What Contractors Should Be Thinking About in the New Year

December is the perfect time for both reflecting on the past 12 months and looking ahead to the coming year. We’ve asked the ABC Supply Pro Council to do just that. They’ve channeled what they (and their customers) have learned in 2019 into some advice for contractors to consider as they race toward 2020.

1. Take Advantage of Financing for Contractors and Your Customers

Contractors can up their game in 2020 by leaning into the financial side of their businesses. Maximize profitability by managing cash flow and material costs. ABC Supply offers a number of services that can help you get a better grasp on your finances:

• Customer Financial Services (CFS): Our CFS team assists our contractor customers with access to the lines of credit and terms they need to be competitive in the marketplace. Contractors can increase their lines of credit to accommodate large jobs. Our CFS associates are trained and available to assist you with construction lien and bond laws.
• Manufacturer Rewards Support: Our automated manufacturer rewards support system helps ensure that you’re getting the most for your money. We help contractors capitalize on manufacturer rewards programs that you’re eligible for — just ask an ABC Supply associate how you sign up.
• myABCsupply: Not only can myABCsupply help you keep track of your orders and deliveries but it can also help keep your billing organized. Download statements and invoices directly into your existing accounting software to simplify your billing and payment processes.
• In-Home Financing: You can also take advantage of in-home financing that will help your customers, and ultimately help you. ABC Supply offers financing through its suite of Freedom Programs. With this service, you’ll be able to offer your customers more funding for their home improvements, ultimately allowing you to take on larger projects for them.

2. Increase Your Business’s Profitability Through Diversification

Many experts are forecasting home building and renovation to decrease slightly in 2020. As spending slows, you can make sure you’re still getting enough business to stay profitable by diversifying your offerings. For example, if you already offer roofing services, consider adding gutter installation to pull in some extra business. Create a value proposition to help communicate the value of your diversified offerings to potential customers and ensure you’re getting as much business from them as possible.

3. Get to Know Sustainable Building Materials and Energy-Efficient Products

Since climate change has become a mainstay topic in today’s news, many homeowners are looking for options to make their homes more sustainable. Having suggestions at the ready for these environmentally conscious customers will only help your business. Get to know which building materials are more sustainable, like metal siding or shingles made from recycled materials. Also consider which products (like energy-efficient windows or solar panels) can help homeowners save energy — and money.

4. Combat the Skilled Labor Shortage With Easy-to-Install Products

Manufacturers are stepping up to help alleviate the skilled labor shortage by creating products that require less work to install. If your team is stretched because of the labor shortage, ask associates at your local ABC Supply location to recommend products that can make your jobs easier.

5. Attend Building Trade Shows and Events

Off-season is the perfect time to brush up on your skills and think about how you can improve your business in the year to come. Consider attending an industry event or building trade show, like the International Builders Show or the International Roofing Expo. Conventions and trade shows offer a great opportunity to learn from manufacturers about the latest products, discover business-building tips and network with other contractors. Your state or local building association likely also hosts training events or building trade shows on a smaller scale, closer to home.

Consider these pieces of advice for contractors and make 2020 your best year yet. You can also visit our blog to read more tips from the Pro Council and learn how ABC Supply can help you succeed.

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