When it comes to growing your construction company, you have two choices: keep on doing what you’re doing and hope that you can expand, or craft a plan for growing your business through strategic objectives.
The summer is often the busiest season for trade companies, including construction businesses. The longer days and nice weather mean that projects are usually moving at full speed, and in many parts of the country, there’s nothing to slow down work like there is in the winter.
Marketing is a key part of running a construction company, even though it may be one of the tasks people rarely associate with the industry. Unfortunately, the truth of the matter is that every business, no matter what it does, must have a well-planned and executed marketing campaign in order to remain competitive.
As a construction company, you’re always lining up new projects to work on once your current ones are finished. That’s why generating new leads is important.
Every construction owner strives for winning more jobs with the highest margins possible. Unfortunately, many contractors are busy working on building projects and often put sales as their second priority. While many contractors fail to realize is that a steady sales pipeline and more profitable work require you to make a commitment to working on sales related tasks.
Your construction team is up against a firm deadline, and you’ve got several full days of work in store to stay on track. When your team arrives at the construction site in the morning ready to get started, you discover that several of your most valuable, essential pieces of equipment have been stolen.
When calculating the cost of a piece of equipment, you have to take into account more than just its purchase price. This is just one component of that equipment’s overall lifecycle cost. You also need to consider the cost of fuel and other liquids, the cost of repairs, and any maintenance costs.
Communication is the key to everything from a great personal relationship to a profitable business. Encouraging and establishing successful communication is the key to completing projects on time, improving your relationships with customers and partners, and understanding your employees.
Construction is regarded as one of the most dangerous and accident-prone professions. Today, many industry leaders devote significant time and resources in developing safety programs and promoting a risk-free culture for their employees.
Stagnation, or the sustained period of minimal to no growth, is a universal risk in the construction industry. While your business may have thrived in recent years, a sudden plateau in profits is not unheard of.