Do you have construction projects lined up for the rest of the year? Do you have loyal clients who contract your small construction firm over and over again? Are your profits higher than ever, and your turnover the lowest it’s been in years?
It might be time to consider growing your small construction business.
Congratulations! You’re doing it right. Your workers, both temporary and permanent, are happy and hardworking. Your reputation is founded on high-quality work that is completed on time. You’ve created a business model reaping the benefits of productivity and profits. However, are these really signs you should expand, or just confirmation that you have a solid grasp on your small business? Here are three signs that it might be worth investigating the possibilities of business growth.
Are you turning down clients or waitlisting projects? If you have more business prospects than you can handle, it could be time to expand. You could consider promoting a reliable, loyal and knowledgeable employee to a job-site supervisor and hand them one of the projects you’d typically decline. Be sure to do the math. If more jobs means more expenditures, but less profits, then you may want to take a bit more time before you grow.
If your business is slowing or staggering, it may be time to consider expanding into a different market. Growing your reach can help you reel in new business and expand into new markets. Just be sure you have the equipment and labor to produce good work while you grow. Learning on the job is not the best way to grow your brand.
Setbacks Will Occur
When you’re ready to grow your construction business, be sure you have finances set aside for unexpected road bumps. Taking on more projects means your equipment faces more wear and tear, your labor costs will rise and your taxes could increase. Be sure that you are prepared for these costs and more. Eventually, if your growth is successful, the additional profits will cover these costs and more. However, in the meantime, be prepared to cover the onset yourself.
So, how do you know really if it’s time to expand? These three signs could indicate that your business is ready for growth. When you’re ready to take the leap, contact CCS Construction Staffing. We have a talent pool filled with highly qualified candidates, ready to work right away. When you’re ready to grow, we’re here to support you.