If you’re a master of roof repair and run or manage a fantastic roofing business, then your cashflow is critically important. It’s crucial to track money as it comes in, and as it leaves your business.
If you don’t realize how vital cashflow is for your roofing business, then here’s a startling fact. According to this article on Forbes, running out of cash is the second most common reason why small businesses fail.
That’s why you should read this cashflow for roofing businesses guide. So you can take quick action and give yourself a chance to succeed.
Let’s look at some of the most powerful strategies for helping you to master your cashflow as a professional roofer.
Accept Digital Payments
It’s impossible to maintain a favorable business if your clients are short on cash. That’s why it’s so necessary to make it as easy as possible for your clients to pay you quickly.
Fortunately, there’s a wide array of service marketplaces that can help you to list and sell your roofing service online. We’ll talk more about a handful of the best markets later on in this guide.
For now, remember that you must make it easy for your roofing clients to pay you promptly and without hassle.
Here’s a handful of the best and most popular apps to help you accept digital payments:
Here’s How to Advertise Your Roofing Business for Free or Low Cost
If you want to master cashflow for your roofing business, then it’s a great idea to cut costs anywhere that you can.
That doesn’t mean lowering the quality of your roofing tools and materials, of course. However, one area where you can cut costs is your current marketing strategy.
That’s because there are many influential marketplaces where you can list and promote your roofing services without paying a penny out of pocket.
Here’s a list of the best services to promote your roofing business for free:
Here’s How to Easily Diversify Your Roofing Business During Slow Seasons
If you understand the nature of cycles in your business, then you’re in a much better position to flourish as a roofer.
For example, you may experience a ton of work in the spring and summer. However, nobody wants a new roof in the winter.
That’s why it’s a genius idea to take inventory and brainstorm other services that you might offer to your clients.
That way, you can strive to be of more value to your customers, and you can also aim to increase cashflow.
Promoting additional services is as easy as sending flyers to your favorite customers. Or, you could try giving them a friendly jingle on the phone and offer a promotional discount.
Here’s a list of services that your roofing clients might love in the fall and winter months:
- Preparing yards for heavy snow (limb and shrub trimming)
- Pressure washing
- Gutter cleaning
- Raking and leaf removal
- Snow removal from driveway
- Snow removal from roof
- Christmas and holiday light installation
Use A Reliable and Easy to Use Accounting Software
Managing cashflow is more complicated than merely counting cash and profits. Cashflow is also about keeping tight accounts and keeping track of what’s incoming and outgoing.
That’s why stable accounting software is of the utmost importance for you as a roofer. You can practice stellar cashflow housekeeping and manage your operational budget without second-guessing or stress.
If you loathe the idea of using complicated tools and spreadsheets, then relax! These days, there’s a vast selection of easy to use apps that can help you to manage your outgoing and incoming cashflow. You don’t even need a background in IT or accounting to get started.
Here’s a handful of straightforward (and affordable) accounting apps:
Look for Generous Credit Reward Programs
To become a true master of cashflow for your roofing business, you must watch every penny that you spend! Even then, you may as well look for kickbacks for any business purchases that you make.
Spend time browsing different credit lines available for your business. Also, look carefully at any cashback rewards. Nothing is better than getting a piece of your operative budget back, even if it’s a tiny piece.
To learn more about the best cashback rewards programs for small businesses, give this fantastic article on Credit Karma a good read.
Store an Emergency Fund for Your Roofing Business
What happens if a client calls, and lets you know that something went wrong with your latest roof repair? You need to buy additional supplies to fix the job, but you’re out of cash! That’s an epic catastrophe and lack of cashflow 101.
Or, imagine if one of your best pieces of equipment fails right before you start a fantastic and profitable project. That would hurt.
These are a few crucial reasons why you must set aside an emergency cash fund for your roofing business.
That way, you can quickly and confidently handle any roadblocks or snags that you encounter without panic.
Keep Your Existing Customers in the Loop
If your clients are happy and if they love your service, then keep them in the loop.
Try your best to let your roofing clients know about any upcoming sales, new offers, promotions, or seasonal discounts. That way, you can always hopefully keep cash flowing through your business.
There are a few practical methods to contact your clients:
- You can send an email marketing blast.
- You can update your Facebook page.
- You can see if your town has a Facebook group, and advertise there.
- You could mail a physical flyer.
- Or, you can contact your clients by phone if you wish.
Reaching out to existing clients can be an ingenious way to minimize downtime, while also providing tremendous value to your clients.
Summary to Mastering Cashflow for Roofing
Never forget that the roofing business is tough. You bend over backwards (literally) to ensure that your clients keep a beautiful and safe home.
Don’t cut yourself short. It’s so essential for you to keep a close eye on the cash that comes and goes from your business.
That way, you can give your roofing business every opportunity to succeed.