Growing a business can often seem like it’s a stop-and-start process. You might see a little growth every year, but not as much as you would like. Is there a way to grow a construction business quickly?
While it mightn’t be quick, there is a right way and wrong way to go about it, with growth being steady over time. You’ll have to put in the effort, although that shouldn’t be too much of an issue.
As entrepreneur Dave Conklin attests, there are a few things every business owner should keep in mind, even those in construction.
Lead, Don’t Manage
Nobody likes a micromanager. Instead, employees want to be led, and that’s just as true for your contractors. If you’re a good leader, then you’ll inspire your team to do a good job. Part of doing this involves leading by example.
You’ll also need to provide constructive criticism alongside some positive reinforcement. These will make sure that your employees are happy and productive. In turn, that’ll lead to a better service for your clients.
Instead of managing your employees, you can then focus on other areas.
Be Selective With Your Projects
If you’re just starting a construction business, you might be tempted to take any project you can get your hands on. While the logic behind that is understandable, it mightn’t be the best approach.
Instead, you’ll need to look at whether or not these projects are profitable. Though you might be fine earning minimal profit at the beginning, there should still be a profit. If your workload is increasing, your profit should increase accordingly.
There’s also the fact that taking on unprofitable projects takes time away from those that could make you money.
Lean Into Your Strengths
Many construction companies try to be all-rounders. That’s led to the market being quite competitive. One way to stand out, however, is by playing to your strength and specializing in certain areas.
Though this could mean getting specific certifications, it will reap dividends in the long term. In time, you could become one of the more highly-rated companies in a specific area. That could include LEED certifications, among others.
Doing good work with each of these specialized projects will also increase your business further.
Make Sure To Network
Networking is one thing that many construction company owners forget about. However, it could be beneficial in a few notable ways. Alongside being a way to build brand awareness, you could find new vendors and other suppliers.
That could mean lower costs, with the savings going back into your company. Being active in your local community could also be beneficial, as this also helps to generate goodwill for your business.
If you’re growing a construction company, there’s quite a lot to keep in mind. Having the right contractors and employees, however, goes much farther than you might think. Though you’ll be overseeing them, they play a significant role in the quality that you deliver to clients.
Once you’ve that done, you’re free to concentrate on other parts of your business. A strong and steady approach can often be best, especially when it comes to building a company.