Category Archives: Strategy

Review of strategy is important for the growth of a construction company

We often consider planning to be one of the most important components towards the growth of a business but there is something that is equally important and that is reviewing those plans. It makes absolutely no sense to prepare a plan if we do not take care to review it. Things may go haywire and we will not even get to know about it as long as we do not sit to check the ground reality. This is why reviewing the plans is very crucial for the growth of any company. It becomes all the more important when one is take care of his construction business. This form of the business has too many ups and downs in it and one has to go through a lot of hardships to put everything in place. To set things right, a lot of people have to get involved in various sets of planning and knowing the nature of the business which is pretty dynamic and where anything can happen at any moment, one needs to make sure that he keeps on checking if the actual are in sync with the proposed plan and if not take corrective measures to set it right.

Involving all the head of departments for setting the plan:-

When you are building a plan, it is essential that you involve the heads of all the departments so that they can all give their inputs pertaining to the cause of the plan. You can have deep insights from them about how the department can perform and if there will be any requirement of additional workforce in the due span. You can rely on their advices and then go about framing the plan. In this way, they all will be aware of your goals and then it just will not be your goal but will become the goal of the company. It is not just you who will be working hard to realize the goals but your entire team will be with you.

Have a quarterly meeting with all of them to check the actual:-

Reviewing of plans should be conducted once in 3 months. This lets us know the real picture from the proposed one and what needs to be done to get things back on track if at all it is out of place. It also ensures that things do not completely out of hand which is possible if you take up the same meeting after a year. You will probably find that the damage has become irreparable and may have to start all over. That will be a sad part for the management also a question on your leadership quality.

Check area of opportunities and eliminate threats:-

It is only during the review that you get to know the possible threats that exist and can act as a big danger to the project. You can’t get to know the threats while you chalk out the plan. In the same way, while you start working on a plan you also come to know if there are any more opportunities that you can explore. Pick up all the opportunities and try and eliminate the threats.

Use social media as a tool to augment your heavy equipment business

The construction and the heavy equipment industry are largely dependent upon new technology. The construction industry is always in the hunt of heavy equipment that can get the work done quickly and with utter precision. Now this is only possible if you upgrade your heavy equipment by adding new technology in it. This will bring in a new life to the machine and it will work with more vitality under tremendously rough situations. Now that was all about how technology can help get the work done at a faster pace. However, if we want to make use of technology to advertise our products and services so that it can reach to thousands of people at a given time, there is no better option than talking about your business in social networking websites. There you can reach to a large number of population without having to pay a penny for it.

There are many companies who are involved in the process of creating their business profiles in social networking websites like LinkedIn, Periscope, and Facebook etc. There find this to be an excellent tool to reach out to a sizable amount of people at one go. They have seen their business growing in this fashion and acquiring more clients from such networking websites.

There are few do’s and don’ts that one needs to follow while they set up their business profile in a social networking website.

Keep your personal and professional profiles separate:-

It is very crucial that you keep 2 accounts in one social networking website, one for your personal use and the other for your professional. If you are into selling of heavy equipment of all the brands, you can make use of your professional account to mention that there. Talk everything about your business in that account but pay special attention that you do not talk much about your business in your personal profile. If you share a couple of your business stories to any of your friend on the personal profile, it won’t be an issue but if you only keep on bragging about your success stories all the time on your personal account, your friends might get turned off by that. They definitely do not check your profile to know about the success in your life. They just simply want to know if things are ok with you.

Maintain strict professionalism on your business account:-

You should keep your business profile very professional. Social networking websites like LinkedIn are meant for professionals and businessmen who are looking to acquire clients and get businesses from them or to reach to the skilled masses and absorb them in their business. If you are an authorized dealer, you should be very stringent when it comes to professionalism.

Post a photo of your company:-

It makes ample of sense to post a picture of your company’s logo on your business profile. It help your prospective client to understand the kind of account you are holding and they will move into your business account to know more about your business and will not stray down to your personal account.

