Growing Your Construction Business
There’s more to growing your construction company than winning a bunch of new contracts. Growth can lead to things like buying more equipment, finding new vendors and adding additional valuable employees to your team. That’s why it can be so important that you effectively manage your company’s cash flow at this time. You’ll want to make sure you’re able to get the resources and materials you need to capitalize on every opportunity. Here are a few other ways you can help increase revenue for your construction company and help improve your bottom line:
Build Better Business Relationships
Word-of-mouth and referrals for jobs can be a few of the fastest and easiest ways to grow your business. Of course, you have to give the person a reason to want to refer your company in the first place. Follow up on each project and make sure everything your company worked on was completed to their expectations. If your company delivers on its promises and is reliable, you will be able to more easily build relationships, and your business.
Selecting the Right Vendors and Business Partners
When selecting contractors to work with during this critical time, you may want to consider checking their business credit report to gauge their financial health. By pulling a company’s business credit report, you can see the company’s past payment history, help determine the likelihood they’ll experience financial hardship, and more. The last thing you want is to be left high and dry by a vendor or subcontractor when you have to meet a tight deadline on a project.
Bidding on Government Contracts
The majority of public sector jobs will have requirements or incentives to hire local, minority-owned, women-owned, and/or veteran-owned companies. If you’re one of these types of businesses, it may be a good idea to explore bidding for government projects. Remember, if you bid on government contracts, you will need a D&B D-U-N-S® Number.