Maintaining Strong Relationships with Your Subcontractors is the Key to Your Success – Here’s One Way to do it.
Managing subcontractors is a business of relationships. It takes hard work to find, maintain, and grow a relationship with a reliable and efficient Subcontractor. But all the interpersonal labor of vetting, nurturing, and building trust can go out the window if a payment is late, missed, or faulty in the cash flow-reliant construction business. The best way to maintain a productive and lucrative working relationship: secure digital payments to subcontractors and be able to tell them straight up, “I pay my subcontractors faster!”. Becoming your Subcontractors’ Builder of choice is within your reach.
It’s True—A Builder is Only as Good as Their Subcontractors
The value a Subcontractor can bring to the table is undeniable. Make the right one your wingman, and they offer specialized expertise, cost-effectiveness, flexibility, and liability protection. Make them your long-term partner, and the potential for bigger and better projects is endless: increased efficiency, improved communication, greater stability, and higher quality of work abounds.
So why risk losing one of the good ones over a payment dispute? The schedule delays, stalling of projects, and labor to find replacements are a headache no one needs. There’s value in keeping them happy, after all, and there are modern solutions to earning their favor.
Speedy Payments
Start your business relationship off on the right foot or get back into the good graces of a past partner—offer them faster payments! Green is the universal language, and being able to say, “I pay my subcontractors faster,” is one of the best ways to stay in their crosshairs.
On-time, quick payment options are a no-brainer for Subcontractors. Not only can they manage their cash flow more effectively for their own bills and expenses, but they’ll appreciate the higher level of professionalism and respect from you as a Builder. Ultimately, being treated fairly and paid promptly fosters a positive working relationship and drastically increases the likelihood that they’ll continue working with you in the future.
Digital Payments to Subcontractors
What’s the best way to pay speedily and accurately? Utilizing trouble-free digital payments to Subcontractors. There are several benefits for both you and them to think about:
1. Convenience: Never miss a beat. Digital payments are the quickest and easiest way to make payments, eliminating the need for physical (or mismanaged) exchanges of checks or cash.
2. Security: Leave forgery and paper check theft in the past. Digital payments are generally more secure than physical checks or cash and are further easier to track and verify, helping to reduce the risk of fraud or errors. Becoming your Subcontractors’ Builder of choice starts with trust and security.
3. Accuracy: Nothing is lost in translation. Digital payments are more accurate, easily tracked, and verifiable. You can ensure Subcontractors are paid on time, every time, and to the correct amount without dispute.
4. Efficiency: When time is of the essence, digital payments can be made at the drop of a hat, with no need to slow down workloads or dedicate other overhead costs.
Takeaways
Digital payments to Subcontractors are the modern-day and future best practice for maintaining beneficial and lucrative business relationships. They make it exceptionally convenient for your own business and theirs by making each payment quick, safe, accurate, and timely. In turn, you’ll avoid schedule delays, keep projects moving smoothly, maintain the highest quality craftsmanship, and become your Subcontractors’ builder of choice by being able to tell them, “I pay my subcontractors faster than all the rest!”. Becoming your Subcontractors’ Builder of choice may not be as difficult as you think.