Construction firm owners have to consider many growth factors
May 29, 2013
Enlisting in construction accounting software is just one of many ways small-firm owners are trying to help their business take advantage of today's recovering economy. The spring 2013 Small Business Owner Report recently put together by Bank of America examined some of the other efforts that are geared toward achieving growth as business conditions continue to improve.
According to the research, 31 percent of small-business owners are planning to bring on new employees in the upcoming year, while 51 percent expect their revenue to increase. With more employees on the team, construction companies have the opportunity to compete for more projects and be more efficient on the job site. However, it's important for small-business owners to not get complacent with their current levels of available funding.
"Many small business owners are saying they have the right amount of capital, but that's just one aspect of financial health," Robb Hilson, small-business executive at Bank of America.
Despite the planned efforts towards expansion, just more than four in 10 respondents said they expect the economy to improve within the next year. Nonetheless, growth efforts are never easy and small-business owners must be sure that their construction firm is ready to expand its project backlog.
An article for Inc. magazine said it's imperative to have a set strategy in place before any hiring or new technology purchases take place.
Entrepreneur Keith McFarland told the magazine that when trying to execute a growth plan, a company has to take a look at the market and understand where the firm can find its niche. Construction businesses that are able to find where they fit in within the industry could be able to establish success more quickly.