[This article was written by Meghan Belnap.]
Small construction companies often have a hard time keeping up with the competition. After all, other companies might have more resources or a long history in the community. If you want to get ahead, though, you can follow the four tips below.
Work with Local Construction Hiring Companies
Your first step should be to secure the right workers for your business. While getting recommendations from current employees is good, you should turn towards specialists to help fill out your team. There are a number of companies that specialize in helping skilled laborers find jobs, and you can use these companies to find reliable new employees. Sourcing through these companies will allow you to conduct background checks and to get references without having to do all of the tedious organization work on your own.
Offer Competitive Wages
If you’re looking for the best talent in your area, you have also got to offer competitive wages. Almost half of all workers would be willing to immediately switch jobs if they can make more money, so create a compensation package that’s attractive enough to get you access to the best of the best. While you might not be able to pay the most, make sure that your company is able to offer a combination of money, benefits, and perks that will make great workers think about applying for open positions.
Cut Costs by Renting Big Machinery
When it comes to raw numbers, nothing is more cost efficient than renting. Renting big machinery gives you a smaller monthly cost than buying big machines, allowing you to invest your capital elsewhere. Renting also allows you to spend less money on those machines that you might only use from time to time, allowing you to better allocate funds where they can be used more efficiently. Leasing is also a great way to save money on maintenance costs, which can rise significantly over the lifetime of any piece of machinery.
Use High-Quality Equipment
When you do choose to purchase equipment, make sure that it’s sturdy enough to stand up to the rigors of life on a construction site. Many companies tend to be penny wise and pound foolish, saving a few dollars today at the expense of spending much more in the future. When you buy radios, for example, don’t go with a generic – buy Motorola construction radios that you know will last. Spending a little in the short-term can help your long-term budgeting.
If you want to get ahead of the competition, try to work smarter as well as harder. Get the right employees, offer attractive compensation packages, and know which machines to rent and which to buy. These four tips will give you a leg up on the competition and allow your company to make a name of itself in your community.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.