Grow an Established Construction Business – Part 1
Updated: Jun 23, 2020
You’ve gone beyond finding your first client. You’ve gotten past all the start-up issues. You are ready to take the next steps to grow and prosper your construction business. Grow and prosper in ways which are likely to surpass your original dream.
It is fun to look back on and remember those heady days when you first became a business owner. It is even more fun to look ahead at what you’ll accomplish next.
Now it is time to roll up your sleeves and get to work – on the next steps.
Grow – it isn’t an easy task, yet it is enjoyable
There is so much involved; from mindset to cold sweat, from legislation to duration, from tool advance to tech enhance – there’s just a lot going on.
Think about it. Consumer behaviors are changing, the culture is shifting, and it is happening rapidly. It’s rather exciting!
You’ve brought your business this far. And now, the real work fun begins.
Grow – the next steps
The first thing to consider is your own attitude and a willingness to position yourself as the owner of a growth-oriented company. From there you can look at specific areas which need your attention to facilitate growth.
The areas we’ll be discussing in this three-part series are:
Dealing with changing regulations
Managing project risk
Planning for new technology
Preparing for financial needs
Creating documented, sustaining processes
Deal with changing regulations
Staying on top of all the changing regulations isn’t a job for the faint-of-heart. It takes time as well as a team of trusted advisors. Following are five suggestions which will help you in your efforts.
Join a trade association. For big picture insights into which regulations to be aware of in your segment of the construction industry, joining a trade specific association is a no-brainer. A good association will keep you informed of upcoming changes.
Subscribe to magazines and online industry related blogs or websites. One type of website that is helpful concerning construction regulations is that of attorneys who specialize in construction law. Put your search engine to use. The search can be as simple as “construction attorney [your state] dot com” Search through and find the ones which keep up-to-date relevant posts then subscribe or bookmark.
Track down a tax advisor. Because you’re not only dealing with federal taxes you will do well to locate an advisor who is abreast of the regulations in your state. One recommendation we make for our Arizona clients is Conover Asay. If you’re unsure who to contact in your state, you may wish to ask your fellow contractors who they use and why they recommend them.
Find a human resource expert. Freelance human resource firms are an excellent way to stay on top of regulations concerning employee and subcontractor issues. We recommend Lynda McKay of HRextension to our clients.
Locate an accounting advisory firm. (And yes, that’s us. 😉) Beside the fact we know how to deal with your sales tax issues, we’re excellent at helping you use the information obtained from your tax and human resource advisors. They can tell you what the rules are, we can help you make sure your firm remains compliant.
Grow through the use of proper resources
Finding the right resources as well as discovering ways to stay on track will be your biggest challenges through the process of growing your construction contracting business. Our clients tell us we’re good at assisting in both areas. In next week’s post, we’ll tackle “managing project risk” and “planning for new technology.”
We’ve created a waiting list for those who are prepared to work with us in growing their construction contracting business. To get in on “the good stuff” call 480-442-4032 or get in touch here.