If you’re going to expand a house, you need to have a blueprint for what changes are going to be made. You don’t just start adding on wings without considering all of the underlying support those structures are going to need, so why would you do that when you expand your construction business? Before you do anything, you need to have a plan in place that addresses all of the following areas.
#1: Your Credit Rating
When you’re a business, you tend to write a lot of checks. Not only that, but you may need to take out loans in order to acquire new tools, locations, etc. As Citizens General says, make sure your credit rating is up to the task, and if it isn’t, you might want to take some time to polish it up first.
#2: Your Workforce
If your business is going to grow, then you need to make sure you have enough people to grow with it. If you don’t have enough employees to handle an increased workload, you might be in for some trouble. While subcontractors can help ease the burden, it’s important to be realistic about that resource as well.
#3: Your Support Staff
Your construction business is more than just the contractors working on projects. It’s also your secretaries, your marketers, your lawyers, and your payroll department. You can’t do it all yourself, so make sure you’ve got the support staff that you need.
#4: Your Business Prospects
You can’t expand your business if there just isn’t enough work in your area to cover it. So before you set your eyes on a larger office space, or start figuring out how many extra staffers you’ll need, make sure you have the contracts being offered to make the expansion worthwhile. You may even need to offer additional services or move into areas of construction you don’t currently cover to make sure you create enough demand.
#5: Make Sure Your Assets Are Covered
Running a construction business comes with a lot of risks. That’s why you should make sure your insurance policies will still cover you when you expand. If they don’t, or if you will need additional coverage, then make sure to take that into account when making your business plan.
It Takes A Lot of Work
Growing your business isn’t easy. It takes a lot of sweat, planning, and effort to get from where you are to where you want to be. Most importantly, it takes a planning, organization, and communication system to help you find the answers you need and to find the people who can help you turn your plan into a reality. That’s what PlanHub is for!
For more information on which areas of your company you should focus on when growing your construction business, and how PlanHub can help you get there, simply contact us today!
