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Iceni Magazine | July 20, 2024

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Secrets of Successful Contractors and Builders: Lessons Learned from the Pros

secrets

In every industry, there are people who seem to stand head and shoulders above the rest.

And that observation is no more true than in the construction industry. Some builders and contractors have their processes nailed and make a fortune, while others struggle just to get by.

This post takes a look at some of the secrets of those who are successful in this industry and how you can emulate them.

Plan Ahead

The first way you can improve your situation is by planning ahead. Have a clear vision of what you want to achieve, how you will do it, and what resources you will need. Try to see when trouble is coming down the pike and prepare for you. Anticipate potential problems and have contingency plans in place for when things inevitably go wrong. If you encounter an issue, create a system that prevents it from happening again so you can proceed seamlessly.

Always use the latest tools to map out your projects. For instance, use BIM when designing or following building plans. Also, follow the pros who use electrical estimating software to figure out how much electrical work is going to cost on-site. Don’t just guess at the numbers because the figures in your head can be quite different to what transpires in reality.

Communicate Effectively

The next step is to communicate effectively on all your projects. You need to communicate clearly and frequently with your clients, suppliers, subcontractors, and employees. Ensure you set realistic expectations and resolve issues rapidly, keeping everyone informed of how you are proceeding. The more you can communicate effectively, the more trust you’ll generate, and the loyalty you’ll get from stakeholders.

Hire People With Skills

As a contractor or builder, your team is your most valuable asset. Therefore, you need to hire people who are qualified, experienced, reliable, and show up to work when you need them to. This extends to your equipment too – for example, if you’re planning on using live bottom trailers for moving heavy materials to and from a job, you’ll want to ensure someone in your team has the correct licenses in order to take full advantage of such a vehicle.

Avoid the temptation to hire the cheapest labour. While it might be suitable for some basic jobs, it can lead to management and quality issues. You need people with the proper skills to get the job done the first time around.

The pros understand this aspect of the work. They know their clients would rather have a job done on time than be carried out at a slightly lower cost.

When hiring people, make sure they align with your vision and values. Train them well, motivate them, and reward them for their performance. Hiring the right people will help you deliver quality work, save time and money, and reduce stress.

Improve Your Financial Management

Pro contractors and builders also have a good handle on their finances. They keep track of the pennies.

Tracking your income and expenses is easy with the right software. Create and stick to a budget, invoice your clients promptly and accurately, and pay your suppliers and subcontractors on time. This way, you’ll have plenty of funds for emergencies and taxes.

Try to maintain a positive attitude and don’t go into debt. Avoid missing payments as this can lead to legal issues.


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