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Back office support can make or break your construction company and that’s where we come in. We can do you the most good by bringing order to your chaotic contractors bookkeeping mess! Most of our clients come to us because they believed they needed someone to straighten up their contractors bookkeeping services system, help them get current or quarterly payroll tax filings, sales tax returns and a variety of other tax issues. That is only the tip of the iceberg! 

The real value in working with us is not just getting you out of trouble now but keeping you out of trouble in the future so that you can focus your time and energy where it will do you the most good…acquiring profitable and pleasant customers and clients and satisfying their needs. 

 

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Randal DeHart | Premier Contractors Accountant

 

This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

 

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Feb 1, 2019

This Podcast Is Episode Number 0300, And It Will Be About The Biggest Management Strategy Problems Construction Companies Face Nowadays

Today's Guest Article Is From Jacob Dillon

As a construction business owner, you're probably rarely concerned about management strategies. Perhaps, you are more focused on signing new contracts and successfully completing the work. Then, you measure the results, usually in the form of numbers that the accounting system launches.

This is already a management strategy. You make plans on what kind of contracts you want to propose, and you plan the entire process around completing a contract. Then, you measure your achievements. If you implemented a marketing campaign to promote your business, your business management strategy is even more complete. But it’s not entirely complete until you call it with the right name and approach it from the right angle.

We’re talking about a management strategy, also known as strategic management. This is the plan for managing your company’s resources in the most effective way to achieve its goals and objectives.

In practice, it means that the strategic management of your construction business will set precise goals, analyze the market and competitive businesses, analyze the structure of your organization, and plan all the right steps towards achieving your goals.

Each new aspect of your marketing campaign and every new contract must be seen as part of your management strategy.

As with any other complex process within your organization, there are specific issues that stand on the way to effortless accomplishments. When it comes to management strategy, these are the most common problems that construction businesses face:

1. The Need To Upgrade The Strategy To Meet New Demands

The construction industry is constantly coming up with innovations. Technology became a major player. It doesn’t matter how experienced and well-established your company is; the clients will be interested in the type of technology it uses. Virtual and augmented reality, machine learning, wearable technology, predictive analysis, prefabrication - your management strategy has to be open for implementing these and many other opportunities in the company’s practices.

So you’ll create the strategy. That’s okay. It has to be very specific. But what happens when you have to add something new and different? You must not allow the strategy to undermine your opportunities for growth. It has to be flexible. The development plan needs to be open for new additions.

Needless to say, you must never plan the budget up to the very last cent. Unexpected costs will occur with the addition of new technology, so always have a reserve in your plans.

2. Emerging Internet Trends

You planned your marketing campaign in a very specific way. You have a Facebook page or maybe even a blog. But the way people get informed changes over time. As you probably know, Facebook no longer features posts from business pages in people’s feeds, unless these posts are sponsored (paid).

In addition to getting informed online, today’s customers and clients like making purchases online. If a client is interested in your offer, they will want to get very specific details at your website, and they will want the option to make the arrangement right there. Scheduling meetings are not really necessary.

The environment where you promote your business changes. As an owner, you don’t have time to track all these subtle changes and react to them. You absolutely need a team of marketing experts, writers from services like EssayOnTime, and graphic designers to plan and execute part of the strategy.

3. Difficulties To Interpret Data

Every single day, new data is being added to the pool of data you already have. Each post you publish on social media, each promotional email you send, and each new email newsletter subscription is adding to the pool. Even individual website visits matter. Where do they come from? How long does this visitor stay on your website? What pages do they check? How could you keep them there for longer?

Even the most talented marketing managers face difficulties analyzing and making sense of all that data. When you have such a huge load of information but you don’t know how to use it, it’s like holding a very sharp knife in a shaky hand. It’s completely useless that way.

So how do you solve this problem? Usually, it demands the help of a marketing agency or an individual data analytics expert

4. Blockade In Daily Problem-Solving Processes

When you face any of the problems mentioned above, this one comes at no extra cost. If you get stuck in the data analytics process, you won’t be able to solve daily issues. For example: what type of social media post should you publish today? How can you stop website visitors from bouncing?

If you don’t know what the online trends are, you won’t be able to figure out a solution for your marketing strategy.

If you don’t own new technology, you won’t know how to attract this big potential client.

Everything is connected with problem-solving processes. As an owner or a manager of a construction business, you must be on top of every single issue that arises. The solution may be very easy, but it will still require an in-depth analysis of several factors.

Your entire team must have a problem-solving mindset, so the daily practices of the business will carry on without major complications.

Takeaway

The conclusion is simple: achieving success in the construction industry won’t be easy. You absolutely need a strategic approach. But even the best strategies will face obstacles, so you’ll have to learn how to deal with them along the way.   


About The Author:

Jacob Dillon

Jacob Dillon is a professional writer and distinctive journalist from Sydney. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.

 

 

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