Building confidence: Three ways to make the most of industry growth
After several years of decline and tough times, the UK’s construction industry is reportedly on the up, with 2014 ranking as the best year for builders since the late 1990s.
And with industry experts predicting 2015 to be another buoyant year, here at Red Band we have come up with three ways construction firms can make the most of this growth, boosting productivity and maximising profits….
Being in control of costs on every project is essential and it can often mean the difference between profit or not. Controlling costs means to understand every aspect of the project; the materials required and negotiating the best price; number of people employed to undertake the task and how long the project will take, if any one of these is not controlled the project may result in a loss.
Be a SWOT
SWOT analysis, (standing for Strengths, Weaknesses, Opportunities and Threats) is a technique used by companies around the world. While the process can be quite in-depth, even a high-level SWOT analysis can prove beneficial. For example, take time to think about your company’s strengths, do you tell your customers about them? Are they unique to your business? Next, your weaknesses, this may be that your business is under-resourced in terms of staff or that you are poor at communicating with potential customers. When looking at opportunities this could include thinking outside what you currently offer, perhaps your business is starting to develop into a new avenue but you are slow to react to it. Finally, threats, this often includes competitors but could also be government policy for example.
When you have undertaken your SWOT analysis, try to come up with some action points within each, for example to communicate better with customers or to be more organised when it comes to paperwork. Periodically re-do your SWOT analysis to see how the changes you have made are affecting your business.
Winning a new project can often be hard work and once won ensuring a profit can be equally tough. Ensuring the project runs smoothly and on time is obviously important, not only to the bottom line but to ensure client satisfaction also. One way to ensure a project is completed to a high standard and as efficiently as possible, is to use the right equipment for the job. Avoiding investing in equipment and tasking tradespeople to ‘make do’ with the wrong or inadequate equipment can cost money in the long run, with the job running slower and the standard of finish not be as high as required.
Here at Red Band we supply a wide range of construction equipment suitable for a whole host of heavy-duty projects including civils and house building. For advice and information on choosing the right equipment for your next project, call the Red Band team on 0116 260 2601.