Marketing doesn’t have to be a mystery. But with more and more information, it may be hard to understand what you should listen to and implement. Below, we’ve listed six different tried-and-true marketing techniques to help your business bloom.
Succession planning can be a huge deal for any family-run or owned business, including construction firms. The process is something that should be handled with patience and care. Poor succession planning can ruin a company and have a negative impact on personal matters. However, thoughtful succession planning will allow the company to continue to grow and thrive.
Read more “5 Additional Succession Planning Considerations”
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.
Read more “Benchmarking For Builders in Business: Everything You Need to Know”