Construction Industry: 4 Investments Your Company Needs this Year

Construction Industry: 4 Investments Your Company Needs this Year

Few business owners start a construction company in order to simply maintain the status quo, right? Your aim is to grow, become the preferred vendor in Melbourne, Sydney or wherever you work and even expand to offer services in other regions. To ensure growth, you always have to chase the next milestone.

One way of passing future milestones is investing in the right area of your company. This is for practical, financial and growth reasons. For example, if you don’t upgrade your lifting equipment Melbourne and other Australian clients won’t trust you as much as others who have proof of using the best possible gear on site.

So, how do you stay ahead of the competition and ensure you keep on growing this year? You’ll be surprised at how the following can help you.

Upgrading Equipment and Resources

You can’t expect to deliver the same quality work as the new kids on the block if you don’t upgrade. New companies can use their capital to get the latest gadgets and new gear will always be safer and more effective than outdated ones. For example, workers who know they can trust their gear on site will be more productive.

For this reason, budget for maintenance, upgrading and replacement expenses on a regular basis. From your bulldozers to lifting equipment and even your safety gear, it all needs a check. And don’t forget to research software that could help you get work done faster and better. Anything from planning to accounting can be streamlined.

Reviewing Your Insurance

Don’t ignore administrative tasks and inadvertently harm your name or your company’s future.

Your insurance should always be up to date, so make sure you’ve got the proper coverage for the type of work you’re doing. Not all projects will require heavy machinery such as a bulldozer or lifting equipment but when you do, you’ll need proper cover in place.

Also go through your insurance policies with an expert from time to time. You may find better cover or realise you can pay a little less. Even these small changes could mean money saved, which you can invest in a different part of your business. 

Revisiting HR Matters

Your team will determine the quality of work you can offer your clients, so never underestimate the value of investing in HR.

While contractors may be your best option initially—since it’s a more budget-friendly way—later on you’ll have to grow a permanent team. These will be the people who understand you vision and help you achieve it. You also need senior team leaders who can manage a project while you tend to other priorities.

For your existing team, pick them based on skills and experience so there’s less chance of them making mistakes. Remember, their actions will reflect on you—good or bad.

You can take it a step further by paying for further training for your team. This will keep them motivated while also elevating your quality of workmanship.

Marketing

Digital Marketing

Marketing forms part of running any business, because you have to keep reminding others about what you have to offer. These days, no company should try and make it without using digital platforms. Make sure you have a website and social media profiles stating your services. Anyone looking for your details must quickly find it.

Attract with Your USP

Your industry is only getting more competitive. Apart from more companies coming onto the market, you also contend with new technology that others can use to impress clients. You need to find a way to keep on proving you’re the best company for the job.

Your clients will have different reasons for picking a contractor. So, don’t feel too intimidated by other companies also submitting tenders or opening offices in your area. You simply have to attract the clients that prioritise what your USP is. Is it your years of experience or the type of equipment you’re using?

Your Online Reputation

You’ll always have to submit tenders to keep maintaining a steady flow of work. However, apart from your submissions your reputation will also determine which jobs you’re allocated. An easy source of reference for your clients is to do a quick browse online, so it’s essential your digital profile sends a positive message.

Some ways you can manage what others think of you and read about you include:

  • Use photographs of the company owners online, making you easily recognisable during meetings about possible projects.
  • Read reviews about your company and reply to complaints or negative comments. This can show people you care and that you aim to improve.

Networking

In the construction industry your network and word of mouth will be some of your best avenues of finding work. Joining business forums and trade associations should be on your to do list.

These activities may require time and money, but in the long run they’ll benefit your business.

A construction project usually runs on a tight schedule, so you probably don’t have much time to sit down and reassess, right? Our tip: rather take the time, because if you don’t, it could harm you in the long run. The time and money you invest today will be well spent if you follow these guidelines.  

John Norwood
John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.