Starting your own business is a lot like tackling a big job; you need the right tools, a solid blueprint, and a reliable team to get it done.
But for tradies and sole traders, juggling projects while managing the books can often feel like working on scaffolding during a windstorm – one misstep and the whole operation could come crashing down.
Whether you’re a sole trader just starting out or building up a crew, having the right equipment for the right tasks, both on-site and in the office, is essential.
From cash flow management to client acquisition and keeping the taxman off your back, a well-equipped financial toolkit is crucial for success.
So here are Build-it’s top financial tools to help you lay strong business foundations and build a business that stands the test of time.
Accountancy Software: Your financial spirit level
Just like a spirit level ensures your work isn’t off-kilter, accountancy software like Xero, QuickBooks, or MYOB helps keep your finances straight.
These platforms handle invoicing, expense tracking, and GST reporting, giving you more time on the job site with the tools you’d rather be using.
Designed to save time and reduce the risk of errors, features include automated reconciliation, payroll integration, and the ability to generate financial reports at the click of a button, helping you stay on top of your business performance.
Accountant: Your financial foreman
Even with the best software, having a top-notch accountant in your corner is a game-changer.
From claiming expenses for tools and utes to keeping the ATO happy, they’re an essential part of any business toolkit.
Think of them as your financial foreman guiding you through everything from tax strategies to managing cash flow with precision.
Seek out accountants who specialise in construction or trades. These experts get the industry’s unique challenges, like fluctuating cash flow and project-based income, and know exactly how to keep your finances on solid ground.
A skilled accountant will help you navigate the latest ATO rules, maximise deductions, and provide tailored financial advice.
Coaching: Your business blueprint
Every major project starts with a solid plan, and having a business coach or mentor in your toolbelt can help map your path to success.
Their guidance can be a game-changer—boosting your confidence, sharpening decision-making, and ensuring you’ve got the right mindset to tackle challenges head-on. After all, running a business is about more than just having the right tools.
Programs like Tradie Business School or Tradiewives are designed specifically for those in the trade, helping you master the essentials of running a small firm, including hiring, quoting, time management, setting goals, and getting paid.
Specialist lenders: Your business safety net
Access to funds can make or break a business, especially when you need to invest in new equipment or cover gaps between project payments.
This is especially crucial when clients start dragging their feet on payments, so having a backup plan to generate cash quickly can be the lifeline that keeps your business afloat.
Specialist lenders like Prospa, OnDeck, and Moula understand the unique challenges tradies and small business owners face, offering short-term loans to bridge financial gaps.
Unlike traditional banks, these platforms provide faster approval processes and flexible repayment options tailored to sole traders and small firms.
With flexible terms, you can invest in the tools or team you need to keep your business running smoothly – without taking unnecessary risks.
Marketing platforms: your job leads tool
Word of mouth is invaluable, but a touch of marketing can take your client list to the next level.
In today’s world, your online presence is as essential as your tool belt. A steady stream of clients doesn’t just happen—it takes a smart, well-executed marketing strategy to keep the jobs rolling in.
Platforms like Google Ads, Facebook Business, or tradie-focused sites like Hipages make it easy to showcase your work to potential clients and secure your next job.
Pair these tools with a professional website built using platforms like Tradify or an active social media presence to create an outstanding digital portfolio.
