Construction Companies: Goals for Successful Growth

By John Skukalek, CPA, CGMA, Rehmann

 

The work of construction companies is distinctive and complex, generally involving outside contractors in addition to a company’s own internal staff. That’s why ensuring that your internal team is aligned with one another—as well as with your outside partners—is fundamental to the business's success.

To yield the best results, construction companies should keep the following key concepts in mind.

Top talent

Employers will reap the benefits when taking deliberate steps to recruit and retain individuals with strong skillsets. Beyond that, instilling a sense of pride in the organization is key. When employees feel invested in the company's strategic plan and connected to internal resources such as sponsors and mentors, the possibilities for personal growth increase drastically. By putting in the effort necessary to develop and retain employees who understand the company’s long- and short-term goals, you’re putting dollars on the bottom line.

Appropriate technology

Technology has become integral to remaining competitive, efficient, and resilient—especially when it comes to cybersecurity risks. In the past year, we've seen plenty of security breaches across industries, and construction is no exception. By preparing a detailed incident response plan ahead of time, you’ll know what to do in the unfortunate event of an emergency.
In addition to cybersecurity procedures, the correct technology is necessary to optimize talent efforts and streamline the decision-making process within a business. Technology drives the speed of effectiveness within the organization and is a critical component in achieving company goals. Staying up to date with the most advanced technology will keep you safe and allow you to maintain your competitive edge.

Active planning

Often, businesses create a grand, long-term strategy that comprises their vision for the future. It’s a nice exercise, but it doesn’t always remain current. Avoid this common pitfall by incorporating a process that revisits the strategic plan on a regular basis and measures success in a systematic and organized manner. A strategic plan should be a living, breathing process that is reevaluated once a year, at a minimum.

Typically, the difficulty comes in implementing the plan and enabling everyone to work as a team. To operate effectively, the plan must be understood by everyone. Many firms have excellent strategic plans, but the true magic happens when there is enough communication and leadership to establish a culture where each person in the company understands the plan and their role in it, while also meeting the company’s objectives. By combining the three concepts above, your construction business will be routed on a path to success.

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