If you own a construction business, you know the various demands and problems that can occur as well as how competitive the construction industry can be. To succeed as a construction business owner, you need to develop certain habits. Here are six habits of successful construction business owners, along with why it's a good idea to hire a PEO (Professional Employer Organization):
Honing Exceptional Organizational Skills
Most construction business owners have several projects going on at the same time. Therefore, being exceptionally organized is a must. In fact, the more complicated and lengthy a construction job is, the more organized you should be. You want to prevent being overwhelmed when forced to manage several tasks or problems simultaneously.
Recognizing the Most Talented Workers and Treating Them Well
To succeed in the construction industry, you must be able to recognize and hire the most qualified and talented workers. This is especially important when you have to lay people off as you need to know which employees are the top ones to keep. Additionally, it's necessary you treat your workers well so that they stay with you. Make sure they're paid fairly and that they have the right benefits. Your company should be a place where your employees actually enjoy coming to work.
Encouraging Feedback and Building a Team Spirit
By asking employees for their feedback, a positive feeling of being part of a team can develop. This entails consulting with workers, which makes them feel more valued. Remember that part of being a successful leader is being a helpful team member. When you promote a feeling of being an important part of a team, your workers will pull together more and get the job done instead of simply considering themselves as individuals.
Staying Up-to-Date on Technology
The more you stay current on the latest technology, the more likely your construction business will thrive. For example, you need to make use of GPS and GNSS technology because it is imperative to know the location of your machines and trucks, besides the specific jobs they're performing. Today's technology can help you automate and streamline many of your processes, including scheduling and equipment rentals.
Keeping Track of Finances
Paying close attention to the financial books is another habit of a successful construction business owner. This means having accurate bookkeeping records in which every dime is accounted for. This is one of the many advantages of hiring a PEO. By maintaining excellent financial books, you can bid better and be more confident than your competition so that money isn't left on the table.
Knowing When to Outsource to a PEO
If you're a construction business owner, you probably have more financial risks as well as more time demands than other business owners. An effective way to ensure you devote more of your time to jobs that generate revenue is by hiring a PEO. When wondering if you should outsource to a PEO, consider the size of your business. If you notice the administrative process slowing down your company's productivity, it can be a sign you need help. Some of the many services of a PEO include:
- Being sure a business is compliant with the various employee laws that are enforced by the Department of Labor
- Managing cash-flow issues
- Taking care of payroll and tax administration
- Safety and risk management
- Managing PR
- Workers' compensation management
Other Considerations and Warnings
- Besides being able to manage money, successful construction owners should use their time constructively.
- Being flexible or having a "Plan B" when unexpected issues arise is also important in succeeding in your business.
- Networking is part of being successful. This involves having a diverse network of people you can rely on, particularly when problems arise. Networking is also a great way to bounce ideas for business growth off of fellow business owners.
- Know when to say no. When you have more work than you're able to complete, you can expect your clients to be dissatisfied as their projects are delayed or done haphazardly.
- Do everything possible to solve problems, which usually means going the extra mile and sometimes involves working both harder and smarter than the competition.
For more information on the benefits of using a PEO, please contact us at Harbor America for a free consultation. We serve small to medium-sized business owners in the construction field, as well as many other industries.