#WiseUpWednesday: What’s The Future For Your Business?
The Past Does Not Equal The Future I love that phrase because it inspired me to take certain action about 30 years ago, and it changed my life. But, I would like you to think about what that phrase might mean for you and your business. On the one hand, if things have been going well over the last few years, it should encourage you to think about the good routines or practices that helped you to succeed, and how you can embed them within your business. On the other hand, many Specialist Contractors are still finding it tough to make a profit, and the construction industry, still tops the insolvency figures, with thousands of companies lost to insolvency every year. So maybe you need to change things now before it’s too late, because most of those insolvencies have been Specialist Contractors or smaller construction firms! The Year Ahead Isn’t Set To Be Easy Either No-one truly knows what is round the corner, and the election and Brexit are creating uncertainty for just about everyone. One thing we do know is that those of us who are well prepared will weather whatever storm affects us. And that is so true in Specialist Contracting, whatever your size or specialisation. That’s why the suggestions below will ensure you are well prepared for any eventuality in business: Ask Questions and You Will Get Answers Don’t be afraid to ask others for help and advice. There are plenty of people you can ask, from the seasoned pros at StreetwisesSubbie to our forum and LinkedIn group, it’s brimming with over 2,100 members discussing business issues, industry topics, advice and personal experiences. If you would like to join even if you are not on LinkedIn yet, just drop us a line at email@example.com and we will set it all up for you. There is no cost involved. And you can find our group on Facebook too. Just search for StreetwiseSubbie.com. Healthy Profit If you are not making a healthy profit from your jobs, it is time to question why this is so. It could be due to the accuracy of your estimating, lack of control at site level, or assumptions that weren’t well thought out. Be sure you take an objective view and look for the improvements that can be implemented. Problems Will Occur It is inevitable that at some point during your business’s lifespan problems of some scale will occur, and so you need to be prepared for this eventuality. For example, if you were taken ill do you have a team who you know you could trust and rely on to keep everything running smoothly without you? Do you have the right professional support at your fingertips? If not, it might be time to put a plan in place. Be Flexible and Ready For Change The construction industry may look like its been stuck in its ways for many years, but it has been evolving. Contracts in particular are becoming more and more onerous and some Contractors are extremely aggressive to work for. You need to know how to protect your interests, as well as looking at other areas and niches in which your company could operate more profitably. What Do You Know? You’re good at what you do but what else do you need to learn in order to make your business more profitable and secure? Do you have plenty of construction industry knowledge but feel like you struggle with some aspects of running the company? You aren’t alone there, so why not give our friendly team a call on 01773 712116 or drop us a line at firstname.lastname@example.org? Its Not Just What You Know, But Who You Know Network with people from other industries. If you create mutually beneficial relationships you could become one of the companies they turn to when in need of added value. A Little Help From Your Friends Not everyone in the construction industry is in direct competition with each other. In fact when we work together we can earn more money and get complex jobs done a whole lot faster when a variety of skilled construction professionals in all areas who are willing to team up. Our groups are a great place to build relationships. Don’t Cut Marketing, Improve It When money gets a little tight, many people first begin reducing their sales and marketing spend, but this is false economy, and could seriously damage your long term revenue. Instead make your marketing budget deliver better results by working smarter. And Yes it Can All Be Stressful Construction is a contentious business, so it’s no surprise that problems can arise, even if you haven’t done anything wrong. Keeping on top of everything can be stressful and have a negative impact on you and your business. We have Consultants who have decades of experience in everything we have talked about above and more. You can access no-nonsense, practical advice that won’t blind you with jargon, and it isn’t expensive. Please don’t hesitate to email us at email@example.com, or pick up the phone and give our friendly team a call on 01773 712116.