Feb 3, 2023
This Podcast Is Episode Number 509, And It's About Growing Your Construction Company Through Collaboration And Partnership
Operating and growing your
construction business requires more than functional and skilled
employees, but it's an excellent start. You need a steady stream of
quality, paying clients to keep your company afloat. Likewise,
deciding on an online marketing plan can be overwhelming for
company owners like you who are looking for affordable ways to
nurture consistent, sustainable growth. With time in short supply,
the key is to find one or two growth strategies that will get
results at a minimal cost.
Building a construction business requires collaboration and
partnership. The deployment of employees in a way that allows them
to work together to problem-solve and act with a shared sense of
urgency; and increasing brand awareness through an alliance with
people in the industry are simple, cost-effective ideas for
building your company within, in the office or job site, or
externally through referral and online connections.
When this occurs, you and your crew
come to leverage the strengths of one another as you work to
achieve shared objectives vital to your company's growth. Also,
mutual learning occurs, increasing the probability that each
employee's performance will evolve from good to better and then
best. In turn, a construction company's performance improves as
well.
Collaboration
As collaboration occurs, your team can leverage individual
differences to produce exceptional outcomes. This knowledge-sharing
creates a learning enterprise in which employees more readily
identify solutions to problems. Consequently, your construction
company may become more operationally and financially
successful.
A collaborative environment makes a range of disciplines accessible
on an as-needed basis, which leads to the efficient use of employee
talent in a way that isn't possible otherwise. It allows your crew
to complete a task at hand, making it more likely that the right
talent is available at the right time. With collaboration, jobs are
done more efficiently, leaving more time for the staff to
concentrate on activities that contribute to company growth.
A group brings different perspectives to a problem at hand. As
individuals share their views, each team member considers issues
from multiple viewpoints, and the person begins to think like the
group. The culture change contributes to new thinking, which may
lead to new plans and ideas to deliver your services. In addition,
diverse and complementary talent may enhance individual work
processes as each of your employees becomes a part of a greater
whole, which can positively affect your construction company's
culture.
A team succeeds or fails according to the combined capabilities and
commitment of the individuals involved. Deploying a variety of
unique strengths and skills advances a team's understanding of a
problem, leading to faster problem scoping and solution formulation
and more effective solutions.
Partnership
This simple growth hack is influential both on and offline. A
partnership with a company that provides complementary products or
services can quickly increase your online email lists and boost
your sales figures.
There are many ways a business partnership could work – you might
negotiate a joint venture, host an event where you promote each
other's products, run a giveaway together or launch a combined
product or service.
It doesn't have to be a formal business partnership, but reach out
to businesses in complementary industries to suggest a referral
relationship in which you refer relevant clients to each other. You
could also agree to partner up on specific projects. For example, a
kitchen remodeler and a flooring contractor could refer clients to
each other or work together on projects requiring both
skills.
Keep in mind, though, joint ventures are a bit like change orders.
They can be an incredible opportunity to make or lose money very
quickly. So, forming partnerships doesn't necessarily mean a
business merger but more on providing customized help to a client
that needs a range of solutions.
Final
thoughts
Remember, communicating better is one of the most accessible and
valuable skills you can learn if you look for ways to lead and
collaborate more effectively. Effective communication will help you
to gain the trust and respect of individuals around you, which is
one of the most valuable assets you can acquire.
Collaboration is also an effective means of problem-solving because
it allows a company to leverage individual employee differences,
evaluate employee efforts in the aggregate and create a learning
enterprise. When problems are solved more readily, resources become
available to achieve other company objectives, including company
growth.
Collaborating and forming partnerships are more impactful when you
have written goals of what you want to accomplish and how much
income you want to generate from all your efforts. I can help
provide additional financial advice and support as you update your
business plan based on your intentions and current financial
records.
About The Author:
Sharie DeHart, QPA, is the co-founder of
Business Consulting And Accounting in Lynnwood, Washington. She is
the leading expert in managing outsourced construction bookkeeping
and accounting services companies and cash management accounting
for small construction companies across the USA. She encourages
Contractors and Construction Company Owners to stay current on
their tax obligations and offers insights on managing the remaining
cash flow to operate and grow their construction company sales and
profits so they can put more money in the bank. Call 1-800-361-1770
or sharie@fasteasyaccounting.com