Escalating your business to the next level
So, you’re ready to scale your construction contracting business. It is time to move to a new level. You have plans, thoughts, and ideas about moving into the big league. Read on, because there is a brief primer ahead to help you begin to work through that process. But, before we go any further, I’m going to tell you the same thing my dad had to remind me of on more than one occasion.
If it was easy, everybody would do it
Scaling isn’t as easy as finding the right app, purchasing the correct software, or hiring the right superintendent. It is a process, with many components, and it requires commitment.
I’m not trying to take the wind out of your sails. As a matter of fact, I hasten to add, while you can’t change the direction of the wind, you can adjust your sails in order to reach your destination.
What the heck does it even mean?
A little more than a decade ago I came across the term and the idea of scaling your business. In context, I sort of had an idea of what it meant, but wasn’t completely sure. How about you? Do you know what it means? If not, this definition and explanation of scalability found on divestopedia is short, concise, and is worth your time to check out.
Identify ways to upgrade processes on the path to scaling your business
The most basic take-away from divestopedia’s article is a scalable business is one that focuses on the implementation of processes that lead to an efficient operation.
You’ll need to identify those processes which can be reproduced at a rapid rate, without generating increased costs. Think in terms of automating certain processes that currently require time and hands-on interaction.
One example of this type of automation can be found at your local supermarket, where you’ll find four or more self-check counters manned by only one person.
Another example is how we, at Schulte and Schulte, LLC work with you through accounting software or SaaS and various apps implementing an automated process.
Speaking of apps, this List of 17 construction apps for 2017 is a good place to begin your research into some ways to simplify, update, or structure some of the functions necessary for running your present and future job sites.
Of course, there are other technologies which are no longer the stuff of science fiction, but are already being embraced and are quite literally changing the landscape of the construction contracting field as well as the landscape around us.
- 3D printing
Look into what each of these technologies are already being used by your colleagues as well as your competitors. Think in terms of investing in what will bring the most ROI not only now but in the upcoming years.
10 important scale driving measures to take
Scaling your business goes beyond buying the latest technological item or system. There is more to the whole notion of scaling your business. Just as you put in time and effort to start your business, you’ll need to put in additional time and effort to scale your business. Following is a list of actions you’ll need to consider.
- Update and reshape your business plan
- Line up any necessary funding
- Pay attention to your consistent brand messaging across divisions, locations, and mediums
- Embrace standardization (scalable companies have effective tools for measurement)
- Hire people smarter and more talented than you
- Outsource what makes sense
- Focus on ROI
- Document everything
- Plan for the little things
- Keep trying until you find what works
In order to scale you must indeed be proactive rather than reactive. Begin building into your business those standardized functions which will continue working whether or not you’re at the helm.
OK, now where is the blueprint?
Not here. I won’t be able to offer you a “Your business blueprint,” yet I have given you enough information to begin putting your own blueprint together. And, good news, (caution — big self-serving plug here) we at Schulte and Schulte, LLC are ready, willing, and able to aid you through accounting advice as you take the scaling up steps.
In case you are wondering. Yes, we have built into our plans and strategy the scaling of Schulte and Schulte, LLC. One of our favorite parts of the plan is that as your construction contracting business scales we’ll be on the scaling escalator right beside you.