How to Grow your Construction Business

A decade ago, some joked that being successful in the construction business only required having a truck, a toolbox and a dog or a radio.

Today, it’s clear that other qualities keep the orders coming in. Solid building skills are essential, but smart companies also keep organized, find the right people and make sure costs stay low. Budgeting is vital as supply prices keep rising and customers also want good deals.

For your construction business to thrive, consider these strategies:

Build the right team.

Some veteran employees with decades of experience and specific skills are retiring, which puts a strain on less experienced crews. Some firms seek cheap labor first, skilled labor second, but this can lead to sub-par projects and missed deadlines. Consider paying higher than prevailing wages, offering bonuses, and encourage your team to seek further training. Well-motivated, fully-trained employees could potentially see more job security – if lay-offs are needed, you may cut less valuable people first. Consider using funds from a working capital loan to attract and retain talent.

Embrace technology.

Just like construction equipment has evolved, so has other organizational methods. Cloud-based offices can let a many people see the status of current projects through their mobile devices. They also can give feedback easily and share data with everyone on the team. These features can reduce “meeting” time and let people focus more on getting the job done, instead of traveling to and from a site, or digging through file cabinets for hours to find the right piece of paper. The building process also can utilize a variety of connected electronic sensors as well.

Seek additional financing.

A working capital loan can provide useful funds to invest into the company, especially technology, wages and marketing. While it’s nice to postpone some upgrades until next payday/completed job, it also makes sense to get moving on some items right away. This can improve efficiency and overall organization.

Lease equipment.

This reduces up-front costs of high-quality machinery, and allows funds to be used for other needs. This method also assures that firms can continually upgrade their equipment and take advantage of advances in technology and efficiency.

For information about capital loan options, visit Oakwood Commercial Capital.

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