SIX CHALLENGES FACING COMPANY OWNERS
- April 2, 2018
- Posted by: ross
- Category: Construction
Six Challenges Facing Construction, Engineering and Trades Company Owners
BY TC BUSINESS GROUP – SPECIALIST BUSINESS COACHING PARTNERSHIPS FOR CONSTRUCTION.
Construction is estimated to be the third largest industry in the Australian Economy. Large or small, we all face similar challenges, changing this can mean significant benefits to a business and lifestyle for the owners and their teams.
Here a list of some challenges which we face in construction industries:
1. LABOUR SKILLS SHORTAGE & TEAM
Construction appears to be on the rise, whilst technologies are increasing, team labour is key.
It is becoming more difficult to recruit and retain highly skilled and motivated workers and with the rising age of our population we need to increase the desires for younger workers to view construction as a valued and lucrative career. TEAM IS TOP, creating a proven employment filtration process and established culture is paramount.
2. SLOW RECEIVING OF PAYMENTS AND INVOICING
Cash is King, and we need cashflow to survive, often the invoicing and office systems are not suitable. Outlining of payment systems as the projects progress can free you up to utilise your resources. Conditioned with a good understanding and office procedures system can substantially affect cash flows and abilities to engage into new projects.
3. UNDER PLANNING
Marketing, Sales, Operations, Admin & Finances are critical to be stepped into at your pace in a process that is comprehensive and planned. Making the 100% right decisions is sometimes not possible with all the unknowns, but making the least amount of wrong moves will mean your stability and growth will be good. Projects need clarity as do all the areas of business. Learn to plan competently and failure can be avoided and confidence will bring results. Using a proven process with professionals provides a great investment.
4. UNCONTROLLED GROWTH
This is one of the failures for business which is often unseen or comfortably hidden as the thrill of growth comes. Many companies can find themselves in hot water and stress due to loosing sight of their vision and their available capabilities and resources.
Knowing the financial numbers and cost centres clearly with an easily read scoreboard help to make informed decisions. Strategies and Planning with tracking for expansion and demand is critical to growth.
5. USE OF TECHNOLOGY
Technology is a key role in helping win new business, retaining existing clients and day to day operations, without the right systems business can be slowed. Making the right decisions here is critical and possible with the right knowledge questions and matching the systems. Looking at the future with an overall professional view of the business is a key to the rate of growth and profits. Part of your business vison mapping and planning considers the right technologies with capitol and time considerations.
6. WORK HEALTH & SAFETY TRAINING
Cutting corners and reducing the spends on WHS can occur to maintain the profitability Margins. Litigation and insurance costs can turn out to be much higher than compliance costs. As the business grows and competence is found, WHS can take a turn for the better. Finding the strategies, systems and understanding to turn WHS into a positive is of high importance to future growth and the ability sleep well at night. Training is an opportunity when facilitated with the business planning and team culture processes.
The overall company structuring and integrity of business are many and can be overwhelming to know what to do, but it doesn’t have to be like that.
How can using the right professional partners help your business and personal life?
Many business owners face similar challenges and were not trained to deal with all the different aspects of the business when they started.
It is proven that when an owner surrounds themselves with professionals that know more than they do in areas of the business, they grow exponentially, more easily and faster.
For our client partners, it’s most often been their best investment, “they can’t put the business value in the bank, but the value is growing and gets a greater return”
We have a unique approach and experience level that is proven and guaranteed.
Contact us if you are ready and open to discuss our model and how it may suit your business future.
how can we help you?
Contact us at the Consulting WP office nearest to you or submit a business inquiry online.