How to grow your construction company in 2017
When you look at some of the world’s most successful entrepreneurs – we’re talking about the likes of Richard Branson and Steve Jobs here – the one thing they have in common is relentless ambition.
They turned small startups into giant multinational corporations with eye-watering turnovers and profit margins by embracing a winning mindset that privileges innovation and development.
Adopting a similar approach will also help you grow your construction company into an even more successful operation in 2017 – despite the shaky political and economic future the industry is facing.
So your business doesn’t get stuck in a profit-destroying rut next year, we’re sharing a few top tips for careful expansion. Take a look.
#1: project the right image
To chase – and win – bigger contracts and projects, you need to project the right image of yourself as a capable and experienced construction expert.
Part of that means setting yourself up with the necessary infrastructure, like creating new headquarters from which to push business development. Instead of working from a makeshift onsite base, look at finding an office or shop to let that’ll impress future clients.
But you also need to build a strong brand identity that instantly communicates the ethics and quality you constantly provide in your work. Your first step should be hiring a graphic designer to revamp your logo.
#2: invest in up-to-date technology
The construction industry has been teetering on the edge of a digital revolution for the past few years but looks set to become much more heavily reliant on technology in 2017. To beat the competition, you’re going to have to stay on top of all the latest advancements.
Software to manage scheduling, pay, inspections and safety records is definitely worth an investment, purely for the amount of otherwise wasted admin time it can save you.
One of the most useful digital tools to consider buying is Building Information Modelling (BIM). Essentially, it creates 3D models of building plans, and its benefits – from reducing errors to attracting new business – are transforming worksites around the UK.
#3: build a strong team of employees
Up until now, you’ve probably kept your company ticking over by taking on a lot of the key responsibilities yourself, but it’s not a healthy approach to uphold as your workload expands.
You need to build a team of trustworthy employees who can help manage the important tasks, so that you can keep standards high even as you get busier – and the trick to accomplishing exactly that is hiring people smarter than you.
Complement your own skill set by employing staff who’ll provide expertise in a variety of different areas – accounting, law, marketing – and there’ll be nothing your business can’t handle.
Do you have any other top tips on how to successfully grow a business? Have an insight into the future of the construction industry in 2017 you’d like to share? Leave a comment and let us know.