There is something very appealing about working for yourself. Having the confidence and drive to run your own business without answering to your “boss’ while making a good living for your family.
Amongst trades it’s a common theme, plumbers, electricians, plasterers and builders are all generally small independent businesses.
Which is where Bob the builder comes in.
Having gained years of experience working for others Bob thought it would be a breeze to setup on his own. And in some ways he was right, doing the things he was good at came easy, as a specialist in traditional masonry and lime mortar there was plenty of work and he was always busy.
But, just like many tradespeople he didn’t have the back office processes to support the business, to the point where he didn’t even know what profit he was making!
Karen from Time Stretchers stepped in putting him on an even keel so Bob could continue doing the things he was good at without worrying about the admin.
“Bob is pretty typical of the tradespeople I work with, he’s very talented and works extremely hard but finds the business side a challenge. Like many people in his situation his receipts were in a carrier bag in the foot well of his van and invoices were hand written out of a duplicate book.”
I reviewed his processes and have made them more professional. He’s now set up with everything he needs to sustain his business, including all the accountancy side, but I’ve also covered the simple things to help him with sales such as making sure he has business cards.”
Time Stretchers set-up for Bob includes:
Xero – a cloud based accounts package, which produces quotations & sales invoices and enables easy input of purchase invoices. Using Xero helps Bob to monitor his cash flow, understand his profitability and give his bookkeeper accurate figures.
Introduction to a good Accountant – Bob no longer has to worry about his end of year accounts or Self Assessment Tax Return.
Monthly payments to HMRC – Bob wasn’t aware that HMRC could be paid on account and was always worried about his tax liability. He’s now set up to pay a fixed amount each month to offset his end of year tax bill.
Public Liability Insurance – many tradespeople start their business without knowing they need insurance. Time Stretchers sourced a great deal for Bob that provides him and his clients the reassurance they need.
Business cards – when people asked for his details Bob would scribble his details on scraps of paper. He now looks professional and, with a card he’s far more memorable.
Sign board to place outside the job – how do new customers find a builder? Mostly by seeing the details of one while they’re passing by. Our new signboard for Bob resulted in £28,000 worth of work in just a couple of weeks.
Time Stretchers now work with Bob on a monthly retainer, which means all his job quotations and bookkeeping are executed professionally in a timely manner. We also use our own business experience to discuss subjects that will sustain him in the long term such as how he can increase his profitability or how he manages his sales pipeline.
“Meeting Karen has been one of the best things that could have happened to me, she has totally transformed my accounts, sorted out the insurance that I just didn’t have time for, and helped me understand how to make more money from the business. To be honest she’s worked miracles for me and taken a lot of worries off my mind.”
If you’re like Bob and don’t have the time or experience to set up and maintain all the processes you need for your business Time Stretchers can help. We offer a comprehensive range of services to help businesses establish their back office processes and to sustain them in the long term.
To arrange a consultation contact: