With constraints put on your team and limited hours they can dedicate to growing your business, let Xipster ease the burden and avoid project delays that affect most construction companies. Every general contractor knows that the longer a project lasts, costs will rise, and profits will fall. This also means less time to accept new projects along the way.
If you are looking for ways to increase your construction company’s profits and improve your reputation with your customers, keep reading. Below, you’ll find five helpful tips on how to combat financial issues, miscommunication, disorganization and more. It’s time to tackle those costly delays.
Take Control of Your Cash Flow
Poor budgeting and cost overrun can quickly derail any project, and poor cash flow management can make it really challenging to pay vendors and subcontractors on time.
One way to take control of your cash flow is by using Xipster to make collecting and tracking outgoing and incoming transactions a breeze. Xipster’s detailed reporting system also lets you easily follow up with clients about unpaid invoices, automatically recording and time-stamping communications for your records. When you notice an overdue payment, you can easily send a payment reminder from the Xipster application.
Easily Collect Future Payments
One of the best billing methods for construction projects is Progress Billing, which involves billing clients throughout a project as you deliver on agreed upon milestones. With a pre-construction payment schedule set, your client will see progress being made while your financial risk is greatly reduced.
The main downside of Progress Billing is the complexity of scheduling payments before a project begins and ensuring your client is aware when they will be billed next.
A great way to make this process as smooth as possible is with Xipster. You can easily set up a payment schedule with your client, allowing them to pay with an agreed upon method and schedule. Xipster allows you to easily adjust as plans change, adding extra charges when necessary.
Protect Your Finances
Now that you have settled on the best method to receive payments for achieving your milestones and deliverables, you’ll want to protect your finances. Unfortunately, fraud is a large problem in the construction industry. Diligence and document management is one way to reduce the chances of fraud occurring. With a detailed file organization system, it is easier for you to check for any discrepancies in invoices, change orders and inventory.
There are so many documents in construction, you will want to rely on software to help you keep everything organized. Xipster‘s all-in-one payments hub is a great way to keep track of your financial statements and bills, alongside invoices and estimates your company sends out. If stay organized, you will be able to solve conflicts much easier and sniff out any possible discrepancies in your business.
Reduce Paperwork
A completely mobile software solution allows you to eliminate repetitive manual tasks and the human error that comes with it. That’s why Xipster seamlessly integrates with QuickBooks and Xero. No more missing bills or receipts that don’t quite match your accounts.
With Xipster, you can also generate professional branded estimates and send them to clients instantly, eliminating the need to carry around updated paper documents on the field. Since Xipster is completely mobile, you can update your construction quotes as soon as your client changes the scope of their project, and even attach pictures and videos when necessary.
Transparency is a key driver in today’s market and clients will love working with a company that makes payments so clear and flexible.
Build a Strong Customer Base
It can be challenging to generate new leads, especially when you are new to the market. While cold-calling and door-knocking have been used in the past, the modern customer wants to be contacted in a different way. Today, text messaging is the most effective to reach clients, with a 98% open rate.
Xipster is built on this highly communication method to speed up conversations and even reduce wait times and missed appointments with automated messages. By making communicating with you as easy as possible, your clients will love doing business with you.
Conclusion
The industry is rapidly changing and companies that are early adopters of new technology will have a noticeable advantage over others. Xipster is an easy, cost-effective solution that allows you to differentiate your construction business from those stuck under mountains of paperwork.
Whether you implement text message marketing campaigns to reach new clients or use Xipster’s all-in-one payment solution to reduce paperwork, manage cash flow, and mitigate fraud, we have you covered. Get started with Xipster today.