Tuesday 21 November 2017

Year-End Series #4 - I Want More Work Next Year and Here’s How I’ll Get It!

Posted by at 9:00 AM in

A key question asked by many contractors during the final months of the year is, “how do I get more work?” Most aren't satisfied with what was done this year and they want more next year. So how do you get more work? There are only have so many sources that produce growth for your business:

  • Internet leads
  • Local referral sources
  • Expand the service coverage area
  • Add new services
  • National referral sources

Many contractors find that website SEO, lead generating sites, Google AdWords campaigns, pay-per-click drives, HomeAdvisor, and yellow pages are just plain too expensive and don’t produce the expected results. Local marketing is not nearly as fruitful as it has been in the past. Insurance agents infrequently refer to local contractors opting to send their claims through channels. Service coverage areas can only get so big. A radius of one-hour drive time from your office is about all that is practical.

New services are an innovative idea especially if mitigation-only contractors are adding the high revenue and highly profitable rebuild services. The truth is that for most contractors that simplest and most strategic steps to grow their business is pursuing relationships with national referral partners who have a lot of available business to send downstream to dependable contractors to complete their work.

Here’s how to grow your restoration business through national referral partners. The insurance damage repair industry is dominated by preferred contractor programs. Today most insurance carriers have elected to assign their claims management to Third Party Administrators (TPAs) like Contractor Connection. Every large and rapidly growing restoration business I know is heavily involved in TPA programs. You should be too!

Today there are 10 National Third Party Administrator Networks who collectively manage the bulk of insurance program work. When I sold my restoration business nearly 4 years ago there were 7 National TPAs and we were active on 5 of them representing nearly 30 individual insurance carrier preferred contractor programs. This along with other non-insurance sources propelled our rapid growth year after year. Growth is not hard when you have highly competent national sales teams like Contractor Connection and other TPAs working hard to send you work. What better relationship can you possibly imagine? Every time we were added to a new TPA we got a boost in sales. Every time we were added to another client carrier we got a boost in sales. Every time we were added to another internal carrier program we got a boost in sales. When we were added to the USAA program managed by Contractor Connection we were placed on the USAA mitigation and managed repair programs and we got a boost in sales. Soon we were added to the USAA roofing program, then to large loss, then to fire and smoke, and then to Consumer Services. Each time we got a boost in sales.

Multiply this affect by the nearly 30 insurance carriers whose preferred vendor programs we were on and you can see how we were able to build a $5 million company in less than 9 years. There is nothing like it. Once you are selected by one TPA you are more likely to be selected by another, and another, and another. Once activated for one preferred contractor program you are likely to be activated for another, and another, and another Once selected for a carrier program you are likely to be added to another program, and then to another, and another, and another. Get the picture.

Once the flow begins, it never stops and almost always continues to increase over time. It truly is an amazing relationship! No doubt this one example opens your eyes to the enormous opportunity program work provides with a constant flow of work available through these national referral sources. My client contractors are typically added to multiple TPA Networks within the first 4 months of their effort. Knowing who they are, what they are interested in, and how to effectively navigate the application process without making disqualifying mistakes is critical to selection. With a little diligence, persistence and know how, you can become a program contractor too.

Reference: 6 Month Coaching Plan – The Revenue Generator – The Ultimate Revenue Booster for Your Business Sales Growth http://growmyrestorationbusiness.com/plans-pricing-new