Despite global issues with supply chains and the increased cost of labour and materials, the construction industry is still showing signs of long-term prosperity.
It’s estimated that the construction industry will be worth £476.6 billion by 2027.
If you want to get a bigger piece of this pie, then it may be time to scale up your operations. Whether you’re a small local business looking to branch out across your area or into lucrative markets like London. You may also own a regional company that wants to go overseas; here are some ways to expand.
Streamline processes and workflows
While streamlining might immediately throw up images of cutting costs and shrinking operations, it can actually be a great catalyst for growth.
By trimming the fat and dropping processes that might be holding you back, you can focus more on what can grow your business at a faster rate. This might involve cutting back on certain types of jobs and concentrating on higher-margin activities.
Training your staff on the latest techniques can also help here, bringing your company into line with modern building regulations and earning customer trust as a result.
Building your workforce
If you want to expand your operations, you may need to hire more people to align with your goals.
There are several avenues towards this, whether you seek out fully qualified experts or run trainee programmes for apprenticeships that allow you to access a greater number of workers at more favourable initial rates.
Retaining talent is also key, check your rates of pay are in line with local rivals and look into what benefits you can offer staff to keep hold of them for longer.
Embrace Technology
Technology has changed how all kinds of businesses operate, including construction. Software can bolster communication across your teams and sites, while financial software makes it easy to store all of your receipts in one digital ledger – rather than relying on huge filing cabinets.
Onsite technology can also help, with drones allowing visual access to areas that may be inaccessible and modern power tools even providing information on when workers should be taking breaks during the day.
Financial planning
As your company expands and takes on more projects, running the financial side of your business efficiently will take precedence. If you have multiple teams working across multiple sites, it can become a challenge to keep tabs on all expenses and timeframes.
Partnering with professional accountants can help you keep the books balanced and prevent any sudden shocks affecting the business financially.
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Customer focus
Your customers are the most important part of your business and keeping good relations with them can help take your business to the next level.
Seek out honest reviews from customers and consider setting up your business on independent review websites like Feefo or Trustpilot to give potential customers an immediate sense that you can be trusted to deliver on your clients’ requirements.