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Business Tips 05 December 2024

Top 5 Ways Tradespeople Lose Money (And How to Stop It)

TradeyHub Team
Top 5 Ways Tradespeople Lose Money (And How to Stop It)

Running a trade business is tough. Between early mornings, late finishes, and keeping customers happy, it's easy for money to slip through the cracks.

1. Forgotten Invoices

You finish a job, promise to send the invoice, and then... life gets in the way. A week later, you remember, but the customer's already forgotten about you. This is one of the biggest money leaks for tradespeople.

2. Underpriced Quotes

When you're quoting on the go, it's easy to forget materials, underestimate time, or simply price too low to win the work. But winning a job at the wrong price costs you money.

3. Missed Follow-Ups

A customer asks for a quote, you send it, they don't respond... and you never follow up. Studies show that 80% of sales require 5+ follow-ups, but most tradespeople give up after one.

4. Poor Expense Tracking

If you're not tracking materials, fuel, and other costs per job, you have no idea if you're actually making money. That busy month might have been your least profitable.

5. Time Wasted on Admin

Every hour spent on paperwork is an hour you're not earning. If admin is eating into your evenings and weekends, you're paying a hidden price.

The Solution?

A simple CRM like TradeyHub handles all of this automatically. From invoice reminders to expense tracking to follow-up automation — so you can focus on the work that pays.

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