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Track record and its importance in the hire industry

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Posted by Sophia Rostron

The trust and confidence of the consumer can have a direct and profound effect on a company’s bottom line. Being able to effectively communicate your track record directly affects your industry reputation, so we've listed the top tips to make sure your business instills confidence at every turn. 

THE BENEFITS OF A PROVEN TRACK RECORD

Successful firms owe much of their success to industry reputation - 70% to 80% of market value comes from hard-to-assess intangible assets such as brand equity, intellectual capital and good will. 

Companies with strong positive reputations attract better people. They are perceived as providing more value, which often allows them to charge a premium. Their customers are more loyal and buy broader ranges of products and services.  

Contractors want to see you have a proven and positive industry reputation. So how do you demonstrate that your company, more so than your competitors, is right for the job? 

"You can't build a reputation on what you are going to do."

Henry Ford

The simple answer is through your track record. A strong track record means you don't have to ask your prospective client to take a leap of faith - your reputation within the industry is built from tangible proof of major clients you've worked with, substantial projects you've completed and delivery performance indicators like reliability and timeliness.  In short, you've build a reputation based on work already done. 

Track record is often a 'high value' criteria on tenders, and should be a key step of your capability statement.
We want to see you build opportunities for your company, so effectively communicating your track record is an important step. Demonstrating a positive track record is powerful, so we've asked the Queensland State Procurement Department for their best tips to utilise track record information for future businesss. 

LEADING PROJECTS COMPLETED AND MAJOR CLIENTS

If you have done larger packages of work or worked for tier 2 or tier 1 firms in the past, list this experience. 

This is one of the most important factors for new clients – it shows that you know how to work with major customers. List your large customers. This could include Councils or firms you subcontract to. 

If the major projects market is a significant part of your current work, mention this – it demonstrates that other major supply chains value your work. Are you prequalified to work with any other major customers or supply chains? Include this information. 

PlantMiner Supplier Prime Rentals lists their recent projects on their website, with track record information demonstrating major clients, job durations, locations and scope of work. 

DELIVERY PERFORMANCE AND RELIABILITY

Do you have a proven track record of reliability, timeliness, and good performance on complex work or projects? List this information. 

WHAT NOW? 
 
You’ve delivered a valuable product or service and have happy customers -- can you turn that into more customers and further business success? 

Learn how to best communicate your business capabilities today with this FREE checklist to make sure you're listing all the right information to impress decision makers. 
 
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Sophia Rostron

Sophia Rostron

As the Content editor at plantminer.com.au, Sophia works behind the scenes to keep our blog machine in motion. A student of Law and Business, she's very dependent on coffee and loves any excuse to travel.