Growing a business is hard work. It takes patience, effort, and even a little bit of luck.
It also takes passion. If you’re not passionate about what you’re doing and what your business stands for, then you’re going to have a hard time expanding your business.
Even then, you have to have the commitment to take the actions necessary to keep your business growing.
Today, we’ll highlight some essential steps that you should prioritize when it comes to taking your business to new heights.
First up, it all starts with who you surround yourself with.
Surround Yourself With a Good Team
If you’re surrounded by those who don’t respect the quality of work you’re going to achieve, growing your construction business will be near impossible.
Think about a quarterback trying to win a football game when his entire offensive line isn’t trying to block. If you’re not being stringent with your hiring practices or aren’t seeking out experienced individuals to help you handle your business operations, then you’re not going to find much success.
Not only does this mean your vetting practice for new hires should be thorough, but you may also need to cut ties with anyone on your team who just isn’t committed like you are. While larger companies can survive with a few rotten apples in the mix, for a smaller business, one bad employee can set back your growth by a long time.
Be Conscious of Your Profits
One of the biggest mistakes that a small startup construction business can make is trying to grow too fast when they don’t have the profits to do so.
For example, plenty of small construction business owners will be too eager to take on jobs even when it spreads them too thin, ultimately ending in the jobs not being profitable.
So, be conscious of your profits at all times and understand that if profits are shrinking or not growing as fast as you’d like, it might be time to look for ways to cut operational expenses, as well as look for more efficient ways to carry out your services.
Market Within Your Budget
Marketing is a key facet of any small business — regardless of which industry they are operating in.
That being said, deciding what to spend your marketing budget on is no easy task and you have to make sure that the ROI on any of your marketing endeavors backs up the effort.
One of the most powerful ways a construction business can get the word out is through word of mouth marketing — which also happens to be an extremely cheap marketing strategy!
By providing excellent, quality services and encouraging your clients to tell their friends and family about your business, you can gain more clients as well as brand awareness. Implementing a referral program is also an effective means of marketing within a budget because any money you lose due to a referral program you’ll gain back through the job that the previous client leads you to. Investing in your website is also wise, as an outdated site can reflect poorly on the quality of your services as well.
Just remember to always ask yourself whether or not you can truly afford a marketing strategy before implementing it.
Find Your Niche and Crush it
One great technique for growing a construction business is to find a niche that you excel in and put most of your resources there. You don’t want to spread yourself too thin by trying to be the best in remodeling, home builds, renovations, landscaping, etc.
For example, if you’ve found that your bathroom remodels have been extremely profitable, have had a lot of referrals from these remodels, and overall enjoy them, then positioning yourself as the premier bathroom remodeler in the area may be a key to growth.
This doesn’t mean you have to completely avoid other types of services. However, focusing on a niche is a great way to grow your business.
Emphasize Customer Service
Another tip that transcends industries, customers of all kinds enjoy having a positive customer service experience when buying products or services.
However, for construction companies, this is extremely important. Your clients want to feel like they are being treated with respect and that there’s a sense of urgency if any issues arise.
By making sure that you have the systems in place to make sure that your clients feel like they are being taken care of, your clients will be more likely to recommend you to others, as well as become repeat customers the next time they need work done on their home.
Outsource When Necessary
At 24hr Bookkeeper, we work with construction businesses and have found that construction company owners are some of the most hardworking and passionate folks around. But, even they sometimes need a little assistance with some aspects of their business.
We provide bookkeeping services to take the load off of construction owners so that they can focus on producing fantastic results for their clients instead of making sure that their books are kept up-to-date and accurate.
Our clients find that when they outsource their accounting, they are able to give more attention to their core services and can better grow their business, as well as worry less about their accounting.
To learn more about our services, visit this page here.
To get in touch, contact us here!