A new year is right around the corner. Is this the year you’ll finally expand your business and earn more than any year prior? This guide covers a few ways to maximize your earnings. We’ll review a few ways to generate more income through additional sources of income. We’ll also consider ways you can earn more without expanding your current services.
Understand Your Labor Ratio
One of the first and easiest things you can do as a landscaping company owner is to understand your labor ratio better. Ideally, you want enough employees to cover your current customer demand without overworking them. But, sometimes, it can be difficult to find the right balance. You may find bringing on new crew members financially difficult before signing new customers. Yet, you may be unable to sign new customers without the additional labor available to complete jobs. Understanding your current labor ratio and coming up with a plan to solve this problem can be the first step in expanding your landscaping business.
Invest in New Equipment
New equipment allows your landscaping company to complete more jobs while finishing the ones you already have faster. A better lawn mower, for example, allows your crews to reduce the time it takes between clients. Walk-behind or rider lawnmowers minimize a job’s labor requirements, keeping your crew energized for more work throughout the day.
New equipment can also expand the services you offer to clients. Adding a skid steer concrete breaker allows you to offer hardscaping services to your clients. Many landscaping projects cross over into hardscaping, and instead of having to refer these clients out, you and your crew can handle them for additional revenue.
Offer More Training to Crew
More training means better efficiency and expertise. Train your existing employees on additional services to offer your clients a more well-rounded crew. Investing in management or leadership training for your most promising crew members can also be valuable to expanding your landscaping business. You can focus on getting new equipment and clients and leave the day-to-day management to your crew leaders.
You can also cover the cost of current crew members obtaining new licenses. This fosters a deeper level of commitment from team members; in turn, they can offer your customers more services. Giving current team members paid days to complete training or to recertify current licensure can also be an effective strategy.
Keep Up With Routine Maintenance
Routine maintenance ensures your landscaping equipment and trucks stay in good working condition for longer. Unexpected downtime can be expensive and damage your company’s reputation. Instead, try creating a maintenance schedule that you and your crew stick to, ensuring everything is ready for the job.
Focus on Customer Satisfaction
While reaching out to new customers may be an important part of expanding your business, you don’t want to forget about your existing customers. The loyalty you earn from satisfied customers is often worth much more than attracting new customers. Try to meet and exceed the customer’s expectations each time. In return, they will refer your company to their friends and family.
Expand Your Service Offerings
Expanding your service offerings is one of the best ways to increase revenue in the landscaping industry. Consider the skills of your current team and how that may translate to more income. In addition to maintaining your customer’s lawns, you might offer weed control, mulching, seeding, or leaf removal. You could also exponentially increase your revenue by offering hardscaping projects.
Shift to an Eco-Friendly Commitment
Customers today enjoy supporting eco-friendly businesses. Shifting toward a more eco-friendly and sustainable business model can earn you more business. In addition to the improved business reputation, you can also reduce your energy costs.
Create a Referral Program
A referral program rewards customers who refer your business to friends and family. Create a referral program that gives current customers a percentage or specific amount off of their desired services in return for a referral signing up. Make sure your existing customers know about the program.
Outsource Your Services To Other Companies
Landscaping companies can also find value in outsourcing services. Once you expand your equipment to include concrete breakers or post drivers, you can offer these tasks to other landscaping companies who don’t have the equipment. You’ll work under the other company’s name, but in the meantime, you’ll earn a portion of the proceeds and add more construction equipment experience to your team.
Most business owners share a common goal – earning as much as possible. With these business strategies, you can increase your business revenue next year, including understanding and reevaluating your labor ratio and upgrading or investing in new equipment. Outsourcing your services or adding more availability can also earn you more money next year.