The FranklinCovey group calls it “Clarify Purpose”. Microsoft labels it as “Create Clarity”. In one of the most watched TED Talks of all time, leadership thought leader and speaker, Simon Sinek, stresses that the best leaders “”. Regardless of the exact wording, the leadership principle rings true across a multitude of platforms – direction. Teams benefit from, thrive on and crave direction from their leaders.
Succession Planning or beginning the transfer of a company from one generation to another is one of the most significant decisions you can make as a business owner. An unorganized transition, unclear roles/responsibilities, and not understanding financial drivers can turn a thriving company into a nightmare. Over 25 years ago, I went through one of these transitions personally, without planning, much training, or expectations of what would happen without my father’s experience and gut instincts. Here are seven things I wish I had known when starting the succession planning process.
As a construction company, you’re always lining up new projects to work on once your current ones are finished. That’s why generating new leads is important. Some construction company leaders undervalue the need to have a constant flow of leads coming in, but if you don’t have jobs lined up, you risk your crew being out of work. You also allow your competition to pick up these clients, which can reduce your share of the market. Fortunately, if you follow these five tips, you can generate more leads for your residential construction business and always have new projects in the pipeline.
That’s where the hard part comes: how can you make the most of the digital space, especially if you are a small business owner with no budget for expensive marketing campaigns?
Here are 5 efficient techniques that you can include in your marketing strategy right away to spread the word about your business.
Are you ready to grow your business or take on more jobs and customers? Are you financially where you believe you should be? Are your company’s finances balanced at all? Don’t get overwhelmed –financial performance benchmarking can help you answer all of these questions. Essentially, benchmarking is the process of comparing a business’s current financial performance with its past performance, industry standards, and the processes, operations, and financial state of other top performers in the industry.
Financial performance benchmarking isn’t really a difficult task, as long as you’ve kept good records over the years and can gather data about the construction industry and its leaders. Once you’ve done so, you’ll be able to assess positive and negative trends, identify areas where your company excels, and improve less productive areas to achieve optimum results. With this information, you’ll be able to determine if you have a strong enough cash flow to take on the debt that often comes with expanding or whether you need to take the time to work on internal processes first.
This is why benchmarking is so essential. Without it, you don’t know where your construction company stands. You can’t tell if you’re doing better than you have before or if you’re anywhere near the leaders in the industry. You can’t tell if your profit margins are the same as those of others within the construction industry or if you’re making much less than you should be.
But if you’ve never done benchmarking before, where do you start? Here are some helpful tips.