Wise Up Wednesday: “It’s Still Tough Out There…”
“It’s still tough out there …
So says David Hurcomb, who is chief executive at NG Bailey. And with group turnover of £365 million he is probably in as good a position as any Specialist Contractor to comment on the state of the construction and engineering industries.
What he said was; “It’s still tough out there, particularly in building construction. Margins remain under pressure across the supply chain, which is why we seek to avoid bidding high-risk, low margin work.”
Please stop and think about that for a minute.
As you can imagine I talk to lots of Specialist Contractors, and what some tell me is that there is always someone who will cut the price and do the job cheaper.
But here’s the man responsible for securing a turnover of £365 million, and he is saying “… we seek to avoid bidding high-risk, low margin work.”
So if NG Bailey can do it, so can you!
A Long Term Sustainable Business
Hurcomb also said; “… all of our divisions performed profitably, which gives us a strong platform for developing a long-term, sustainable, business. We firmly believe our strategy of creating a much more broadly-balanced business is the right one.”
So, here are a couple more clues to their ongoing success (they have been around since 1921).
First off, they are absolutely clear that profitably is the key to creating a long-term, sustainable business.
In other words no profits – no business!
Secondly he says; “We firmly believe our strategy of creating a much more broadly-balanced business is the right one.”
And in doing so he reveals that not only have they got a “strategy”, but they “firmly believe … it is the right one”. In other words they have evaluated more than one strategy and have decided on the one they are going to implement.
Don’t Put Your Business At Risk
More than 23,000 construction firms said they have experienced “significant” financial distress over the last 12 months, according to new data from business recovery specialist Begbies Traynor.
The firm’s Q2 2015 Red Flag Alert, which monitors the financial health of UK companies, said the number had leapt by 31 per cent year on year.
Eleven per cent more firms reported financial distress in the 12 months to the end of June than the 12 months to the end of March.
Smaller businesses make up the vast majority of the struggling firms, with 95 per cent of those reporting financial distress classed as SMEs.
What About You?
What about you and your business?
Have you got a strategy for success?
Are all the different aspects of your business performing profitably?
Do you have a clear strategy for creating a long term sustainable business?
If you would like some great ideas and inspiration that will help you to emulate NG Bailey’s success then you can now access a whole array of presentations designed exclusively for Specialist Contractors by top industry experts.
And it includes a model for a simple 2 page business plan that successful entrepreneur Gordon Bromley used to grow his company from start-up to £150 million sales!
You can watch, listen to and absorb everything you need to know about “Winning Work”, “Getting Paid” and “Making Money” in the Construction and Engineering Industries, and turn your Specialist Contracting business into a Customer Generating – Money Making Machine!
Access it all here today; “Win Work-Get Paid-Make Money”
You don’t have to love marketing or the idea of it, to get good at it. You don’t have to love the legal jargon to get good at protecting your contractual interests. And you shouldn’t be shy about making as much money as possible for you and your family!
Access it now and watch at your leisure; “Win Work-Get Paid-Make Money”
What we are going to share together is a means to an end: financial freedom for you and those you care about – and the opportunity to serve people with your product or service and be appropriately rewarded in return.
Gain access today to “Win Work-Get Paid-Make-Money” recorded live at the exclusive StreetwiseSubbie Conference July 2015. And watch as many times as you like!
Our experts reveal their most important ideas for the success of your Specialist Contracting business, and provide all the expertise and support you need to resolve your problems and grow your business.
Our goal is your wealth and security, now and in the future.