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Set up business models that can be achieved

Construction business may seem to be a rewarding one but in order to set your foot strong in this business; one has to go through enormous planning and determination to execute them with precision. Firstly it is very important for them to establish a sound business plan and once that is in place follow the plan stringently so that you can achieve things in a phased manner. Now having a construction company, you have entered a dynamic industry which has no set rules of its own. Things that are found to be merrier now may turn into something drastic and therefore just having one set of plan with no flexibility can only harm your growth prospect. Therefore it is crucial that you analyze things, try to foresee them and be ready to revamp your strategy when the need arises or else you may find yourself in an unwanted and complicated zone.

Take baby steps in the beginning:-

If you have just started your construction company, avoid taking big leaps as there are chances that you may hurt yourself in this process. Dreaming big is not a problem but giving not much time to fulfill those dreams could be harmful and dangerous for the prospect of your company. So during the initial phase, you take small steps towards achieving your goals and once you start seeing things working out for you, you may then speed it up a bit. However, do not be in a hurry. Have patience and give some time for your business to grow. It takes a lot of time to form a concrete construction company. During this while you should enjoy your work and learn from it.

Your strategies should be realistic:-

When you are setting up strategies for your company, make sure that they are realistic and achievable. Strategies should always be formed keeping into consideration your business goals and the time by which you want them to be fulfilled. Keeping unrealistic goals can have drastic impact on the financial health of the company as well as on the morale of the employees. It is prudent that you consider all the facts well before you frame business plans.

Review your plans at regular intervals:-

Plans once framed should be reviewed at regular intervals. You should give a gap of 3 or 6 months and then review the ground figure. Take into account all the people from the senior management and review your plans with them. Give clear instructions on how you want the review to be. Reviews that are simple can be better understood by everyone. If you find one particular department not being able to perform up to its merit, you go to handle the situation delicately rather than exerting pressure on the team. First and foremost, try to evaluate the reason of underperformance and once you have earthed that check if they need any help from you to get it fixed. You should be ready to provide any assistance to improve your team’s performance. Once these things are taken care of, rest all will fall in place.

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Use Social Media as a platform to grow your heavy equipment business

Starting a business is not as difficult as growing it. You may need some amount as investment money, little know-how about the business and you can start your own business. You probably do not have to worry about making profits in the first phase of your business but as and when your business grows older and you start generating profits, making new clients, which is perhaps the time when you start thinking of expanding your business. Well, in order to reach the larger section of society, you need to use a platform that is adopted by everybody in their day to day life. Something which the mass uses quite frequently. If you are able to talk about your business in that platform, it is evident that more and more people will get the chance to look at your business and will appreciate it by becoming your client.

Today we all are highly connected with social media like Facebook, LinkedIn etc. These social media sites are used to stay connected to your closed ones who are ideally distance away from you. But you can still see them in the virtual world. You can make use of such social media websites to promote your work, to let people know the kind of business you are associated with. It can prove to be a big boon for people who have their business in the construction domain or who deals with heavy equipment.

In order to promote your heavy equipment business, it is prudent to use social media sites that are mainly used by working professionals or businessmen. Well, what you can do is create your own group and can invite people whom you know so that they all remain in your group and in this way they get to know your business from a closer angle. This will only help you to promote your business and in case if someone who is interested to buy any sort of heavy equipment will get in touch with you and place their order to you. You should try to keep your profile very professional as it attracts people’s attention and they do not take you casually. Having a casual profile will not have that high impact as a professional one can put. Remember, when you are putting up your profile in any professional social media website, it is not solely for the purpose to stay connected to the people you know but also let them know about your business and nobody will want to deal with a guy who has a very casual approach towards his work.

Moreover, there will be others whom you do not know but are linked to the people who are in your friend’s list and they also get to see your profile. Having a professional outlook will definitely give a good impression about your business to them. You never know when a big deal may strike and you may get chunk of orders from a new client that you have made from a social networking site.

