Owning a small construction business can be one of the most rewarding feelings—perhaps even a dream come true. It also can have its roller coaster moments filled with ups and downs. However, there are certain things you can do to limit the roller coaster feeling and help your business to run smoother and thrive.
Below we will explore our top five tips on how you can thrive as a small business in the construction industry.
No matter how large or small a business is, organization is one of the most important areas to focus on because everything else depends upon it.
Organization is not just a business plan or structure of your business. It extends beyond that, from your marketing plan to how your accounting is done.
Here are some great strategies you can implement with your small business organization:
● Bookkeeping: Implement a system to track your revenue, expenses, receipts, and any other financial material related to your business.
● Timesheets: Have a structured timesheet system to track worker hours for how you complete your payouts.
● Job Management Tracking: Track the average hours on the specific type of construction jobs you perform to be most efficient in your time allotment and pricing.
● Documentation Tracking: Designate a place to house your documents in an orderly fashion to have easy access to job contracts, personnel contracts, policies and procedures, safety guidelines, insurance documentation, and business receipts.
Disorganization can set your business behind. Staying organized and structured is key to making your small business thrive.
When starting a small business, the initial launch period tasks may fall a lot on you. As you continue to grow your business, it is important to build a team that will help you be successful and thrive!
Here are some team roles to consider when first building a team:
● Employees or Independent Contractors: Depending on your business structure, having people that work for you or can work with you on a job will help save time. Having quality people you can rely on will also allow you to focus on key aspects of your business to help it grow.
● Mentors: Find someone who has already accomplished what you want to accomplish and learn from them. A mentor can help you understand the business process better and help get you to where you want to be.
Bringing on a team of individuals that you can trust and rely on when needed can do wonders for your business moving forward.
If you currently run a business or are thinking of launching a business, odds are that it is in a field you are an expert in or have knowledge about. This is the part of the business to focus on because it is the area you know best.
Other parts of your business are equally important where other experts can help you so you can know it’s done right. This also frees up your time to focus on what you know best!
Here are some areas where you can outsource some work:
● Legal
● Accounting
● Social Media
● Marketing Content Creation
When outsourcing work, first have a budget in mind so you know what you can afford. Then you can make the best decision about what is the most important to start outsourcing.
Whether we like it or not, agree or disagree, technology has changed the world and the way businesses are run. Even though construction companies involve a lot of hands-on work, technology has become a piece of the puzzle too.
Some areas where technology can be beneficial for your day-to-day business functionalities are:
● Email communication and marketing
● Social media management applications
● Accounting platforms
● Industry-specific software
● Payment processing software
There are a lot of programs and applications out there to choose from. Some are more costly than others, while some are free. Researching what technologies will best benefit your business and work within your budget is essential.
We have touched on different areas to make your business thrive, but we saved the most important for last: communication!
Communication is the number one aspect of every business. It involves the interactions with your team, potential customers, current customers, former customers, and anyone you encounter.
It is common for customers to have questions in regards to construction projects. Respond to those questions in a timely manner. Let them know your hours beforehand so they know when they can contact you or expect a response.
Customer service and communication can be what sets you apart from the competition.
We at Slip Industries are a family-owned business with over 30 years of experience working with contractors, builders, and the jobs they do.
We love to interact with contractors and tradesmen as we value building lasting quality relationships. We have a wide variety of products we offer for asphalt, concrete, and masonry projects! Our team produces only the very best American-made products in the industry.
If you are starting a job, no matter how big or small, we are here to serve you. Contact us today at (717) 665-2139 to learn more about our products and how we can help you complete your project!
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