by GAF. Visit gaf.com/rewards for complete terms and conditions, special offers and qualifying GAF products.