If you were to ask several different construction business owners: “How would you grow your construction business?” Some will say, “If I want to grow my business I need to win more projects.” But really, what you need to understand is, more jobs do not necessarily equate to bigger business.
Knowledge is Power!
The knowledge of the HOW to make your construction business grow becomes the power of HOW it happens. Things to consider;
Who is your target market and what are they looking for?
- What product or services are they looking for?
- How do you attract your target market?
Having the right tool to do a job, is something that you, as a builder would understand. Running an efficient and cost effective business is no different. It is all about having the best tool for the job. The correct tool for the optimisation of your business is software. Fully integrated (industry specific) software will provide your business with the financial insight to make the best decisions to grow your business, based on the profit and overrun trends of completed projects.
Analyse, to understand how to grow your construction business
- Understand the size and type of projects you want to undertake.
- How many staff would you need for these projects?
- What is the quality of your business processes?
Use the correct software to acquaint yourself with your target market trends. In doing so, you will also learn what size and type of projects provide you with the best return on investment of your resources. In addition, fully integrated (industry specific) software is a tool which will automate processes. It will also provide consistency in the quality of the process. Staff training is also simplified when quality processes are in place, therefore increasing staff retention.
Adjust your business plan
Adjust your business plan once you have done the investigation into how to grow your construction business. Now is the time to create a business plan if you didn’t already have one. Seek advice from your accountant on the financial viability of your ideas. Knowing your project profit margins will help here.
As a builder, you understand how to build a house but may not know how to build a business and scale it to the next level. Embrace technology and all other tools which can add value to your business plan. Furthermore, if you feel out of your depth, contract a mentor or business advisor who knows how to help you achieve your desired outcome.
Knowing how to grow your construction business is a combination of things. Know your weaknesses and then surround yourself with specialists who can compliment your strength. Empower yourself with software such as Bizprac which allows you to imbibe quality processes. In addition, it allows you to realise the required profit margins to maintain your business financial viability.
