Start Now: How to become a successful construction company in 2024
Sunday, December 31st, 2023
Want a more successful construction company? When will you be ready to do the things needed to become more successful than you are now?
- In a few months?
- Once this next job is finished?
- When you’re properly off the tools?
- Once you’ve recruited more help?
The truth is, waiting for the perfect moment is only delaying your progress. And let’s face it there’s never a good time. Take stock of your building firm now, this month. And if you don’t think there’s anything wrong with what you’re doing – check this little list first.
Are you starting 2024 in the best shape? Here are the signs you might not be…
Sign 1: If works slows – you’ll quickly become financially vulnerable
A constant stream of projects is great – and that’s what everyone aims for. But even the most successful business can have a momentary lull (maybe due to material shortages or a planning issue) – or a holiday or two! Without a robust financial cushion, you can find yourself in a precarious position, scarily fast. It’s important to build-in financial resilience. And that takes good financial management and strategic planning, and importantly, quality jobs that turn a decent profit. That way your business can weather any economic downturns, unexpected costs and beach holidays in the Med…
Sign 2: Lack of work beyond the next three months
If your firm’s workload is limited to the short term—perhaps just the next 6-8 weeks—this could be a red flag. Having a consistent pipeline of projects ensures stability and a long-term future. Diversifying your client base or investing in marketing (even just regular Facebook posts) could help keep you in work well into the second half of the year.
Sign 3: Stagnant personal income
You’re not in business to pay employees and sub-contractors and not yourself. Your own salary has to be built into your quotes. The hours you spend doing admin, estimating and visiting customers are all chargeable – not just the time you spend on the tools. And if you find that your income isn’t keeping pace with the rising cost of living, it’s time to reassess. Revisit your pricing model. Think about another revenue stream like Design and Build. Make sure you’re running a tight ship and costing jobs as accurately as possible. Every penny counts.
Sign 4: Unable to employ skilled staff
Your team is the backbone of your company, and investing in talent can positively impact the quality of your projects and overall business performance. If you can’t afford skilled employees, or you’re not presenting an image that is attractive to them, then you’re hindering your growth. Think about what you’re charging and the kind of jobs you’re working on. What can you do better?
Sign 5: Neglecting family and friends
A successful business should not come at the cost of neglecting personal relationships. If you find yourself spending too little time with family and friends due to your workload, it’s a sign that the balance is skewed. Re-evaluate your work-life balance, delegate tasks and find efficiencies (estimating needn’t take up every evening and weekend for instance). Remember, a happy personal life can positively impact your business endeavours.
Help with reversing the signs
Rather than waiting for the ideal moment that may never arrive, take proactive steps now. Address any issues, however small, and set out to be a successful construction company in 2024. HBXL can help.
Business Strategy: You want a steady workflow, a good team around you, and quality jobs that reflect your collective skills. Much of that is down to how professional you come across and how confident you feel.
EstimatorXpress and PlansXpress are leading the way in the UK. Thanks to their accuracy they give builders up and down the country, the ultimate confidence to charge their worth and go after bigger jobs. And customers want to use suppliers they can trust. That’s why the high-quality customer quotations and 3D models the two software tools produce, are job winners.
Financial Planning: Assess your financial health with the help of EstimatorXpress. It gives you a live dashboard that shows you all your jobs and which ones are profitable and which ones aren’t. The software automatically produces valuable reports like cashflow analysis and a profit forecast. And the estimating calculators make sure nothing is forgotten and every penny is accounted for.
Work-Life Balance: Isn’t it about time you enjoyed a healthier work-life balance? Ask any business owner what takes up ridiculous amounts of time and chances are they’ll say admin. Again, HBXL Building Software has your back. EstimatorXpress gives you estimates in hours instead of days. It automatically gives you a build programme to manage your projects, and a materials schedule to make ordering quicker and easier. And those are just two of the many reports in the software.
To become a successful construction company you don’t wait for the perfect moment. It’s never coming. Start today, and you’ll get to where you want to be much quicker. Call us on 0117 916 7898, have a short online demonstration of EstimatorXpress or PlansXpress or download a free 14-day trial.