#WiseUpWednesday: What’s The Future For Your Business?

The Past Does Not Equal The Future

I love that phrase because it inspired me to take certain action about 30 years ago, and it changed my life. But, I would like you to think about what that phrase might mean for you and your business.

On the one hand, if things have been going well over the last few years, it should encourage you to think about the good routines or practices that helped you to succeed, and how you can embed them within your business.

On the other hand, many Specialist Contractors are still finding it tough to make a profit, and the construction industry, still tops the insolvency figures, with thousands of companies lost to insolvency every year.

So maybe you need to change things now before it’s too late, because most of those insolvencies have been Specialist Contractors or smaller construction firms!

The Year Ahead Isn’t Set To Be Easy Either

No-one truly knows what is round the corner, and the election and Brexit are creating uncertainty for just about everyone.

One thing we do know is that those of us who are well prepared will weather whatever storm affects us. And that is so true in Specialist Contracting, whatever your size or specialisation.

That’s why the suggestions below will ensure you are well prepared for any eventuality in business:

Ask Questions and You Will Get Answers

Don’t be afraid to ask others for help and advice. There are plenty of people you can ask, from the seasoned pros at StreetwisesSubbie to our forum and LinkedIn group, it’s brimming with over 2,100 members discussing business issues, industry topics, advice and personal experiences.

If you would like to join even if you are not on LinkedIn yet, just drop us a line at info@streetwisesubbie.com and we will set it all up for you. There is no cost involved.

And you can find our group on Facebook too. Just search for StreetwiseSubbie.com.

Healthy Profit

If you are not making a healthy profit from your jobs, it is time to question why this is so. It could be due to the accuracy of your estimating, lack of control at site level, or assumptions that weren’t well thought out. Be sure you take an objective view and look for the improvements that can be implemented.

Problems Will Occur

It is inevitable that at some point during your business’s lifespan problems of some scale will occur, and so you need to be prepared for this eventuality. For example, if you were taken ill do you have a team who you know you could trust and rely on to keep everything running smoothly without you?

Do you have the right professional support at your fingertips? If not, it might be time to put a plan in place.

Be Flexible and Ready For Change

The construction industry may look like its been stuck in its ways for many years, but it has been evolving. Contracts in particular are becoming more and more onerous and some Contractors are extremely aggressive to work for.

You need to know how to protect your interests, as well as looking at other areas and niches in which your company could operate more profitably.

What Do You Know?

You’re good at what you do but what else do you need to learn in order to make your business more profitable and secure? Do you have plenty of construction industry knowledge but feel like you struggle with some aspects of running the company?

You aren’t alone there, so why not give our friendly team a call on 01773 712116 or drop us a line at info@streetwisesubbie.com?

Its Not Just What You Know, But Who You Know

Network with people from other industries. If you create mutually beneficial relationships you could become one of the companies they turn to when in need of added value.

A Little Help From Your Friends

Not everyone in the construction industry is in direct competition with each other. In fact when we work together we can earn more money and get complex jobs done a whole lot faster when a variety of skilled construction professionals in all areas who are willing to team up.

Our groups are a great place to build relationships.

Don’t Cut Marketing, Improve It

When money gets a little tight, many people first begin reducing their sales and marketing spend, but this is false economy, and could seriously damage your long term revenue.

Instead make your marketing budget deliver better results by working smarter.

And Yes it Can All Be Stressful

 

Construction is a contentious business, so it’s no surprise that problems can arise, even if you haven’t done anything wrong.

 

Keeping on top of everything can be stressful and have a negative impact on you and your business.

 

We have Consultants who have decades of experience in everything we have talked about above and more. You can access no-nonsense, practical advice that won’t blind you with jargon, and it isn’t expensive.

Please don’t hesitate to email us at info@streetwisesubbie.com, or pick up the phone and give our friendly team a call on 01773 712116.

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About Barry Ashmore

Qualifications Dip Law Dip Arb FClArb MCMi Year of Birth: 1954 Specialist Contractors Champion! • Chartered Institute of Arbitrators Panel Adjudicator • CEDR Accredited Mediator • Construction Contracts Consultant • M&E Specialist QS An experienced professional with an extensive range of commercial managerial and contractual expertise. Been in the construction industry all my working life. Started as am apprentice electrician at 16, worked my way up, estimator, engineer, contracts manager, general manager. Moved into dispute resolution in 1990! Worked for the biggest and then the best James R Knowles. Now heads up Ashmore Consulting, and most importantly StreetwiseSubbie.com Ltd. Extensive experience working at Director level, project managing, advising and acting on behalf of clients in matters relating to the resolution of disputes by way of negotiation, mediation, adjudication, arbitration and litigation. Straightforward advice given to clients, and wherever possible assisting clients to resolve disputes by negotiation, and avoid formal process. Style; can be as forceful as necessary when advocating, can use mediation skills to create the best possible prospects of a successful deal in an atmosphere of calm, positive determination - either way I'm focused on achieving the best possible solution for you. Barry can be contacted on 01773 715062 or 07815 193718 Email: barry@streetwisesubbie.com Web: streetwisesubbie.com

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