5 Goals to Set for Successful Growth for Your Construction Firm

The construction industry can be a whirlwind, from project variety to fluctuating supply chains and a volatile economy. With so much that can change from day to day, it might seem difficult to set long-term goals for your business. Yet having such goals makes it much easier to plan and move forward, even during difficult times. So what goals should you consider when your priorities can vary from project to project? We’ve identified five universal goals that help ensure consistent growth for your construction company.

#1: Always Set Project Safety Standards

As the saying goes, put safety first. Unsafe job conditions create risks that can put your employees in danger. And while it’s easy to set company safety goals, that doesn’t mean those goals are happening in the field.

What can you do to ensure that your company’s safety programs will be followed at every job site? Prior to starting any project, create a plan identifying possible risks and arrange mitigation to prevent issues arising from them. Take the time to communicate that plan not only to your management, but to the rest of your team members. And make sure employees feel they can communicate with management over safety concerns without repercussions.

Taking these steps does more than ensure safety on the job site. It helps your company work effectively and builds a solid basis for growth.

#2: Evaluate Communication and Teamwork from Within

It takes more than leadership to meet goals; everyone needs to be on board with the plan. Project managers and foremen need to understand the importance of accurate, timely communication with other departments – including accounting. Your entire team must be able to work together and communicate effectively, so constant evaluation in these areas can make a big difference in your company’s performance.

So in addition to normal preconstruction meetings and project handoff discussions, your team should also hold hot wash meetings. These are discussions immediately following project completion in which everyone talks about what was learned and what needs improvement.

Communication and teamwork create a better understanding of how your construction company’s financial statements are impacted by what goes on in the field. This buy-in makes it easier to make the company grow and keep efficiency at peak performance.

#3: Develop a Strategy to Follow

It’s easy to get stuck dealing with daily issues of your business rather than thinking about it strategically. However, if you and your team can’t follow an underlying strategy, managers can create competing goals or priorities, wasting time, effort and assets in the process.

Start by creating a strategic plan that documents your company’s vision. With such a plan in place, it’s easier to develop a strategy to get your business to that point. Look at your metrics to make smart goals for your company and keep your business on track for growth. Know your overhead costs, whether your company was profitable and other measurables. This allows you to better work with an advisor to set your business goals and stay accountable to them throughout the year.

#4: Prioritize Creating and Communicating a Succession Plan

Unexpected disasters are one of the biggest causes of business failure. Catastrophic storm damage, the unexpected loss of an owner, a crisis within the company… they can all lead to business failure if you have no set course of action or strategies to manage the risks of construction projects.

Who will lead your company? How will operations continue? Beyond ownership transition, create a contingency plan for operations. Many companies fail to undertake this planning until a tragedy happens or someone leaves the company unexpectedly.

Make time to prepare a written, documented plan for succession and business continuity. All plans should be written and communicated to the right people, and employees should be cross-trained to help improve company response to an emergency.

#5: Upgrade Your Cybersecurity

Keeping up with technology changes can help your company operate effectively into the future. With new technology, however, you also have new risks to address. Updating your construction company cybersecurity and staying on top of changes in digital security are vital to your company’s growth.

Even if your company is small, it’s crucial to protect your data from cyberattacks. By staying proactive with risk assessments, vulnerability scans and internal controls, you can provide solid growth for your company.

James Moore: Construction CPAs and Advisors to Make These Goals Happen for Your Business

If you feel overwhelmed at this list and don’t know where to start, working with an advisor can make a big difference. Construction CPAs who understand your industry can and provide an experienced viewpoint on your company. Their guidance can help you set smart goals and provide accountability when working toward them.

Ready to learn more about working with a construction CPA? Reach out to James Moore today.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.