Running any type of business successfully is a challenge. Running a construction company can be especially difficult. Here are some key traits you need as a construction company owner to be better than the rest.
Know what works for you. Don't bid on contracts you don't feel confident with. Focus on the work your company does best. Just because you have the machines and talent to do the job, doesn't always mean it's a job your company should pursue.
Successful contractors are always recruiting. One great way to find talent is by leaning on current employees. They know what you're looking for, and often know someone who will do the work right.
When you have people working for you with the right attitude and work ethic, make sure they know you appreciate it. Incentives is a great way to keep good workers happy. Providing financial perks or extra days off will go along way in keeping moral up, which equates to better production. When an employee excels, consider them for promotions.
When it comes to the work you do, make sure your clients are happy. Seems like an obvious tip, but you would be surprised how many companies simply do the minimum expected. When you do a great job for a client, and go above-and-beyond, the reward will come in referrals. This eventually means you will spend less on advertising and can expect more compensation for your work because you are in high demand.
There is always new ways to skin a cat. Keep up on technology and implement new ways of getting the job done. This can be tricky when you have operators who like doing things the old way, but if you can save time and money, make sure you overcome resistance to the new methods. New technology includes GPS, automation, and the use of drones.
A successful construction company will constantly crunch numbers. If accounting isn't your thing, hire someone to do the job. Always assess where the money is coming and going and how you can improve the bottom line. This may mean you need to find new suppliers, get rid of older machines, buy new ones, and let go of or hire new people to your team.
Leadership is vital to the success of your company. Always work on improving your leadership skills, and those who are hired to lead.. Just like a professional sports team, you can have a roster full of talent, but if you don't have the coaching staff to lead the players, the team will likely be mediocre at best.
