Building A Successful Construction Company for Long-Term Success

For some people, running their own building company is a lifelong goal. When they finally reach it, they find it is much tougher than they thought.

Without the security of a weekly wage paid by an employer, life can get very stressful, very quickly.

Whether you’re just starting, or have been in business for a while, here are a few tips to help you set your building company up for long term success.

Organise the legalities

The first step in setting your building company up for long term success is to ensure all of the legalities are taken care of and set up correctly.

Decide how the company will be structured, register your company and business name, organise insurance and apply for the appropriate licenses. Without this, your business will not only fail, but it also might be carrying out building work illegally.

Get organised

The key to success is to get yourself organised! Begin the day with a to-do list. As you complete each item, tick it off. By doing this, you will ensure you’re not going to forget anything.

At the same time, organise your record keeping.  Good record keeping will help you see at a glance how your business is travelling financially and what potential challenges you have coming your way. By having exceptional records, you will always be one step ahead with planning.

Know your safety requirements

Before beginning any work, it is essential that you are aware of the Occupational Health and Safety requirements. There are many government and non-government agencies that can assist with information and training.

Brush up on your business skills

There are many different courses you can take to bring you up to speed in the business world. As a tradie or contractor, you may already have extensive experience with quoting, budgeting and invoicing.  Look for a course that covers more in-depth financials such as accounting and bookkeeping. While many businesses still have an accountant they refer to, it is advisable to have some knowledge in this area. It will also help you with your record keeping.

Find good employees and treat them well

Exceptional and hard-working employees don’t come around all the time.  If you have them, you want to hang onto them. Make sure they are paid according to their skill level and looked after.

Good employees will become the backbone of your building company. Your business will run much smoother if you are not continually dealing with high absentee levels, staff turnover or unhappy employees.

When hiring always follow legal hiring processes such as fair work requirements, employee benefits, withholding tax and superannuation requirements.

Alternatively, if you are going to contract, instead you still want to find reliable and hard-working contractors.  Look for someone who is elite in their field. PileVic, for example, are Victoria’s Premier Piling Contractor. We offer extensive knowledge of piling methods and an impressive portfolio of services designing and installing steel, blade, lateral load, beam and screw piles. We work closely with construction companies, architects, home and commercial builders to ensure complete satisfaction, from the ground up.

Professionalism and extensive knowledge are invaluable when working with contractors and ensure your other trades do the same.

Networking

Some see this as a necessary evil! Networking is your key to growing a successful building company from the ground up for long term success. Always talk about your building company with people you come across. There are various automated systems you can put in place to email previous clients to update them on your new ventures.

If you’re studying, mention your business to your classmates. Check and attend local networking events. You can find networking events through dedicated networking apps or Social Media.

Running a building company is no easy feat, but by following a few small and easy tips to help your company can be on track to succeed for many years to come.

Learn more about How to Improve Your Building Company’s Efficiency
here.