Growing a roofing company beyond its status quo may seem like an unattainable dream for many contractors, but with the right management style, it can become a reality in just a few years.
Naturally, good money management plus effective marketing strategies both play significant roles in business growth over the years.
As ironic and backward as it might sound, part of that good money management should include creating a bit of inconvenience when it comes to handling some of the business accounts.
Banking should be easy in most cases, but there are some accounts that can do more by being off-limits!
What Is An Inconvenient Bank?
An inconvenient bank is one that makes accessing funds difficult for customers, including a roofing company owner.
It is a banking institution that is outside of tow, or in an otherwise harder-to-reach location than the neighborhood bank around the corner.
It is one that has a minimally functional website for online banking and preferably no mobile app at all.
It is essentially a bare-bones bank that is out of the way and inconvenient to use without a roofer making an extra effort to carve out time in their schedule to physically go there and do their banking.
As silly as it might sound, it is also a bank that can be leveraged as a helpful tool for growing any small business using the Profit First method of money management.
How Does An Inconvenient Bank Help Create Business Growth?
When using the Profit First method of money management to create business growth, one of the chief principles is creating some specific financial accounts, then earmarking funds for those accounts before paying other expenses.
Using this method, profit, taxes, and other funds that must be there get paid first, with the inconvenience of accessing that money acting as its safekeeping.
In other words, as tempting as it might end up being to “borrow” money from one of those accounts over time and then pay it back later, the lack of accessibility can act as a deterrent to actually doing it.
Profit First acknowledges that even when business owners have the best intentions, those funds tend to never find their way back to the account, so it is better to leave them untouched in an inconvenient bank.
Learn More About Inconvenient Banking In This Video!
Watch this week’s Roofer Growth Hack highlighting “inconvenient banking” and its use within the Profit First cash management system for business growth, in this helpful video.
Leverage An Inconvenient Bank to Create Business Growth
Growing a business effectively, as opposed to struggling to make enough profit to put into business expansion, requires creative thinking and some unconventional cash management techniques.
Using an inconvenient bank to protect accounts against the type of borrowing that tends to become a permanent loan is just one of those methods.
Combined with effective digital marketing strategies, it can help any roofer expand their company faster than they ever dreamed possible.
And for those who missed it the first time around, the whole workshop on the Profit First money management system of business growth can be viewed at this link.