Running a successful construction business is no cake walk. Profit margins are often slim, paperwork is overwhelming, and risks are many. But for most of the people I know in the business, it also has plenty of rewards. There’s a sense of pride in building something worthwhile, in solving complex problems, and in the teamwork and relationships it takes to turn ideas into functional, durable structures.
Over the past few years this blog has covered a lot of ground when it comes to understanding how to build a successful construction business. Here are just a few previous posts that cover some of the basics:
- So you want to start a construction company—If your construction company exists only as a business idea, then this previous post is a good place to start. We’ve outlined four key things to think about before and once your company is up and running. You also might like “Five essentials for starting a construction business,” which provides a list of sources to get you started on pursuing your business dream.
- Yes, there is a better way to manage job costs—No doubt about it, if you want to make money in construction, you have to know your job costs. Learn more about how to better control costs, including focus areas such as committed costs, change orders, labor tracking, and work-in-progress reporting.
- Cash is king . . .and in construction, don’t forget it—When your cash isn’t flowing, you’ve lost the lifeblood of your company. This post lays out seven tips to help you better manage and maintain a strong cash flow, in good times and in bad.
- How to define your project sweet spot – Are you wasting your time going after unprofitable work? The most successful construction companies will turn down projects that don’t make sense for their bottom line. Find out how to analyze past jobs to bring in more profitable future business.
Businesses take a lot of care and feeding to stay ahead of the competition and continually improve. We hope the blog posts and tips we provide—based on best practices—will provide inspiration and practical ideas to achieve your business goals.