When we start out in a specific industry we find ourselves overwhelmed by unique challenges. When you start somewhere like the manufacturing industry, there are so many different pressures throughout the supply chain as well as working to develop new ways to keep employees on board that it can prove to be a massive undertaking. In the construction industry if you are starting out as an entrepreneur where you’re looking to expand into new markets or grow a business you’ve got to put the appropriate stops in place. What are the best ways to truly grow in the construction industry?
Learn From Other People’s Mistakes
You may think that getting a mentor is a good idea. It’s certainly advisable but it can prove to be difficult to acquire. Sometimes we have to learn from our mistakes as and when they arise. When you look at someone like Frank DiTommaso who built their business with their own two hands, this can prove to be inspiring in different ways. It’s a good idea to look at the people you admire, and to an extent emulate their trajectory but also you’ve got to be true to yourself. This is why it’s a good idea to learn from other people’s mistakes rather than just copying other people’s templates. This is something that we will adjust to after a while but it’s certainly a lesson that is worth understanding as soon as you start out in any industry.
Learn To Lead People, Not Manage Them
Being in charge of a business doesn’t mean managing your employees and telling them what to do. In order to be a great leader you’ve got to remember that in the construction industry people need that free rein to work in their own way. You need to provide a structure but if you show them you have no confidence in their ability to do their jobs they won’t stay with you very long! Being a leader means leading by example. If you started out recently you may think that in order to hit targets or deadlines you’ve got to provide that pressure, but this can have the opposite effect.
Focus On Quality Rather Than Quantity
In the construction industry, we’ve got to build a name for ourselves and this means we have got to focus on one area. If we start to focus on diverse components because we think this is the best way to expand our business, we will spread ourselves too thinly. It’s far better for us to focus on quality rather than quantity. When you start to focus on doing a good job and giving great customer service this means that you will benefit from positive word-of-mouth. You are only as good as the last project you complete, even if you’ve been going for years.
The construction industry will always be in demand and we have to remember that when we’re trying to build up any modern business that we must focus on quality but also understand that we have a massive impact on our business as individuals.
Look After The Pennies
The construction industry is a lucrative area and the margins can be substantial; hit a couple of projects out of the park and a company can start to write its own rules. However, if you want to grow to the point where you’re in that echelon, you need to be on top of the numbers from the beginning. From using the correct construction accounting software to making double-sure you get the best deals on materials, taking care of cashflow is essential. It will also teach you some tricks that allow you to make sure your margins are always as rewarding as they can be.