A while ago, we gave you plenty of tips on getting started in the construction industry. It’s an excellent primer to kick off your new company, get some clients, and start work as soon as possible. But what happens next? As you develop your client base, there is a lot of potential to grow beyond your current status. So, today, we’re going to reveal some of the secret ways of achieving your goals. Let’s kick things off straight away with some of the basics.
Always think big
When you are a small building firm, it’s hard to avoid thinking about the next project. After all, profit margins can be tight in construction, and you need to make money to survive. The trouble with this way of thinking is that it leads to a cycle of underachieving. You spend so long chasing smaller jobs because you need them and fail to look ahead to the future. If you want to grow big, think big. Start looking at larger projects and find out the reasons why you aren’t winning contracts. It will give you the knowledge – and impetus – to invest in the areas that are letting you down.
While we are on the subject of investing, it’s vital that you pump your profits back into your company. You can do this in several ways. First of all, hiring more employees will give you the means to scale up production. You can go from working on one site to building on multiple locations and start earning more in a shorter period. It’s also important to invest in better machinery, to enable you to take on better jobs.
For example, if you are going to turn up at an office block construction site, you’ll need a proper cement mixer. A bucket, some water, and a few bags of powder aren’t going to cut the mustard. Incremental investments will give you the chance of working on bigger projects each year. And, it will also give you the opportunity to pick up and develop new skills and techniques.
Grow your team
OK, so we have already mentioned hiring more staff – which will be vital. But if you want growth this needs to go further than employing labourers and tradespeople. Look at any great construction company and they will have three distinct categories of worker. You will have the builders and tradespeople, of course. But you should also consider bringing in office staff to handle scheduling, marketing duties, and paperwork. As your firm grows, you also need to invest in management. While working across multiple sites is going to bring in more money, it can also get messy. Without a strong management team, it will be easy for your reputation to start going downhill.
Of course, the biggest problem with growth is that things can get unwieldy – and fast. It’s essential that you put aside time for strategic planning and updates on a regular basis. Without these opportunities to assess where you are, it just isn’t possible to achieve successful growth. Yes, getting that work through the doors is vital – but you will encounter many problems of you fail to plan.