Financial planning for tradies is extremely important and does not simply cover investments and retirement planning. As a tradesman or builder, when you are looking for a financial planner, look for someone that specialises in financial planning for tradesmen and who can help you with everything from tools of trade insurance and accounting to superannuation and your will. Read more
Every business hopes to turn at least some customers into repeat customers, and the trade business is no different. Even though many tradesmen, such as builders, roofers, cabinet makers, tillers, and others are typically not needed by homeowners on a regular basis, tradies can still generate repeat business with income property owners, schools, hospitals, real estate agents, and other people or companies with multiple properties. Of course, some tradies, such as landscapers, painters, plumbers, and handymen can easily turn a single homeowner into a repeat customer with a little work.
There are many different types of general tradesmen such as builders, painters, electricians, plumbers, carpenters, landscapers, and many other various types of tradies all competing for business. However, when you work in one of the general trades like this, you not only have to deal with your own brand and reputation, but the brand and reputation of the entire trade. For example if someone hired a shonky plumber who ended up flooding the basement, they may now feel that all plumbers are unreliable. Of course, this is not the case, and there are good and bad individuals in any trade. But how do you go about improving your trade brand and reputation factor. Read more
Social media has quickly become one of the most popular ways of networking for both businesses and individuals, and with almost 70% of all Australians being internet users; it looks as though social media is here to say. This is why it is so important for all types of trade businesses including builders, painters, electricians, plumbers, landscapers, carpenters and more develop a social media presence. Below are some social media tips for tradies that will help you find the right platform, and use it to improve your social media presence.
Hi again this is Anil of Nexus BGS and today I would like to take you through what I call the “4 P’s of Leadership”
Now you’ve probably heard of the “4 P’s of Marketing” which is Product, Placement, Price and Promotion. What I came up with this morning just having a quick discussion with my daughter in the car, a leadership discussion, was the 4P’s of Leadership. I thought if marketing has “4 P’s”, why not leadership – it’s obviously an important topic.
“Help! My business partner has passed away and I can’t afford to pay out his estate!”
This is a terrible story. This is a story of two mechanics who went into business together (Let’s say their names are Joe and Andrew). They owned the business 50/50. Neither of them had a lot in superannuation and most savings went straight into starting up the business. A few years into the business, Andrew died quite tragically. The business was not in a financial position to pay any money to Andrew’s family, but technically the family (via the Will), now own 50% of the garage. Andrew’s wife has never worked in a garage before, nor does she really want to work in a garage. Unfortunately Andrew’s wife has no choice but to work there, and Joe has no choice but to let her work there because he can’t pay her out.
What could they have done?
There are insurance policies which could solve this issue and provide you with a level of peace of mind and control. In a nutshell, if the business had adequate insurance in place, Andrew’s family would have been the beneficiary of the insurance policy and Joe would have retained 100% of the business… It would have been a clean cut, and would have left both parties with choices.
The information provided in this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.