Whether you are new to the construction business or have been in it for a few years, growing and expanding can be a challenge. Sometimes growth can come naturally with opportunities presented before you. Other times it’s not as straightforward.
I believe construction companies that grow successfully are often those that are business oriented first and builders second. This doesn't mean that building skills take second place. But it is my personal belief that 90% of all construction company problems, both in the office and the field, can be traced back to poor management.
There are many ways that you can grow your company. You can take on larger projects, increase your project workload, add a new scope of work, hire additional key employees, purchase more equipment, purchase real estate, and/or update technology.
Growth can trigger a chain of events that affects outer parts of the business, forcing those areas to grow as well. For example, taking on more work may force you to hire more employees and purchase additional equipment. It may also affect cash flow, areas of administration, safety, and insurance.
Here are some solid ideas to help you grow your business.
Growing your company is linked and motivated by your vision for the company’s future. I believe slow and steady growth is always better than fast and unstable growth. It takes time to present yourself professionally, to be competitive, and to improve your chances of winning bids and capitalizing on opportunities. It’s experiencing those growing pains that sometimes drives the best results.