How to take your construction company to the next level
The UK’s construction industry is extremely competitive. It covers a diverse range of services such as design, repairs of buildings, infrastructure and ongoing maintenance.
Broadly split into new build and refurbishment, construction in the UK can vary in complexity and project size. Many sectors make up UK construction, from retail to commercial offices, health care, civic buildings, education, private housing, industrial and much more.
For construction business owners, the market has never been so competitive. It’s getting more difficult to stand out and get ahead of the competition. Whether as a one-man operator or as a large company, you have a lot to gain from positive growth within the industry right now. Huge projects are out there with substantial profits to be made.
Ways to increase your profit margin
In the UK’s construction industry, there are a number of ways to increase your profit margins even if you are new to the business. It’s possible to take your company to the next level and reach new customers using these five tips.
1. Set realistic targets
In order to keep your construction firm on track for where you want it to be in your first year, next year, and ten years down the line, set realistically written targets for:
- Job costs
- Sales goals
- Profit goals.
2. Find profitable niches to focus on
Whichever sector your construction business works in, keep an eye out for other profitable niches.
Try to devote more resources and make more money by focusing on new construction projects. Your business doesn’t have to centre around one thing, so look at recent trends and forecasts within your construction industry area.
Are there opportunities out there that could become high-profit jobs for your firm?
3. Apply for big contracts through tendering
Expand your construction portfolio by using the services of tendering consultants. Consider hiring professional bid and tender specialists who can tender submissions in your particular construction sector.
With so much cut-throat competition around, you stand a better chance bidding successfully for big contracts through tendering.
4. Embrace construction technology
Today, more than ever before, construction technology is revolutionising the industry. If you’re not taking advantage of mobile devices, construction apps and project management software, then you’re missing out. Technology is making collaboration better and communication easier, and can also save you time on a project site.
It really is time to go paperless, get mobile, and discover exactly what construction apps are all about.
5. Start marketing and stop advertising
Very few people pick up the phone book and look for contractors any more. If you want to grow your business successfully, existing and potential new clients need to be able to find you online.
There’s no need for an advertising budget; do your construction marketing strategy online. You need a website that brings you leads, positive reviews, and an active social media presence.
OK, running a construction business can be tough – but if you’re determined to make a go of it and take your business to the next level, take these five steps onboard.