Last Updated on: 18th March 2024, 06:10 pm
Working in the construction industry automatically places you at the forefront of one of the most highly lucrative areas of business in terms of growth and expansion, and therefore, if you’re dedicated and knowledgeable, you’re likely to have a long and interesting career.
Expansion is, of course, a natural area of focus for any manager or owner of a construction business who’s looking to increase their customer and client base, and as a natural result, their profit margins, too. With this in mind, continue reading to learn about six effective and exciting methods of expanding your construction company.
1. Streamline the Organizational Structure
The tighter your core business structure, the less mistakes are made, and basically, the more effective and lucrative each project that your company is contracted to take on will be, and additionally, when there are key roles set out for each team member, accountability will exist throughout.
When conducting in-depth studies into the effectiveness of a particular department, a clear and concise organizational structure will also lend itself to being more readily analyzed and therefore, more open to changes in the future.
Other key benefits of a more defined structure include improvements to employee performance, higher levels of job satisfaction, faster and more accurate decision making, and increased levels of communication throughout your business.
Making changes to the organizational structure of your company requires a reshuffle from the top downwards, as well as the following:
• Improving how information is shared among different key professionals
• Examining the positive contribution of each individual job role
• Defining each responsibility and role as they are (not how they are written)
2. Invest Time & Money into Onboarding
Now that you’ve dedicated yourself to growing and expanding your business, it would be a mistake not to spend time nurturing your current employees and ensuring they’re not only highly trained and competent in their roles, but also passionate, dedicated, and loyal, too.
Moving forward, and especially as the construction industry is seemingly constantly evolving and benefiting from the introduction of innovative technology, it also makes sense to do everything you can to attract the best new talent to your team too, which is why you need to invest in onboarding.
When the time comes around for your next hiring drive, consider the following:
• The specific skills required to not only fulfil the role but to excel
• The step-by-step process of introducing a new hire to your company
• The core vision of your construction business
• New ways of building your brand with high performers and skilled workers in mind
3. Hire a SEO Expert
The vast majority of private and commercial potential clients alike will conduct their search for the right construction company to embark upon their required project online, and as such, it makes sense to try and do everything you can to make sure your website appears higher in the results than your rivals.
RSM Marketing are the leading digital marketers who not only deal in SEO, but also PPC advertising and a variety of other online marketing techniques, all of which are specifically tailormade to attracting more customers, improving the professionalism of your brand’s presence online and focusing on expansion.
4. Build Lucrative Sales Channels
Not only will you experience a much higher chance of effectively expanding your construction business if you build more lucrative sales channels, but you should also begin to differentiate between these and marketing.
Whereas marketing channels are much more deliberate in terms of their purpose, serving to persuade potential clients and customers to work with your company, sales channels are more organic and natural.
Both sales and marketing are an essential component of any business, but due to the nature of construction work and the high price points, persuading potential private and commercial customers alike to choose you over another company becomes significantly more complex.
You need to work out your ideal persona of client, using the most common locations of your current clients, as well as their similar characteristics, use imagery and engaging content on your social media to entice clients to your website, and invest in leading technology to be able to track the key performance indicators.
5. Purchase Construction Management Software
Regardless of the industry which a specific company is based in, technological innovation is always a huge part of the core business operation, and the construction industry is certainly no exception.
Perhaps surprisingly, construction management software isn’t a new invention and has actually been around for many years, however, these days, mostly due to the competitive nature of the business, the need for such software has grown exponentially.
In fact, a recent study conducted by the US Chamber of Commerce Commercial Construction Index revealed that three-quarters of construction bosses surveyed declared that construction management software vastly improves project scheduling, and bosses also believe that such advanced technology also increases labor productivity.
Other core benefits of investing in such software include the following:
• Access to data in real time
• Much improved management of documents and data
• Transparent and clear communication channels
• Accurate forecasting and budgeting
• Significant cost savings
6. Focusing on the Acquisition of New Construction Tenders
The sixth and final proven-to-be effective method of growing and expanding your construction business is to focus on the acquisition of new construction tenders, which naturally requires a thorough, focused, and detailed review of your internal procedures and processes.
Investing in construction estimation software, for example, would allow you automate the collation, collection, and crucially, the analysis, of huge amounts of data, thus saving you significant numbers of man-hours in labor.
When reviewing the findings of your internal review, it may well be the case that you discover a regular duplication of work, or maybe errors and inaccuracies that are regularlymade, and once you find these issues within the processes and paperwork, you can rectify them. With the time saved through a more streamlined process, you’ll then be able to tender for new construction projects.
