At present, the construction industry is enjoying a period of sustained growth that’s predicted to continue for the foreseeable future. This sector is currently expected to grow at a rate of 4.4% in terms of compound annual growth rate from 2023 to 2030. If you’re a construction business owner, this could be the ideal time to consider expanding your operations and attempting to enter new regions where you can gain a market share.
However, it’s important to recognize that any growth strategies for your firm must be planned effectively to allow sustainable expansion to take place. In this article, three key strategies that will allow your construction business to grow will be explored in detail. Each strategy is suitable for a range of construction firms, regardless of their specialties in the sector.
1. Set up a new regional headquarters
One of the key ways to increase the market share of your firm is by moving into other regional areas and having an additional headquarters site in this location. This can allow you to expand your workforce and operate from two main sites without needing to travel significant distances between regions. However, it’s likely that you’ll need to transport some of your heavy machinery and equipment to the new location to facilitate this.
The best way to achieve this is by using a dedicated machinery movers firm. Such companies will have a range of fleet vehicles that can carry large and heavy pieces of construction equipment or construction vehicles (such as diggers and flattening vehicles). Ensure that you choose a reputable firm that has the experience and knowledge to efficiently relocate some of your key pieces of equipment.
2. Make quality a priority
In the construction industry, quality is an extremely important factor to consider. Put simply, every job that your firm undertakes must be completed to the highest possible standards. The perceived quality of your company’s work will play a key role in building your business reputation and this will be vital to secure new construction contracts, especially from clients that may not have heard of your business. Your firm should always endeavor to complete projects to the projected timescales, to budget, and to the highest levels of quality. By doing this, you’ll ensure that word-of-mouth recommendations are given to other businesses in the new area of operations and that additional building contracts are secured.
3. Hire and train exceptional staff
Your construction staff are the heart of your business. They need to be highly motivated and skilled so projects can be delivered on time and to high levels of quality. When expanding your construction business, it’s likely that you’ll need to take on additional staff so you can comfortably complete a higher number of concurrent projects.
Ensure that you hire staff who are time-served professionals and come with recommendations from their previous employers. In addition, it’s of paramount importance that all new staff receive comprehensive training when they start with your firm. This will ensure that they can demonstrate the correct health and safety procedures and are able to work to acceptable standards on different forms of construction tasks.