Make use of Social Networking websites to grow your heavy equipment business

Any form of business is directly connected with technology and successful business entrepreneurs make full use of the latest technology to grow their business. They find it to be one of the simplest and quickest ways to reach millions in just seconds which is not possible through any other mode. Running a successful business is an art and not everyone can master that art. The person need to be foresighted and should understand the importance of technology and how it can impact its business. One form of technology that is making rounds these days is social networking. These days everyone has an account in some or the other social networking website and through that they try to stay in touch with their friends and loved ones. However, this mode is also been acknowledged as one of the crucial method of spreading the news of your business. In order for people to know the kind of work you are into, you can make use of a social networking website that is popularly used by many and can create your business profile out there.

It has proven to be a great stuff for beginners who are not a known figure in their line of business. It is difficult to win the trust of your clients when you are new to a business. They have doubts like if you can complete the work in the given time frame, if you have the required resources to get the job done and many such questions that a newbie finds it hard to deal with. People who are from the construction industry or the ones who deals with selling of heavy equipment find social networking websites like Facebook, LinkedIn, and Snapchat etc. as a wonderful tool to connect with people; many known and some unknown.

Once you are registered member of any social networking website you talk about your business to your friends and people whom you know. You keep posting articles about your work or your achievements which is read by people who can be your friends or your friend’s friend. The sole purpose is to reach to as many people as you can by posting a single post. If you are selling heavy equipment you can talk about your website in your profile and also put the picture of your company’s logo as the profile picture. You can make use of Snapchat to send pictures or videos to all your friends or to people specific.

Having a website of your company is good but social networking sites make it easy for you to connect to people who are not known to you and who do not know anything about you. They may see your company’s logo for the first time on some of your friend’s profile who must have liked your profile picture or any video posted by you. This is how they get to know about you and may go to your website to know more about you. This will eventually help you to develop your business in the long run.

Stagnancy in construction business – It’s time to review your strategy

Forming strategy is a part of every industry and all kinds of businesses. You have to plan few things in advance by assuming how the situation could be in the next few days, months or years. A person who has been running a business for years and has seen many ups and downs of the business can make little mistake in assuming the market trends and on the basis of his assumption, he can form a strategy. However, what can one do if he finds that his strategy is not working and the business is still stagnant and waiting for the push.

Well, it means that it is time to review your strategy and probably re-plan things. It is not at all necessary that what you have assumed will turn out to be correct. Many a times, the most experienced guy in the industry does mistakes in estimating how the market will react in the next few months. Future is unrealistic and it may be utmost difficult for anybody to predict things precisely. We can follow the past trends but based on those trends deciding the future trend is not possible. Playing a bigger bet just by predicting the future is just not advisable and definitely not advisable when you are running a construction business. But that does not mean that you will stop estimating things and will desist from laying strategies.

When you are in the construction industry, you take into consideration advices from all corners. Right from market experts to your fellow workers, any suggestions coming from whatever side can be sheer effective. Therefore, you should keep your ears open to their advices but take rational decision and should not just go just by their words. Give your thoughts to the entire version as it is important to know what others think about the construction market.

Just in case, if you were doing well in your business and all of a sudden you experience stagnancy, then it is a matter of worry. You should act immediately or else the stagnancy has the potency to eat away your business and you might end up losing everything that you have. What becomes important for you do is review your plans and check what is not going as per the plan and if at all you need to bring any kind of changes, be flexible enough to adopt and adapt to the changes.

Stagnancy in the construction business can be due to several reasons. Rise in fuel price can also affect your business in a larger way. You also got to keep a close watch on the client relationship. Many a times, it has been seen that you stop getting business from clients as they have got hooked with some new construction company. A fall in the quality of work can be one of the reasons behind the change of business. It is very crucial that you do a Root Cause Analysis (RCA) and check all the possible reasons that could have led to the stagnancy in your business and once you have found the problem, waste no time in uprooting the issue once and for all.