One of the most important aspects of owning and operating a construction company is safety. It’s absolutely vital that you and your crew practice good safety habits to avoid injuries.
Do you have a succession plan for your construction company? If you don’t, you’re leaving your entire business open to a number of risks. Unfortunately, a number of companies (both in construction and in other industries) don’t have succession plans.
When your business is running smoothly, and you don’t anticipate any issues, you’re very likely to put off any type of preparations for the future. Why put time and energy into succession planning when it doesn’t look like you’ll need it any time soon?
One of the most stressful parts of being in the construction industry is that work is never certain. You’re a contractor, and that means you bid on jobs. If you lose ten or more bids in a row while your other jobs are wrapping up, it may seem like you’re about to have no work at all.
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.
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.
What’s the goal of any business? To make money—and we all know the phrase “Money doesn’t grow on trees.” This concept is very familiar, but to be a profitable business you will need a sound strategic approach.
Succession planning can be a huge deal for any family-run or owned business, including construction firms. The process is something that should be handled with patience and care.