Have you considered starting your own construction business? If so, you’re not alone; over 40% of all new businesses are opened in the construction industry.
According to the Bureau of Labor Statistics, however, 90% of these startups fail within the first five years of being open.
Business development and growth are essential to the success of any company in any industry, so it’s no surprise that construction companies need to focus on this area just as much as those in other sectors do.
But there are unique challenges to the industry when it comes to business development, and there are some unique approaches you’ll need to take if you want to succeed in business development and growth.
Here are a few things to help you with this vital task and give your construction company the boost it needs. Read on to learn more!
When it comes to business development in the construction industry, there are four key areas that you need to focus on: estimating software, planning, communication, and CRMs. Let's take a closer look at each one.
The cornerstone of any contractor is their estimating system. The better your system is, the more accurate your bids will be. And ultimately, that means more money in your pocket!
As a construction business owner, one of the most critical aspects of your job is accuracy when estimating costs for a project. After all, if your estimate is too low, you could lose money on the job. But if it's too high, you could price yourself out of a job altogether. That's why having good estimating software like 247PRO is so important.
Planning is also an important part of any successful business owner's life as a contractor. You must create an action plan with tasks that must be completed daily.
This plan should include your budget, target market, marketing strategy, and timeline. Without a dream, measuring your success and tracking your progress will be difficult.
In the construction industry, good communication is key to success. After all, construction is a complex process with many moving parts.
To avoid miscommunication and delays, it's important to understand the project at hand clearly.
That means establishing a clear line of communication between all parties involved in the project.
A CRM, or customer relationship management system, is a software tool designed to help businesses manage their interactions with customers and potential customers.
A CRM like 247PRO can be a powerful tool for construction business development, allowing you to track and manage your leads, cultivate relationships, and close deals.
Construction has been an essential part of human life since the dawn of civilization, but modern technology has completely changed the industry over the last few decades.
From drones to robotics, construction processes are becoming more efficient, faster, and safer than ever.
This change in how things are made may be relatively new, but it's sure to stick around for years.
As a business owner, staying up-to-date on the latest advancements is important to maintain a competitive edge. Construction business development is the process of creating that edge.
By analyzing your company's strengths and weaknesses and the opportunities and threats in your market, you can develop a plan to make your construction business more successful.
Marketing your construction business can be a daunting task.
There are many ways to reach potential customers, and it's hard to know where to start.
The most important thing is to plan and be consistent with your marketing efforts. Here are a few ideas to get you started:
For far too long, the construction industry has struggled to get back on its feet. Today, contractors face new challenges, including higher prices and a labor shortage. But that doesn't mean it can't be done!
From evolving schedules and reaching deadlines to finding qualified employees and communicating correctly with clients--there is no one-size-fits-all solution or trend here.
Yet when you consider recent events such as COVID-19--the situation becomes even direr.
For example, technology has played an increasing role in shaping what occurs at any given job site, whether changing how work gets done or improving worker safety through innovations like drones.
Looking ahead to the future of this industry may seem daunting because of such drastic changes, but who knows? Maybe they'll all turn out for the best! Here are some of the most important trends to be aware of:
The use of robots in construction is increasing at a rapid pace.
Construction companies have realized that hiring people to do things like lifting heavy objects and doing high work is no longer as affordable or even desirable.
Robots can be programmed to move with pinpoint accuracy, and they are capable of completing all sorts of tasks, saving both time and money in the process.
Companies that don't make use of robotic workers will risk losing out on valuable contracts as other competitors begin to outpace them.
It's not just about the bottom line either; there are real safety benefits to using robots too. They don't get tired, so accidents should become less common than they would otherwise be. It's never too late to take advantage of this trend and invest in robotics!
In today's world, many of the most successful and technologically advanced companies invest in megaprojects that create smarter, sustainable cities worldwide.
To be considered a smart city, it must be intricate and interconnected, planning it thoroughly before anything is built or changed. And by 2025, those things will make up 60% of all construction activity worldwide—totaling $2.5 trillion!
As more smart cities become, there will be an increased demand for technological advancements such as LED lights connected to WiFi signals or people walking through intersections with detection systems installed (just some examples).
Investing early in tech can benefit anyone interested in becoming a part of this new wave of what it means to build something out of nothing - because when you figure out how to do something first, others follow suit.
The construction industry is currently facing a labor shortage. This means there are more open positions than workers to fill them.
The shortage is caused by several factors, including an aging workforce, the increasing popularity of other industries, and the declining interest in construction work among young people.
The labor shortage is having a negative impact on the industry, as it is leading to project delays and cost overruns. To overcome the labor shortage, construction companies must focus on business development. In light of this, businesses should develop strategies to keep their best employees and continue developing new technological advancements that will take over operations.
This way, they can stop wasting all the valuable time they've already invested into administration when there are many other ways they could support their energy.
Every construction site has risks, but that doesn't mean we shouldn't try to mitigate them as much as possible. That's why keeping an eye on new developments like automated cranes and 3D printing techniques is important. Automated cranes reduce human error and are safer for humans to operate anyway. They also allow crews to complete projects faster by getting more done daily. Similarly, 3D printing offers an excellent opportunity for companies looking to construct buildings from scratch. These methods reduce waste by only constructing what is needed, and materials can be customized to match any design.
These are just a few trends in the construction industry. To learn more, click here.
To be successful in business development in the construction industry, it is important to understand the basics of the construction process.
Next, identify and assess opportunities.
When pursuing an opportunity, remember to stay organized, clearly understand your company's capabilities, and articulate a clear value proposition.
Finally, always keep your eye on the competition and be prepared to adapt as the market changes.
By following these guidelines and using new software like 247PRO, you will be well on your way to successful business development in the construction industry!