It’s a good time to be in the construction industry. After a lean few years, building projects are very much back on the menu, and it’s anticipated that there’ll be steady year-on-year growth over the next decade or so. In other words: there will be a lot of construction projects up for grabs.
Of course, working in a thriving industry doesn’t necessarily mean that you’ll be successful. Competition for the best projects, or indeed any project at all, can be fierce.
If you’re going to get your slice of the construction pie, then you’ll need to work for it. In this blog, we’ll take a look at some handy tips for growing your construction business and generating more revenue.
Hire a Great Team
Having a great team is important no matter what type of business you run. But when you’re running a construction business, it’s essential. Your business can’t thrive if you’re always chopping and changing employees. You need to have consistency to deliver the quality of work that will get you noticed. It’s important to put together a robust hiring process so that you only end up with quality employees. From there, it’s your job to keep them on board — that means paying well, offering flexibility, and all-around creating a positive work environment.
And Invest in their Training
It’s also important to remember that just because you’re hired talented people, that doesn’t mean that they’ll always be able to do something. Construction is an innovative industry and there are always new approaches and techniques being added. If your team is able to do those jobs, then you’ll be in a better position to accept the higher level construction jobs. Of course, you can’t expect them to figure out these new skills all on their own. It can be highly beneficial to invest in their training, such as by sending them on training courses. It’s an investment, but one that’ll pay off.
Select The Right Jobs
Many construction companies keep themselves in small leagues just by accepting every job that is offered to them. It’s easy to think that getting any job is good, but this isn’t really true. Your focus should be on getting the highest paying jobs. If you’re always accepting low-paying jobs, then your calendar will always be full, and you won’t have any possibility to work on better jobs. Sometimes, a little bit of patience, plus the art of saying no, can go a long way towards building long-term success.
Spread the Word
The best construction companies don’t go out searching for work. They wait for work to come to them. They do this by investing in their word of mouth marketing. If you’ve delivered great work for a client, then it’s reasonable to ask them to pass on your details to others in their network who may be looking for similar jobs. If you do this with a high-value client, then you might find that your contact list is moving in the direction of the caliber of jobs that you should be looking for.
Your Digital Presence
Of course, you can’t — or shouldn’t — expect word of mouth to do all of your marketing for you. At the very least, you should ensure that you have a strong digital presence. The first place potential clients will look is your website. So what would they find if they pointed their browser to your site? If it’s just a basic website, then they’re unlikely to be all that impressed. On the other hand, if it’s a well-designed, modern, and full website with details of your previous jobs, then they’ll be much more likely to pick up the phone and get in touch with you.
Invest in Your Equipment
Construction is an equipment-intensive industry. You’ll surely already have some equipment, but do you have all the equipment that you need to take on more complex jobs? In many cases, it’s the business that has this equipment that ends up getting the job, since they’re the only ones who can do it. You don’t necessarily need to break the bank to get the equipment you need; instead, take a look at equipment leasing or equipment financing. This will allow you to get the tools and machinery you need, all the while ensuring that your cash flow is kept in a healthy position.
Find Your Specialty
You can understand the appeal of being a jack-of-all-trades construction company. But it’s much better if you have a speciality. For one thing, when others are undertaking a construction project, they don’t want just anyone to do the job. They want people who know exactly what they’re doing. Plus, if you have a speciality, then you’ll become the go-to company when that type of work is required. You may also offer other services, but it’s a single type of project that you should be most known for.
Spend Time Networking
You never know what will come from networking. It could bring a brilliant employee or a job that you would otherwise not have got. It takes time and effort to network properly, but it’s worthwhile doing so. Even if nothing comes from it directly, there’s value in having connections far and wide in your industry. There are various ways to network. You could attend trade shows or join your state’s construction bureau.
Avoid Corner-Cutting
When you’re seeking profits, it can be pretty tempting to cut corners and find ways to save money. But this is a risky approach. If there’s one thing that will jeopardize the future of your construction business, it’s cutting corners that lowers the quality of your work. There may well be an opportunity to cut some costs somewhere along the line, but those ones should never be ones that compromise your work. A construction company that saves money by using lower-quality materials will not be in business in five years’ time.
Be Ready to Adapt
You never know what’s going to happen in this world. And that’s especially due in the construction industry. While your current business model might be working well right now, if trends change, then you might find that your business has fallen out of favor somewhere down the line. As such, it’s best to take an agile approach to your operations. This will allow you to make strategic shifts as and when the market calls for it. The only constant in life is change, and that’s why the best companies always ensure that they can move forward no matter what happens in the wider world.
Quality Customer Service
Finally, invest in your customer service. Many construction companies think that it’s only their final product that counts. It doesn’t. It’s the most important factor, but it’s not the only factor. The journey towards the final product is key too. Your customers want to feel listened to and valued every step of the way, from the initial consultation to the final nail in the wall. Your priority should be enhancing the entire customer experience, not just on the job that you’ve been hired to do.
Final Thoughts
As we said at the beginning of the article: this is a good time to be in the construction industry. But if you’re going to find success, and perhaps even thrive in the industry, then you’ll need to find ways to set yourself apart from the competition. By taking the tips we’ve outlined above, you’ll be in a strong position to take advantage of the current favorable climate and to build a successful long-term future.
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