Every business seeks to grow in order to maximize its success. If you have found success in general contracting, that is a good sign that you have what it takes to expand your business. But, expansion can ask a lot of you and your employees and you need to be sure that your company as a whole is ready for the task ahead.
It will also require you to begin establishing connections and networking. No business grows without the input and steady supply line of the support system businesses that your business depends on for material and resources. In fact, because there are so many specialized firms in the field of construction, you can easily negotiate contracts with them to receive priority work and resources so that you do not have to create those departments yourself. You can work with stainless steel pipe suppliers or trained engineers on an as-needed basis as long as you know the right people to call.
Consider reaching out to contacts you already have to be introduced to people who run businesses in resource supply and equipment sale/rental. You can also join your local chamber of commerce to facilitate networking. Seminars and conferences are also a great way to forge connections with people who share the same values as you.
Your first priority needs to be your employees. Bring the necessary staff members up to date on your plans and listen to their input. Your managers and supervisors will be able to give you accurate information about the speed with which you can implement the necessary steps to take on new tasks and roles.
Once your plans are in motion, inform the rest of your employees. Assure them that you will provide training for them to be able to carry out any new tasks required and that this expansion will benefit them as well. When your reach a point where departments need to be made or expanded, you can promote new department heads from within. This will show your employees that you do have their best interests at heart, and they will work harder to ensure that your business goals are achieved.
In an expanding business, especially when it is going in a somewhat new direction, your role will change. You can no longer expect to be in the office or in the field doing the hands-on work. Your place will be with clients and investors and monitoring planning meetings to ensure that everything goes smoothly. This is where the delegation part of leadership will be needed. You must trust your managers to know what they are doing. The fact that they have helped your business grow to the point that you can expand is a good sign that they are capable individuals and can be trusted to keep things ‘business as usual’.
Consider training a trusted employee to act as the interim manager or promote them to the general manager so that they can do the work with the authority they need to be effective. This will give you even more freedom to focus on the expansion while a trusted employee will ensure the business runs the way you want.
Invest in Technology and Training
The pandemic has hit many businesses and it can feel like now is the time to hold on to finances and avoid spending. But, in order to be a relevant and effective business that will thrive in the post-pandemic world, you need to think outside the box. Invest in technology designed to make logistics and planning easier for construction businesses.
There is technology available that can model and accurately predict the stresses and even environmental factors that will take place during construction. Clients will be willing to pay a premium fee for a service that can deliver a better estimate of construction times and factors.
In addition, this is the right time to focus on the staff members you have identified as loyal and dedicated to excellence. Give them the opportunity to receive training seminars and workshops to improve their skills and learn additional ones. They can then train their subordinates and the level of quality you can deliver will improve overall.
This is what will help you stand out from the crowd and cause you to be considered for bigger and more complex jobs though your business is new in the construction field. Companies will huge sums to spend want to be assured that they are trusting their investment to a business that is dedicated to ensuring quality work.
It would help to begin your foray into construction by focusing on smaller, niche projects. This will allow your employees to learn the skills they need and practice their abilities within a time frame and project that is manageable. It will allow you to play to your strengths as well.
Renovating or rebuilding commercial properties is a good way to get started and allows you to try out construction activities on a smaller scale. These types of projects will also help you to find out if the timeline you have in mind for expansion needs to be adjusted or not. At the end of the day, your focus needs to be expanding in a way that still delivers the quality of service that has helped you to become the business you are today.
If that means moving to a slower timeline, then that is what you must do. It can be what ensures that you build a lasting business to which your customers consistently return.