Is it time to start thinking about growing and expanding your construction company? Do you want to expand into new markets or territories? Growing a construction business, whether you’re only starting out or have been around for years, needs careful planning. If you’re going to scale up strategically, you will need to make sure that you have the resources to handle the extra. Here’s how to do it.
Build a Great Team
In the construction industry, your people are your business. You need to make sure to hire dependable, knowledgeable, and skilled employees. This also applies to any contractor or any outside services, like heavy lift crane services, that you hire a well. Hold onto your best employees by rewarding and promoting them for their hard work and reliability. If you need someone to move topsoil, don’t be afraid to hire external contractors, but apply the same concept of making sure that they are suited to your current team and services.
Manage Your Business, but Lead Your People
Your employees don’t want to be managed; they want to be led. If you can be a great leader, your employees will feel better about following you. However, if you try to manage every aspect of the work that your employees are doing, they will feel as though you don’t have any confidence in their ability to make good decisions or do their jobs properly.
Invest in Your Business
If you want to earn more business, then you will need to invest your time and money into your company. This means you will have to buy new equipment and technology when you need to, train your employees properly and actively work on marketing your business.
Be Selective to Be Profitable
It’s not enough to just earn more business if you want to really grow. When you take on more work, the new work needs to be profitable. There’s no point in increasing the number of jobs that you work on if you aren’t also pushing up the profits that you earn.
Get the Word Out
Word of mouth is still the best method for most construction companies to use to market their business and earn some more work. Spread the word by encouraging your best customers to tell other people about what great work your company did for them. Ask for online reviews and testimonial.
Play to Your Strengths
Would you rather have your company have a reputation as a decent all-around general contracting firm or the best general contractor doing LEED-certified hotel renovations? Find a niche market or specialize in a specific industry, as this can help to set you apart from your competitors.
Network to Earn More Work
One of the best ways to network to earn more work is to join and be active in the local chapter of a relevant trade association. Networking can be a very useful tool to help you build more awareness of your company and what you do, generate potential leads and find some vendors to work with. If you can be active and give back to your community as well, this can also be a good networking opportunity for your company.