2018 is going to be a strong year for the construction industry, with more opportunities awaiting small entrepreneurs and start-ups. In order to strategically scale up your operation and grow your business, here are some tips to get you started.
1. Build a Strong Team
The success of any business depends greatly on its people. In order to create a strong and robust organization, you have to make sure you are hiring dependable, knowledgeable and skilled team members. It may take a while but a thorough selection process has long-term benefits. Invest in finding the best ‘fit’ for the job. And once you have them on board, reward them for their hard work and reliability. Value each role. Your people should feel that what they do matters. It’s no secret that having a sense of purpose helps so much with the employees’ performance. Celebrate success and milestones together. This allows everyone to see that when they work together, great things can happen.
2. Spread the Word
92% of consumers believe that recommendations from friends and family are the most credible form of advertising. You can pay thousands of dollars for ads and promotions but nothing beats the traditional ‘word of mouth’. It’s powerful. Effective. And most of all – it’s free. Strive to provide excellent service to every client you work with so in return, they will tell their friends and family about your business. If they’ve been very satisfied with your work, encourage them to post reviews and feedback on your social media pages or on your website. News spread easily. Happy customers will certainly be glad to do you a small favor.
3. Invest in Your Business
If you aim to provide top-quality services, you should invest time, energy and money in your business. Check what makes large construction businesses thrive and adopt their best practices. Invest in tools and equipment. In any project, quality and speed matters. Whether it’s a small home renovation project or a large-scale commercial construction, you should be able to deliver clean-cut output at the shortest possible time. Business loans and cash advances are widely available these days to support your equipment upgrade needs just in case you lack funds.
Consider using a construction estimation tool
Making manual estimates takes a lot of time and a slight error can lead to big losses. With a software designed for this process, you simply put the numbers and data needed and you will get efficient, accurate and most of all – consistent quotes for all your projects.
Apart from investing in technology and equipment, invest in training your people and keeping them up-to-date with the latest techniques and skills. At the same time, invest in marketing your business. Let your target clients know that you have the best people to do the job.
4. Build Your Network
Another way to earn more customers is by joining associations and organizations within your industry. Many construction companies network to get leads for new business, improve their practices, learn about the newest trends, develop partnerships, and so much more. Developing long-term relationships won’t necessarily translate into immediate profits but it can help you establish a strong business in the long-term.
In the construction industry, being able to effectively network is a vital skill. Take advantage of your trade associations (and trade shows). Most trade associations host a series of meetings, events, conferences and seminars which give you an opportunity to collaborate like-minded individuals. Consider joining your local chamber of commerce to get to know some of the business leaders in your community. Keep in touch and maintain good relationships with your former associates and employers as you never know who you will be working with in the future. Join social networking sites like LinkedIn to reconnect with old acquaintances and connect with other people within your industry.
5. Actively Seek Opportunities
Be proactive, not reactive. Don’t wait for customers to come. Go out and find them. Constantly reach out to potential clients, architects, investors, general contractors, and other people who can lead you to bigger, better opportunities for your business. Step outside your comfort zone. Part of proactive management is planning for potential problems. Learn how to handle your fear. Being proactive means stepping up to the challenge without fear of failure. You may encounter a lot of rejections but with constant effort and determination, you will definitely achieve your goals.
With a robust 2017, 2018 is surely going to be a tremendous year for booming construction businesses. To ensure your success, there are several things you should do, from building a strong team to investing in tools, equipment, and technology, marketing your business, and actively seeking opportunities. With these tips in mind, you will see your business grow bigger each year.