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  • Yvonne Root

Construction Business Acumen Lists




The foundational concept for the information that follows is this:

  • Any successful business owners possess business acumen.

  • A typical prosperous construction business owner has business acumen.

  • Your extraordinary construction business is built on your business acumen.


Business acumen is a combination of skill, knowledge, and experience. Construction business acumen is distinguished by the types of skills, knowledge, and experience required.


Skills

Some of the skills that are necessary for running a successful, prosperous, and extraordinary construction business include:

  • effective communication competency

  • active listening know-how

  • written communication skills

  • project management expertise

  • logical reasoning ability

  • creative thinking finesse

  • budgeting skills

  • working knowledge of computer programs

  • technical knowledge and skills

  • supervising and leading employees – training and teaching others

  • time management techniques

  • negotiation ability

  • troubleshooting skills

  • priority management prowess


Knowledge

Building an extensive internal index or library of construction-centric, industry-specific knowledge is essential to the business acumen formula. A portion of that knowledge includes:

  • sequentially plan out a project

  • anticipate potential problems

  • solve unexpected issues

  • understand quality control principles

  • take accurate measurements

  • able to prioritize

  • complete various calculations

  • stay abreast of codes, restrictions, and laws

  • understand contracts

  • interpreting blueprints – including digital computer-aided construction drawings

  • administrative skills

  • troubleshoot system failures

  • promoting business

  • purchasing materials and supplies

  • setting prices for services

  • making sales

  • tracking expenses

  • planning project calendars

  • understand the basic principles of physical sciences

  • understand financial data

  • creating invoices

  • performing cost estimates

  • understand the regulations regarding written records or documentation

  • basic math skills

  • inventory tracking and management


Experience

Your “time in the trenches,” your perspective, past, and unique experience accentuate your knowledge and skills. And sure enough, the list of what it takes to build the portion of business acumen called experience begins with the foreseeable word “experienced.”

  • experienced

  • friendly

  • self-motivated

  • team-oriented

  • teachable

  • patient

  • detail-oriented

  • able to see the big picture

  • organized

  • decisive

  • flexible

  • self-respecting

  • humble

  • able to follow directions

  • financially literate

  • familiar with tools and materials

  • safety conscious

  • an example to follow – able to inspire and excite


Stop: If these lists feel too long, or if you’re concerned that you don’t “know” all this stuff, one way to fill in the gaps is to take advantage of the age-old maxim to surround yourself with people that are smarter than you. That means taking advantage of the expertise offered by others. Some of the types of people who can be included on the list are:

  • Attorneys

  • Tax preparers

  • Accounting professionals

  • Sales professionals

  • Marketing specialists

  • IT providers

  • Insurance providers


One Big Package

The most critical aspect of business acumen, sometimes overlooked, is the one having to do with mental outlook. As it turns out, Good Attitude Required joins all three elements of business acumen into one package greater than the sum of its parts.


Reflection: How well do you stack up? Is there an action you can take to improve your construction business acumen?


Construction Contractors look to The Profit Constructors to provide advocacy in dealing with:


  • Clients and customers

  • Employees and subcontractors

  • Vendors and service providers

  • Governmental entities


Working with The Profit Constructors gives Construction Contractors the means to organize their operations in ways that help them:


  • Remain informed

  • Avoid hassles

  • Reduce risks

  • Be future-ready


Ready for action? Or want to know more? Get in touch today to schedule a complimentary discovery call. 866-629-7735

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