In Prospa’s ‘I wish someone had told me that’ series, we speak with seasoned small business owners to hear their advice on growing a business and what they wish they were told along the way. Click here to read the rest of the ‘I wish someone had told me that’ series.

Bek Bishop, co-founder and co-owner of Elite Building Services, has been in the industry for nigh on two decades – but she wasn’t always.

An unexpected change in career direction led her and her husband to start their own building services business based in Maryknoll, southeast of Melbourne. The pair builds custom residential homes for the local community.

Bek shared some of the key lessons on growth and resilience that she’s gained from almost two decades in the building and trade industry, and what she wishes someone had told her along the way.

Stay flexible and follow your passion

“I was working in law when I had a car accident that meant that I could no longer work. So I helped my husband Nick, who had been a plasterer since he was 14 years old, get his builder’s licence and started helping out in the business bit by bit.

“I was very passionate about law; I never thought I’d do anything else. And I still am, having been admitted as a lawyer last year. Unable to return to law, I fell in love with the building industry. I never thought it would impact me as much as it has. Buying a house is the biggest financial investment people will make in their lives, so I consider building homes to be a real honour and a privilege.

“We’ve slowly built the business to where it is now. It’s almost always been just the two of us: Nick works onsite with our team of contractors and does the estimating, and I manage everything else from project management to social media.”

Know your numbers and forecast

“I think it’s vital to know where you’re at with your finances and what income and expenses are coming up. It helps to know that by a certain point in the year you’ll need to start looking proactively for new work.

“It’s been difficult in the building industry for the past three years, so we have very open and regular communication with our suppliers. Particularly through COVID, we found it helpful to send a forecast of our upcoming work, so they knew what was coming and could limit delays.

“The contracts used in the building industry are very outdated, and progress payment stages just don’t work – they don’t allow builders to have good cash flow. So we lay out additional payment stages in our building contracts – sometimes 10 or more milestones spread throughout a project, rather than all of it coming in at once. This makes for healthier cash flow.”

Give back to community

“Something that really helped us early on was a support group for business owners run by the City of Casey Council here in Victoria.

“We had the chance to connect with other small business leaders and write a company vision and mission statement. It was amazing to have that insight into our business’s purpose early on, and it really helped to propel the business to what it is today. Because once we knew our vision and values, we could live them everyday.

“One of those meetings actually brought me to tears because that’s where I came up with our mantra of ‘bringing people home’, and where I realised how passionate I am about getting people into new homes.

“I’m still involved in networking groups. I facilitate building industry events and mental health events, and was the Vice-Chair of the Gippsland chapter of Master Builders Victoria, and am currently on the Master Builders Housing Electoral Council. I attend as many summits and roundtable discussions as possible. I’m so happy to give back because this industry is what helped me become who I am today.”

Build a support network

“Good relationships are vital in any business. Nick and I try to be authentic and share ourselves generously, and people find that appealing. I always say to people, by the time someone contacts you for a build or to make a purchase, they’ve already made their decision and already feel like they know you.

“Years ago, Nick and I went to a builders’ workshop. Nick heard someone venting about the tough times they were going through. It was a pivotal point for us because we realised how we all shared the same struggles and challenges. So I started to host industry events to bring like-minded people together in a safe space where they could connect with others who understood them.

“Owning a business is hard, and being a builder in the past three years has been ridiculously intense. I recommend you join a builders’ group or somewhere you can develop meaningful connections, to remind you that you’re not alone.”

Have a mentor

“Have a coach or mentor to keep you accountable. It’s good to have someone else outside of your own bubble who knows better than you do. It’s all well and good to have plans and dreams, but if you don’t actually write them down or talk to someone about it…

“I talk with my coach about my 10-year plan. My advice is to break that plan down to the next five years, then two years, then 12 months, then each month and each week. This way, you know you’re taking steps toward your ultimate goal and making sure you hit the mark, even if you take just one small step at a time.”

Prioritise your wellbeing

“I’ve had burnout on and off for the past three years. When sending newsletters to suppliers and contractors during COVID, I would add reminders about mental health, because I realised that if I was stressed out and struggling, then they probably were too.

“I’ve learned that if you’re not capable of working then your business is not capable of functioning, so you really have to look out for yourself and your family as a priority. Your customers will want that too, so they know their builder can continue to serve them at their best.

“My next project is to create an online course to help builders set up their businesses for success. The course will make sure they have access to all the systems, procedures and templates they need. That’s a large part of where builders do go wrong and fail – they don’t have the proper systems and processes set up.

“I want to help them so they don’t make the same mistakes I did.”