As one of the most influential industries in the United States, scaling your construction business from small to medium can be challenging. Whether you’re just starting up or have been in the industry for many years, growing your construction business requires strategic planning and execution to succeed in this wildly competitive industry.
To successfully grow your construction business, you must ensure that you have the resources to handle the expansion and the onslaught of work that comes with it. Not only does this include increasing capital, but it’s also about creating a solid reputation for your organization, creating growth opportunities for your employees, scaling your operations, and much more.
Fortunately, there are many ways that you can convert your construction firm from a small to a medium enterprise, from investing in your business and increasing your marketing efforts to building an excellent team and proactively seeking out new opportunities. But how can you kickstart your growth efforts?
Whether you’re a budding entrepreneur looking to dip your toes into the construction industry or a business owner looking to scale up your existing construction firm, we explore several hands-on approaches owners can take to scale their construction business to the next level and achieve long-term success in our article below.
Build An Excellent Team
In today’s business climate, it doesn’t matter if you’re the best at what you do; if you don’t have an equally as good team surrounding you,your construction business will struggle to gain traction. Teamwork is essential for a company’s long-term success and bottom line since everyone possesses different skills, gifts, and talents, which, when added to the mixing pot, achieve a common goal, and give companies a competitive advantage.
However, when done correctly, teamwork can provide many more benefits for expanding businesses, such as better problem-solving skills, increased morale among staff members, more personal growth opportunities, increased productivity, and much more. Yet, you can only hope to reap these benefits by retaining your top talent; therefore, it is also essential for expanding construction companies to promote/reward their staff to reduce employee turnover.
Nowadays, employees need much more than an ample paycheck to stay with a company; some of the most popular methods of employee retention are as follows:
- Provide flexible working opportunities.
- Offer a competitive salary or hourly wages.
- Create a nurturing environment that encourages personal/professional development.
- Provide other job perks, like discounts on cell phone providers, or gym memberships.
- Recognize and reward your highest-performing employees.
- Encourage a work/life balance and much more.
Invest In Your Business
To expand your construction business from a small to a medium organization, you must spend money to make money. Whether you’re looking to launch a new advertising campaign, refurbish your facilities, develop a new product, or scale your operations, it is essential that you invest in your business so that you can run your business more smoothly and stay ahead of your competitors.
There are many ways that construction businesses can invest in their operations, including purchasing new equipment when needed, enlisting the services of a business coach, outsourcing business tasks to third parties, experimenting with different marketing tactics, providing training for employees, and much more.
Over the recent years, replacing outdated construction tech with modern platforms and software has become one of the most popular self-investments for construction firms. If you want your business to remain relevant and ahead of the competition, continuously updating the technology that enables your systems and processes is essential for growth, communication, and much more.
If your construction business specializes in road, tunnel, or highway construction, invest in a platform that enables your company to leverage data intelligence, collaborate with team members in real-time, and improve project performance, like the construction management software from Kahua.
Whether you’re looking to protect project/program data or manage multiple funding sources quickly, consider visiting their website to learn how investing in their construction management software could help your road, highway, or tunnel construction business expand today.
Increase Your Marketing Efforts
As one of the most affluent industries in the United States, it is no surprise that the construction industry is highly competitive. This is why; if you want to scale the operations of your construction firm, you need to increase your marketing efforts to ensure you book jobs faster than your competitors. But how can your construction business stand out in a business culture that relies heavily on digitalization instead of traditional marketing tactics?
Fortunately, many marketing strategies can keep your construction business ahead of your competitors and increase your promotion efforts. From using popular social media platforms like Instagram, TikTok, and Facebook, to market your services and including your staff in your marketing campaigns to setting up Google ads and ensuring that your business’s contact information is easily accessible, there are many ways to improve your construction firm’s marketing strategy.
Experimenting with different marketing tactics is essential for scaling your operations. It makes existing/potential customers aware of your services/products, enables them to see what sets your business apart from others, aids them in the buying process, and much more. Ultimately marketing is essential for keeping your firm ahead of the game and maximizing return on investment (ROI), so your organization must take advantage.
Be Proactive In Your Approach To Finding More Work
In an ideal business world, you and your team could sit back with your feet up while customers and new job opportunities fall into your lap. However, as hard as we might wish for this to be the case, it’s not, and businesses must be proactive in their approach to finding new leads. Whether your construction firm receives a steady workflow, or you are peering at the calendar wondering when your next job will be booked, it is essential to have a continuous pipeline of work filing your books.
Fortunately, there are many ways that you and your team can be proactive in your approach to filling your work calendar. Some of the best ways to generate more work include sending out emails to existing customers with your current offers, managing your business’s online presence using Google My Business, posting across your company’s social media platforms, partnering with other local trade businesses, and much more.
One of the best ways your construction firm can generate more leads is by attending local networking groups. Unless you’re a super confident business person, introducing yourself to a room full of local professionals might not seem appealing; however, networking is highly beneficial for your business and can provide many benefits from connecting you with likeminded professionals and allowing you to share ideas to finding new job opportunities and developing new skills.
Provide Excellent Customer Service
One of your main priorities as a business should be pleasing your customers. While this doesn’t mean being a complete pushover, it means delivering services/products/experiences that will make them want to do repeat business with you. On the other hand, if your customer service is utter garbage, you can guarantee that those who have had a negative experience will spread the word, and you’ll lose existing and potential customers over it.
However, so long as you and your team know your product, use creative problem-solving methods, maintain a positive attitude, respond efficiently, and actively listen whenever faced with a customer problem, you’ll foster an excellent customer service experience that’ll prompt people to spread the word about your services and in turn help you grow as a company.