Business has only two functions – marketing and innovation.
Milan Kundera – Czech writer
Starting a construction business is not a walk in the park but countless generations of people have shown us repeatedly how rewarding it can be. In the same breadth, it can be deeply catastrophic when it falls short, as witnessed in recent times. Our article on Building a successful construction company elaborates on the starting while this article answers the how to keep going.
Continued commitment and discipline to your company will sail you through a lot of bumps along the way. However, the biggest challenge comes when you need to grow the business and continue being successful after you have found your footing.
Here are some tips to aid in the continued successful growth of your construction business:
1. Build a great team
When it comes to construction, your people are your most valuable asset. Hiring the right people, rewarding their hard work and empowering their continued growth are some of the best steps you can take when growing your business.
They’re also the face of the company, representing you when you’re not around. Hence you must always be careful to release the bad ones and reward the good ones in a timely manner.
2. Manage your business but lead your people
Companies don’t just grow on their own. They require a plan, a direction and a vision from a visionary leader. Your competence and strong belief are contagious. They champion and inspire everyone toward success and a growth mindset for the company.
Remember to avoid micromanaging every aspect of your employees’ work as they will think you have no confidence in their ability to make good decisions and properly do their jobs.
3. Quality is everything
In the world of construction, ensuring good quality across the board is paramount. Cutting corners to reduce costs to speed up completion of a project can be detrimental. Your company’s reputation for doing quality work is only as good as your last project so never compromise your high standards of performing quality work.
The construction world has a long memory.
4. Invest in your business
To earn more business, you must invest time and money into your company. Invest in more efficient employees; both in hiring and training, latest software, better construction materials and appropriate technology when needed.
Endeavour to be up to date with industry trends so as to not to be ill prepared when encountering an enlightened client. It builds trust and showcases your team’s capability.
Skilled labour, better equipment and materials leading to good quality of work will increase the gross margin of profit in the long run.
5. Build a strong network
As discussed in Season 01 Episode 14- Networking Manenoz, growth is dependent on who you know.
Maximising networking events such as golf tournaments, fundraisers, luncheons, industry associations, entrepreneur groups and other business gatherings will go a long way in building brand awareness for your company, generating leads and finding vendors.
Moreover, being active and giving back to your community is also a great networking opportunity for your business.
6. Provide great customer service
Customer satisfaction should be a top priority. Requesting feedback from your clientele helps improve your services aptly.
Never underestimate the importance of happy, satisfied customers. Not only will a fulfilled customer continue to use your company for future endeavours, but they’ll refer others to you. But there’s more to the equation here than smiles and empty promises—you need to become a Master of Communication.
You should actively communicate with your client on all aspects of the project, so you can be equal partners in the decision-making process.
It’s more important that a customer knows what they’re getting than selling them unrealistic goals. From the get-go, you should be setting your customers’ expectations to ensure they’re realistic. Also, once you set them, it’s critical that you meet them consistently.
Word of mouth is a compelling advertisement for your work in a large-scale business like construction. Ensure to prioritise client services to earn a good reputation for your business.
7. Market and advertise your services
We live in a world where social media is prevalent for better or worse. So, use it.
Open accounts on social media platforms that reach your target audience in your niche. For a construction company, explore LinkedIn, Facebook, Instagram and Twitter as a base start. Be sure these accounts are updated regularly with relevant posts, engage with your audience, and check your inbox regularly, as some customers may contact you there.
Having said that, social media accounts only go so far. Leverage your online presence by using effective digital strategies like SEO, content marketing, and advertising as part of your overall growth strategy.
8. Great vendor service
Your growth is dependent on more than just your customers. You also need to focus on keeping your subs and suppliers happy with excellent vendor service. A construction company that makes sure its subs and suppliers get paid on time and in full is a rare thing these days. They’ll appreciate it and see the potential of future projects, ensuring they keep coming back. They will also gladly spread the word thus building your reputation further.
In conclusion, growing your construction business is heavily dependent on all the small decisions and choices you made as your building blocks. An area in which we as Café construct endeavour to help you build.
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