How to Learn the Business Side of the Construction Business
- Yvonne Root
- Feb 11
- 5 min read
Updated: 5 days ago
The Piano Example
When I was a youngster, I bugged my mom for several weeks to let me take piano lessons. She finally agreed, found a piano teacher, and arranged for my first lesson. Imagine my surprise when I learned that my piano teacher expected me to know such odd things as where the C note was on the keyboard, what each symbol on the row of lines represented, how long my fingers should remain on any individual key, and all sorts of other rigamarole.
And on top of that – I had to practice – every day.
No, no, no! All I wanted to do was (quickly) learn to play like Jerry Lee Lewis or Ray Charles.
It didn’t take long for me to create havoc for my mom, my piano teacher, and myself. Eventually, my mom agreed to let me stop taking piano lessons. And you know where that led – I don’t know how to play the piano.
Yet there is more to this story. For years, I would say, “I wish I knew how to play the piano.” A few years ago, it dawned on me that I don’t really desire to play the piano. If I did, then I would take lessons, put in the effort, practice, and learn to play the piano.
If you’ve read this far, then you likely know where this is leading. Do you really want to learn the business side of the construction business? If so, read on.
Learn the Business Side of the Construction Business
This article is the first in a three-part series that examines the business side of the construction business. The following two articles will be:
5 Tips on How to Master the Business Side of a Construction Business
Today, we’ll start with the basic fact that learning the business side of the construction business doesn’t happen overnight. It takes time, perseverance, and a genuine desire to learn. Therefore, to learn the business side of the construction business, it is essential to commit to continuous study alongside practical experience.
Key Areas of Focus
There are a few key areas on which you can focus, such as:
Finance
Project management
Operations
Strategy
Sales
Marketing
Legal aspects
Determining which area to focus on first can occur in various ways. One of the easiest methods is to consider what hurts the most.
Some questions you can ask are:
Do I know what is working or what is not?
Do I know what this is costing me, and is it worth it?
Do I know what my next good move is?
Note: It is better to focus on one or two areas at a time rather than rushing into overwhelm.
3 Opportunities to Embrace
Three opportunities are vital to embrace when setting out to learn the business side of the construction business. These three opportunities not only complement one another but also sometimes interact.
Seek Mentorship
No, this isn’t about posting an ad saying you’re interested in finding a mentor. It is about being on the lookout for those who can fit that role. It is also imperative to understand that mentors come in many forms.
It’s good to remember that mentorship isn't always a long-term, single-person relationship. It can involve various individuals, such as subject-matter experts who offer timely and focused guidance, as well as occasions for one-off discussions or interactions, and even people you may never meet, including authors of books, bloggers, and presenters of online articles, podcasts, or videos.
Moment Mentors
Think of passing comments, impactful conversations, or on-stage speakers that shift your perspective. These aren’t people that you’ll necessarily have ongoing relationships with. Regard them as momentary mentors who provide you with newfound insight, encouragement, or constructive feedback.
Long-term Mentors
Sometimes, the impactfulness of mentors is missed when they fall into preconceived categories that don’t align with formal mentoring programs. Some of these can be:
Parents and grandparents
Friends
Other construction contractors (primarily through trade groups)
People found at tradeshows and conferences
Those found online (for instance, on LinkedIn)
High-performing (often long-term) leaders within your company
Subject Matter Mentors
One place where mentors are found is within the framework of those you pay to perform specific tasks. They might include:
Back-office tasks (accounting, HR, payroll)
Management support (safety experts, IT support)
Legal support (attorneys, lien experts)
Marketing and sales (social media, traditional advertising, sales training)
Business coach (construction-centric business advisor)
Use Industry Tech
The construction industry has witnessed numerous technological advancements over the last decade. You can see it in drones, PPE, Geofencing, and so on. However, in this section, we delve into the business side of a construction business, focusing specifically on the business software required.
From accounting software like QuickBooks to construction-specific software like Knowify, there is much to be gained by allowing the software to guide you into what you need to know. You gain insight and business acumen by using the tools designed and built specifically for construction businesses.
Look at it this way – Knowify is a comprehensive business and project management software specifically designed for trade contractors, integrating sales, project execution, scheduling, field management, and accounting. It helps streamline the entire workflow from initial contact to final invoice, keeping customer data and project details centralized and connected to accounting software like QuickBooks.
Network Through Trade Groups
While seeking a mentor through trade groups was mentioned above, there are other reasons to network through trade groups when you’re learning the business side of the construction business. One of the most helpful aspects is that it allows you to learn and expand your knowledge. You can:
Gain access to business-related courses
Attend construction or trade-related seminars
Receive educational materials
Stay up to date on industry news and trends
Make connections with those who “have been there and done that.”
Additionally, some associations offer financial benefits, including discounts on car rentals, insurance, supplies, and other goods and services.
Quotes About Learning the Business Side
"Risk comes from not knowing what you're doing." – Warren Buffett.
"Deciding what not to do is as important as deciding what to do.” – Steve Jobs.
"Growth is never by mere chance; it is the result of forces working together.” – J.C. Penney.
“You are never too old to set another goal or to dream a new dream.” – C.S. Lewis.
“In business, there will be times when you need to set aside your ego and learn to ask questions, the big ones, the small ones, the wrong ones, and the right ones.” – Yvonne Root.
Ambitious 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? Contact us today to schedule a complimentary discovery call. 866-629-7735
