Business growth takes careful planning. This is particularly
true in the construction industry. If you are ready to take your construction
business to the next level, your first task is to make sure that you have the
people and infrastructure that you need to deal with all of the new work.
Otherwise, you could find yourself struggling to keep up.
As you expand your company, these 12 tips will help you
avoid any growing pains along the way:
1. Hire The Best
Construction involves more than just raw materials and
tools. It also requires highly-skilled people who have the knowledge and
experience necessary to complete projects successfully. To improve employee
retention, regularly reward your top employees by giving them promotions,
raises, recognition, or other incentives.
Micro-Managing Your Staff
Employees enjoy working with a great leader. What they don’t
like, however, is someone who micro-manages everything that they
do. It is important to take a step back and let your employees make their own
decisions. As long as you make smart hiring decisions, you can trust your
workers to handle their jobs without the need for constant supervision.
3. Don’t Be Afraid To
Invest In Your Company
If you are going to be handling more projects, you need to
be willing to invest more money in your business. Taking on additional work
means that you will need more equipment. You also will have to spend more on
training and on investing in the latest technology. Don’t forget about your
marketing expenses, as well. Think of expenses like these as investments in
your future. Make sure you are up to date on tax laws and changes with VATGlobal.
4. Focus On
Growing your business isn’t simply about taking on more
accounts. Instead, it is about increasing your profits. Carefully analyze the
numbers for each job to determine whether the profit margins are high enough to
justify the extra work.
5. Get People Talking
About Your Business
People often rely on personal recommendations to find a
contractor. To start getting more work, encourage your current customers to
spread the word about your business.
Specializing In A Niche
There are a couple of different ways that you can approach
your business. One option is to set your business up to handle general
construction projects. Another option is to specialize in one specific niche.
For instance, could you charge more and get more work if you were the go-to
contractor in your area for LEED-certified commercial renovations? You may find
it easier to stand out if you specialize.
7. Build Business
Create more local connections through networking and
community service. Consider joining business groups in your area. This is a
great way to get your business in front of more people, which can result in
more leads. Community service can also shine a positive light on your company,
building brand recognition and providing new opportunities.
8. Make Quality Your
Never take shortcuts with your business. The quality of your
work directly impacts the reputation of your business. If you do shoddy work,
the odds of finding new customers significantly decline. Build a company
reputation that you are proud of by always providing high-quality service and
going above and beyond for your customers.
9. Be Willing To
Construction trends are constantly
changing. Practically overnight, the entire industry can shift. If you are
unable or unwilling to adapt, you can easily be left behind. If you want to stay
on top, on the other hand, you need to embrace change and do your best to
follow construction industry trends.
10. Value Your
Providing excellent customer service is essential if you
want to succeed. You don’t have to compromise your values or give in to every
request. However, you always need to communicate clearly. Any decisions that
are made need to involve the client, as well. By keeping your customers happy,
your business will naturally grow through word-of-mouth advertising.
11. Don’t Wait For
Work To Come To You
If you want more work for your business, you need to
actively go out and find it. Don’t just sit around waiting for new jobs to come
to you. Instead, regularly touch base with your contacts to discuss upcoming
projects or to see if there are ways that you can help.
12. Don’t Rush Into
Business decisions should never be taken lightly. Even minor
decisions can have a major impact on your long-term success. Always think
through the effects of any decision, making sure that you have considered all
possible outcomes. Don’t just think about how the decision impacts your company
now, but also in the future. Acting on impulse without carefully considering
every angle is a surefire recipe for disaster.