Demand for new homes and infrastructure is booming with the construction industry currently growing at a pace not seen for around a quarter of a century.
Do you want to grab a share of this construction growth and, if so, is your business scalable?
Five simple steps from our RICS-regulated team to get you growth-ready.
Review your business plan: It’s essential to have a clear roadmap setting out the strategic direction of your business. It starts with an honest and objective assessment of where you are now and where you want to be. It needs to set measurable objectives and timelines for achieving your business goals.
Ensure you have reliable financial management information: You need a good set of management accounts – if you are relying on poor quality financial information, you won’t be able to plan to grow. You need a firm grip on your cash flow and cash forecasting, and that means regular financial reports itemising costs and income and ensuring you are achieving your planned margins.
Do you have the right staff? The starting point is your management team. If you’re planning to grow, do you have the right management skills and capacity? Managers must be accountable for the different areas of the business and must report regularly. With labour shortages proving a real issue for the industry, are you confident about your labour supply chain? Have you taken steps to ensure you can access the skills you need and have you factored in potential wage increases?
Better project management: Have you reviewed your systems and processes and do you have the most effective technology in place? Sound project management is key to controlling costs. From managing variations and risks to communicating with clients and dealing with disputes, you need the attention to detail that a good project plan provides.
Are you paying attention to customer care? Satisfied customers bring repeat business and new business referrals and underpin your business growth. Transparency and trust are key to customer relationships and regular reporting on costs and variations will ensure customers get value for money.
Have you considered enlisting high-quality professional support to help you work through these steps and ensure your business is scalable?
Get in touch now:
Our ProQS quantity surveying experts can review your business model and give you the confidence to push ahead and grow your business. Contact us today on 01206 654003 or email: info@proqs.co.uk.
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