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Tradespeople should prioritise keeping on top of their finances, before work ramps up again when people get back from their summer holidays – that’s the advice of Fergus, the job management software company.
“With a cost of living crisis and rising energy, fuel and material costs, it is so important that business finances are prioritised,” says James Chillman, UK country manager for Fergus. “Autumn is the start of the heating season and it marks the point when construction work ramps up again. It is a busy time for the trade, but making time to invoice on time and chase payment is absolutely crucial.”
Staying organised as a trade business owner can be difficult, especially when managing a million things on a day-to-day basis. This can take its toll. Recent research showed that a third of tradespeople cited finances as being their main cause of anxiety, while Mates in Mind*, an industry charity, says 44% of construction workers worry that their work load is too high.
“It’s all about discipline when it comes to keeping on top of the books,” continues James. “If you are someone who is constantly putting your record-keeping on the back burner, you’ll know how painful it is to sit down and have to tackle days, weeks or even months of invoicing and receipts. If you don’t have the right processes in place, this is also where mistakes get made.
“If you are invoicing and following up on invoices every day you will notice the cash starts to come in very quickly. That’s where Fergus can really make a difference – it allows you to see how your business is performing in certain areas and how profitable individual jobs are.”
Plumber Dan Pollard, the founder of Fergus, has used his his own experiences to develop a system which saves tradespeople time, simplifies admin, ensuring that they can work more efficiently and get paid on time. It’s a software solution that helps the trade easily keep on top of finances, enabling users to create quotes on the spot, send out invoices or chase late payment with automated SMS messaging. Bigger jobs can be broken down into milestones, which makes managing costs and progress easier. The cost and purchase of all materials can be logged, and by uploading price books, material costs will appear in quotes automatically.
Robert Pieczka, MD fuelGenie, adds: “The summer break provides a further opportunity for small businesses to reassess their operating costs and consider ways to reduce financial outgoings against a back-drop of rising costs. One such option is making a switch to an established fuel card provider such as fuelGenie.
“With these cost savings at the pump, together with the right advice and support from a recognised fuel card provider, then small businesses can be better prepared in these volatile times.”
For a free trial and more business help and advice visit: https://fergus.com
To find out more about fuel cards, visit: www.fuelgenie.co.uk