509: Growing Your Construction Company Through Collaboration And Partnership

Contractor Success Map with Randal DeHart | Contractor Bookkeeping And Accounting Services

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 [e-mail]