2017 looks like it’s going to be good year for business owners, specifically contractors. According to a survey released by the Associated General Contractors of America, seventy-three percent of construction firms plan to expand their payrolls in 2017 as contractors expect private and public sector demand to grow in all market segments. The NFIB Small Business Survey also tells us that small business optimism has rocketed to its highest level since 2004.
Now is as good a time as ever to consider business expansion in preparation for this economic upswing. Stay competitive by brainstorming the different ways you can expand:
One of the biggest problems facing the industry is finding skilled workers. Invest in training/hiring more employees in preparation for bigger and more frequent projects throughout the year. You don’t want to be left out of a bid because you didn’t have the manpower or skillset.
If you haven’t already, consider attending relevant tradeshows/expos like the International Roofing Expo to stay current on industry innovation and trends. Subscribe and read key industry publications as well. Networking through National Roofing Contractors Association, the local chamber of commerce, or other similar associations will give you ideas and connections.
Do you need equipment upgrades? Think about replacing anything old and outdated with quality equipment so you can stay on top of best practices and allow the business to run more smoothly. You wouldn’t want your equipment to break down on site or for the job to take longer to complete because you don’t have the best tools.
How does your website look? Oftentimes, the company website and marketing is last on the list of priorities. If it looks dated or is hard to navigate, think about outsourcing to a website designer to give your business a modern and professional look. Most times, your site is the first impression customers will see. Invest and make it shine.
Don’t Let Lack of Funds Hold You Back
Don’t let lack of extra cash in your bank account burst your bubble and deflate your plans. Many of our clients in the construction industry expressed that having extra cash allowed them to cover upfront costs and take on extra jobs. The ability to cover payroll and start projects where there is no down payment or there is an unexpected payment delay can help you benefit from lucrative opportunities.
Set yourself up for success this year. Now is the time.