How To Grow A Construction Company – The type of work performed by construction companies is naturally complex and requires the work of professionals with many years of experience in the construction industry. For starters, every project is different – these processes or services can be easily replicated and scaled. The nature of the construction industry is also daunting – from organization, sticking to budgets and schedules, to constant design changes, there are many moving parts that make every project difficult.
1. Networking and Lead Generation – Relationships are critical to the success of any company. Building the right relationships can bring great value. It can certainly lead to more business, but more importantly, it can lead to more education. You can learn something from everyone you meet and everyone you talk to.
How To Grow A Construction Company
Historically, face-to-face networking has always been the most effective form, but today you can do online networking. In addition to social media, there are many industry groups and lead generation websites that help both general contractors and subcontractors find new clients and potential projects in their field. Networking is a powerful tool, but you must be consistent and proactive.
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2. Bid on more projects – Procurement projects are the lifeblood of any construction business and are essential to facilitate growth. Don’t be afraid to send more suggestions and work together.
One of the biggest mistakes contractors make is to bid on new projects only after they’ve started to complete old projects. If you want to grow, you need to start with a constant stream of new projects. Don’t hesitate to “bite off more than you can chew.”
Using a digital bidding service like Max Takoff will allow you to streamline your bidding process more efficiently so you can win more projects. Quantitative estimation is the most important and time-consuming step in estimating construction costs. Getting an accurate and detailed departure amount can be the difference between a winning bid and a losing bid. Outsourcing these functions helps you be more efficient and deliver more projects in less time.
3. Increase support and contract staff – This means you bid on a few more projects and hopefully win a few more. Now is the time to execute, while you and your current team are capable of other projects. What should you do?
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By using subcontractors, independent contractors, service staff and other partners, increasing your existing staff allows you to get started quickly without going down the risky, expensive and time-consuming route of taking on more projects. This is a very effective method. Recruitment and training of new employees. Using contract support allows you to install and play as needed.
Recruiting new employees requires a large investment and can be time-consuming. It’s good to supplement your existing staff with contract help. This allows you and your staff to focus on more important tasks.
4. Decentralize and delegate – spend your time on the most important aspects of your business. Identify the rest. We’ve heard the saying, “If you want something done right, do it yourself.” While this is unfortunately true in many cases, it does not set a good foundation for long-term growth. Hiring the right people and working with the right companies can be critical factors in determining your success.
5. Stay organized – Staying organized and using technology will help you be more productive. Project management software and other construction technology applications (ConTech) create incredible amounts of value and help reduce costs over the long term.
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Growing a construction company requires a solid foundation of a great team and great processes. It’s not an easy job, but no one can become a builder because it’s easy.
Max Takoff is the number one service for the construction industry. Partner with us to get accurate and affordable quantities. Is it time to expand your construction business? Are you looking to expand into new markets or territories? Growing your construction business, whether you are just starting out or have been in the industry for several years, requires careful planning. To expand your strategic operations, you must have the resources (staff, equipment, etc.) to handle the additional work. 12 tips to help you grow your construction business successfully: 1. Build a great team. In construction, your people are your business. Hire reliable, knowledgeable and skilled workers. Retain your best employees by rewarding and rewarding them for their hard work and loyalty. 2. Do your job, but lead your people. You want to lead your workers, not your managers. Be a great leader and your employees will follow you wherever you go. If you test every aspect of your employees’ work, they will feel that you don’t trust their ability to make good decisions and do their jobs properly. 3. Invest in your business. If you want to get more business, you need to invest time and money into your company. That means buying new equipment and technology as needed, training your employees, and actively marketing your business. 4. Be selective about earnings. Getting more business isn’t enough. It’s profitable when you do more. There’s no point in doubling jobs if you don’t increase profits. 5. Get the word out. This is the first method most construction companies use to market their business and get more business. Encourage your best customers to tell others about the great work your company does. 6. Play to your strengths. Would you like your company to be recognized as a reputable general contractor or a top LEED-certified hotel remodeling general contractor? Finding a niche market or specializing in a particular industry can set you apart from your competitors. 7. Network to get more work. One of the best ways to network is to join and be active in your local chapter of a trade association. Networking can be a useful tool for your company to generate brand awareness, generate leads, and gain sales. Being active and giving back to your community is a networking opportunity for your business. 8. Quality is king. Be careful not to take steps that may compromise the quality of your work. Stopping cost cutting can be detrimental to speeding up project completion. Your company’s reputation for quality work is only as good as your final project, so never compromise your high quality work standards. 9. Change is good. Adaptability is one of the keys to success in the construction industry. As we saw with the recent recession, construction can be a volatile industry. If you are not prepared to adapt your business to keep up with changing trends, you are setting yourself up for failure. 10. Great customer service. Delighting your customers should be a priority. That doesn’t mean you have to give in to their every request. You should actively communicate with the client about all aspects of the project so that you can be an equal partner in the decision-making process. Satisfied customers will lead to repeat business and great referrals. 11. Be proactive, not reactive. You can’t sit back and wait for more work to come to your attention. You need to look for new opportunities to maintain and grow your business. Keep in touch with owners, architects and general contractors to find out what projects are on the horizon. 12. Make smart decisions. We make thousands of decisions every day, many of which are unnecessary. When it comes to getting more business, it often means making tough decisions that will affect your success. Take the time to consider all angles and options and do your due diligence for future success. Never feel pressured to make hasty or emotional decisions. Looking to expand your construction business? This can help you find the right projects to increase your bids and profits.
Kendall Jones is editor-in-chief. He has written for many years about the construction industry, from safety and technology to industry news and operational insights.
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