As the owner of a construction company, you’re keenly aware of every cent you spend. Cost is likely on your mind often, especially when it appears that you’re spending more money than you should.
Keeping your equipment in great shape is undoubtedly essential to the success of your building business. The costs of upkeep are often much less than the cost of purchasing a new piece of equipment, especially for heavy machines and new technology.
Are you ready to grow your business or take on more jobs and customers? Are you financially where you believe you should be? Are your company’s finances balanced at all? Don’t get overwhelmed –financial performance benchmarking can help you answer all of these questions.
Following a 2017 survey compiled by the USG Corp and the U.S. Chamber of Commerce, the Commercial Construction Index revealed that the United States is on the precipice of what could be one of the largest labor shortages in decades.
As the owner of a construction company, you know that maintaining your machinery and other equipment is necessary. If a machine breaks down in the middle of a job, it can bring everything to a halt and leave you unable to continue work until it’s repaired or replaced.
The first step to building an outstanding construction crew is to find and hire skilled, knowledgeable employees. Once you hire these skilled workers, however, you have to make certain that you can keep them on your crew.
For construction businesses, regular equipment maintenance is one of the most important factors in controlling costs.
Strategic planning should a be a regular process that construction companies undergo to best define their future. As discussed in part 1 of our Strategic Planning guide, your strategic plan will be vital for keeping your company on task, identifying areas for improvement, making course corrections, avoiding pitfalls, and ultimately heading in the right direction.
Struggling With Succession Planning and Ownership Transfer? How Construction Company’s Can Do it Right the First Time
Transitioning a construction firm is perhaps the most challenging process a privately held company will face in its business life cycle. Family, key employees, competitors and financial investors all play a role in this process.