By Brian Flynn, New England Regional Manager
Thrive or strive! The choice is yours. Like with your projects, for your construction company to be successful, you need to adopt a strategy that helps you lay a strong foundation for the future. The recent economic recession, the growing labor shortage and the modernization of the construction industry leave no option for business owners to tune out. It’s time to choose between building a construction company that strives or thrives. Given that you pick the latter, how do you plan to build a successful construction company? In this article, we dig into some of the factors that help building contractors gain the competitive edge and expand their business.
Frame a Plan
Have you ever started building without previously having a plan? If you have, then you know the consequences. In order to build a successful construction company, you need to do your best to prevent your organization from wasting valuable resources. You need to optimize your operations by concentrating on what you do best. Define your company’s competencies and set your business objectives accordingly. Put together a business plan that talks to your market niche and make sure that your team is on the same page. Once you lay the foundation of your strategy, revisit it on a regular basis to measure your progress and make adjustments.
Address Workforce Needs in Advance
Another way to build a successful construction company is to invest in the construction skills of your tradespeople. For example, when you hire a professional for a construction job, think long-term and figure out ways to help them stay with your organization. Have in place training programs that allow them to develop and improve their construction skills and grow within your company. This is a great way to address your workforce needs before they are created, and set strong foundation for your company’s future stability. The more you put in the more you get out.
Embrace Diversity
One of the major impacts of the recent economic recession for the construction industry was that it forced thousands of tradespeople to exit the industry and never come back. This left a huge labor gap that construction companies struggle to fill. To build a successful construction company, you need to address this challenge. An effective way to do so is by embracing diversity. Women, Millennials and minorities are great sources for construction skills and your company needs to turn to them. Introduce and adopt diverse initiatives that attract diverse construction talent and help your construction firm increase performance and profitability.
Follow Construction Trends and Technology
To help you build a successful construction company, you are going to need a thorough knowledge of current construction trends. If you are not familiar with market shifts and trending construction types, you are not going to stay ahead of competition. Similarly, in order to meet the expectations of your customers, you need to know what services are in demand as a result of technology evolvement. When you stay up-to-date with current trends and technology, you can make sure that your tradespeople have the necessary construction skills and your construction company offers services that establish it as an industry pioneer.
Recruit the Builders
The best way to build a successful construction company is partnering with those who really know how to get you there. Reach out to reputable construction staffing firms and let them help you put your plan in action. Their strong and long relationships in the industry are the answer to any workforce needs you currently have or will have in the future. They are able to fill any open construction job you have because they can give you access to a diverse pool of construction talent. Lastly, their everyday interaction with the industry allows them to know firsthand of the latest construction trends and technology advancements. By recruiting them, you maximize the chances of building a successful construction company.
Key Takeaways for Building a Successful Construction Firm:
1. Put together a business plan based on your market niche and company competencies
2. Put in place training programs and initiatives to attract and retain tradespeople
3. Address the labor shortage by reaching out to diverse groups of candidates
4. Be aware of construction trends and technology advancement
5. Work with a construction staffing firm to build a successful construction company
About TradeSource
Founded in 1993, TradeSource is a construction labor solutions firm focused on delivering labor solutions to contractors throughout the United States. By supplying skilled tradespeople – where and when they’re needed – we help contractors grow their companies, without the associated costs and hassles of full-time hires. Likewise, we match qualified employees with rewarding and well-paying job opportunities in the construction industry. www.tradesource.com
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