HPM
BUSINESS
FEATURE
“Cash is the life-blood of any
business and without it, every
business is dead in the water”
One is the loneliest number
It can be a lonely life running a one-person business.
You’re not only the bottom line for the jobs, you also
carry the can if anything goes wrong with things like tax.
Benjamin Dyer, CEO and founder of Powered Now, shares
his tips on how to try to make life easier.
The world of work can be divided
into two types of activities – there
are the things you enjoy and there
are jobs that you dislike.
Funnily enough, most of us do our best
work on the things that we enjoy. So, try
to do that work yourself and pay someone
else to do the parts you don’t enjoy.
Generally, a book-keeper’s hourly rate
will be less than yours, so it should result
in you making more money too.
Some people get their partner to do all
admin. A person great at doing the job
coupled with a brilliantly organised admin
person can be a recipe for a thriving
business.
FIND FRIENDS, MENTORS OR
ADVISORS
It is indeed a lonely process running your
own business. One of the downsides is that
you don’t have anybody involved in the
day-to-day work to bounce your issues off.
That’s why it’s good to spend some time
developing friendships with people in the
same position. Alternatively, you might
buy an occasional beer for someone with
wider experience that would be glad to
give their advice.
Another route is when you have a good
accountant. A lot of small businesses also
use their accountant as their business
advisor.
KEEP YOUR BUSINESS IN THE
BLACK
Cash is the life-blood of any business and
without it, every business is dead in the
water.
This is why cash flow has to be the
number one concern of anyone running a
plumbing or heating business.
Running low on cash is hugely stressful
so to avoid that stress, use the following
quick tips:
• Always invoice for work the day that you
finish it
• Buy as much on account as you can
• Save up for tax and even after that spend
less than you have coming in, so you
always have a safety cushion
KNOW HOW TO HANDLE DIFFICULT
CUSTOMERS
If there’s one thing that can be
demoralising, it’s dealing with difficult
customers. Of course, prevention is better
than cure and sometimes if people seem
too picky and price-conscious before you
start the job, it may be best to leave them
to someone else.
However, even the most professional
person will occasionally have problems
with customers, so here are some thoughts
for dealing with them:
• Have some defence in your terms and
conditions. Always say that anything not
explicitly mentioned is not included and
that any estimate excludes anything that
could not have been reasonably foreseen
• When a customer is complaining, listen
hard before you give your opinion. If the
customer doesn’t feel you have listened
and you immediately become defensive it
will make matters worse. Reflect back to
the customer what they have said to show
them that you have understood them
• Find a reason to apologise even if it’s as
weak as “I’m really sorry that you feel this
job hasn’t been done properly”
• If there is a problem and it’s down to you,
fix it urgently. Surprisingly, that can lead
to follow on work and recommendations
to others – you will have established total
trust as most people know that things
sometimes go wrong
• If the customer is still totally
unreasonable, consider refunding their
money and walking away. It’s hard, but
it may be much less hassle. I recently
did this with a customer demanding a
refund as life is too short to waste time
with unreasonable people.
DISCUSS THE ISSUES
A problem shared can be a problem
halved. I for one have found that over time
my wife has been able to help more and
more. That’s partly because she has learnt
more about the business, but also because
she has better insights than me in some
areas.
This really goes back to the point
about finding a friend, mentor or advisor
as that’s probably the biggest help in
addressing the loneliness of the job.
Either way I hope that some of the
thoughts in this article are helpful. All the
best.
ENQUIRY NUMBER 101
Tips and advice are easily available on the web, but there is nothing better than communicating with another human
to bounce ideas off
24 Heating & Plumbing Monthly | MAY 2018 | www.hpmmag.com
/www.hpmmag.com
