5 Tips to Grow your Construction company.
The construction industry of India contributes around 9% to the entire Gross Domestic Product (or) GDP of the economy and it is expected to reach a market size of around USD?1 Tn by the year 2030. It is also the second-largest employer in the nation with over 51 million employees working in the sector. Over the recent years, the Indian construction industry has been attracting the second largest FDI (Foreign Direct Investment) in the nation. With an Inflow of around $81.72 Billion in just the FY20-21. This provides a huge opportunity for a lot of existing players and many newcomers to make their millions by capturing a part of the market. Although it is definitely not easy to see through a good construction business, with a constant battle to complete projects on time with the best of quality the efforts would definitely be worth it. Also, the improving technological advancements & digital solutions prove to be of great aid in managing a construction business. So what are the things you should focus on to build a profitable & sustainable construction business?
Quality Over Everything
There are a lot of competitors in the market be it Residential, Commercial, or Industrial Construction. In Economics, such a market is known as a Perfect Competition Market where the competitions are plenty. In such a market the best way to differentiate yourself from competitors is to provide the best quality product with excellent customer service. In this Internet age, word-of-mouth marketing can make or break a brand. This is considered a good thing as when we provide a quality experience to our customers, they automatically become our brand ambassadors.
Timely Completion of Projects
The construction industry is one of the most fluid industries with the most number of moving pieces & active stakeholders. With this much going on it becomes really hard to track the right completion date and a lot of the projects tend to go over the promised delivery date. This causes a lot of headaches and frustration to customers as well as the company as more delays cause more penalties to be levied on the company. Thus it is crucial to plan ahead of time and complete projects on the said date. This increases both the brand visibility and profitability of the company.
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Maintaining a Social Presence
Social Media has become a very powerful tool in the age of digital marketing and many companies have started taking full-fledged advantage of the platform. A lot of construction companies have started marketing themselves through social media but still, they are far from utilizing the full potential of the digital networking solution. Increasing social visibility and conversing with potential customers on social media can directly impact your topline revenue.
Focus on Sustainability
Climate change is very real and corporations of all industries are taking up the front to do their best to reduce the effects of global warming. Construction Industry has borne the burden of being the villain but that is gradually changing. As more Builders & Architects have started focusing on designing & building a sustainable framework around all constructions, More consumers have actively started adopting this change and welcome it.
Digitization of Workflows
When it comes to maintaining high quality & timely delivery as mentioned above it is much easier said than done. Most of the problems on-site arise due to the inability to track the data points of the project - which shows how the project is shaping up. Keeping track of data points for every single activity becomes immensely difficult when it's done through data sheets or excel.
Digitization of data and workflows have immensely helped many industries in optimizing for efficiency & quality. Thus increasing their productivity & profitability. But this revolutionary trend has rather been very elusive in the Construction Industry. Making this change will help the companies to gather data and make an in-depth analysis of the discrepancies in their planning & execution. This helps organizations save a lot of productivity which inversely means higher profitability.
Usually, the planning & monitoring process was painstakingly done in google sheets or worse paper but newer technologies have since emerged. Project Management Tools like BuildRun increase efficiency by negating the Planning Fallacy through automation of planning and task scheduling.