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Blueprint Your Construction Business
7 ways to ensure long-term profits and success
Listen carefully. Do you hear that? It is the sound of nail guns, skill saws, concrete trucks and computer keyboards. This is the music of a robust construction economy in virtually every area of the country. The momentum of the last nine years in our industry rolls on with continued optimism.
With the positive outlook for the future comes increased competition. If you are committed to growing your contracting business and preparing for long-term success and profits, here are seven ways in which you can make that happen.
1. Systemize. Your major focus and energy must concern the growth, expansion, recognition and perpetuity of your enterprise. This requires long term planning for what may happen if you are not able to be present in your business. The number one way in which this is accomplished is to set up systems. Systems allow for a product or service to be reproduced many times over and over with little or no change. Every area of your contracting business can be systemized. Accounting, project management, sales and warranty service must have a repeatable method of operation. This means that if key people are out, someone new can step right in, pick up the baton and run with it. Because of the system, there is little or no slack in the efficiency of the operation.
2. Visualize far into the future. A vision for the future of your business is essential. Take the time to see in your mind’s eye what the long-term look of your business is, literally. Picture who your customers are, what services you are providing, where your office is, and what rewards you receive for your hard work. Visualize the future of your industry as well. To what market demands will you respond? The idea is to get a clear visual image of as many details as possible. It is a proven fact that what we focus on expands. Will all of your visualized success come true? Possibly not, maybe more.
3. Be technology savvy. A large component for the vision of the future must encompass technology. To say that we are in the age of a technological revolution is an understatement, at best. The Internet and all of its associated tools provide enormous opportunity for contractors to maximize their business efficiency. Contractors all across the country are creating alliances to better serve clients and give themselves the competitive edge. Intranet and Extranet capabilities allow contractors to better communicate with staff, bidders, vendors, sub-contractors and clients. It is essential to be technologically aware of your options. Many contractors are now even educating their potential customers via on-line training and awareness programs. Technology is here to stay. Use it.
4. Provide superior customer service. It sounds so cliché, but it remains true. Providing excellent customer service is the key to repeat and referral business. Do you pride yourself in saying that you have satisfied customers? If so, I would like to suggest that your customers be more than satisfied. What if they were raving lunatic crazed fans of yours? What if they mentioned you in conversation to their friends, family and associates without even being asked? What would you pay a marketing company for that promise? The point is there are so many ways to offer exquisite customer service. The investment of a little time to exceed the expectations of your customer is far less than the money you will spend trying to get one new client.
5. Shamelessly promote yourself. When it comes to spreading the word about your company, there are thousands of ways to accomplish this. The determining factor is the return on investment. Some of the fanciest marketing programs in the world are no substitute for old-fashioned “shaking the bushes”. There are hundreds of low and no cost marketing ideas. Get interviewed on TV and radio. Write an article for your newspaper. Get involved in building associations that support the community in which you do business. There is no excuse for not making the world aware of who you are and what you do. Profits have a way of taking the fear out of promoting yourself.
6. Take care of your team. Every successful entrepreneur that I know or that I have read about has had team support. Your employees, sub-contractors and vendors are essential to the success of your enterprise. Develop clarity of your business vision for them. It gives them a sense of purpose and direction. Know and help them meet their professional and personal goals. Strive for open and honest communication by being genuinely interested in them. Challenge them to stretch. Expand their responsibilities and invest in their personal growth. All sorts of business challenges can be overcome when you have a great team that pulls together.
7. Commit to excellence. A desire for professional excellence will get you a long way in this business. A commitment to PERSONAL excellence will allow you to fulfill your wildest dreams. This is the number one secret to success. Physical, mental, emotional and spiritual excellence is the foundation for living a life of your dreams. A solid personal foundation begins with an investment in yourself and your personal skills. Pick up a book, go to a seminar, listen to a tape or watch a video that enriches your life. Do this regularly and it will nourish your existence to make you the best you can possibly be. Someone once said, “This life is not a dress rehearsal. This is the real thing. Do your best.”
As with a construction project, your long-term success depends on the detail of your blueprint. These are a few ideas that have worked for many. Until we have the honor to meet in person, remember, “Success is YOUR choice, choose well.”
Paul Montelongo is the author of 101 Power Strategies; Tools to Promote Yourself as the Contractor of Choice. Paul is a nationally recognized speaker and consultant to the construction industry. Register for a free E-mail newsletter to receive tips, strategies and concepts to help you grow your business and increase your profits. Paul has owned and operated his own multi-million dollar construction company for over 23 years.
