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Challenges of the Construction Industry

Challenges of the Construction Industry

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The construction industry can be daunting, challenging and sometimes a straight-up nightmare. This idealogy could be brought through to any industry, but anyone who has ever worked in construction truly knows it best. From tight deadlines, chasing payments, sluggish suppliers, early hours and sleepless nights…

Your business was built from your passion for the trade, but when you transition that into running your own business, you could say, sh*t gets real. When you’re bogged down by business responsibilities, it becomes harder and harder to focus on what you need to do. You get overwhelmed, trapped and lost.

Well, now it's time to regain that control over your business. We are going to run through some of the common challenges we see business owners face in the construction industry and if any sound familiar get in touch with us today and we can provide the solution.

📃 Challenge 1 - Invoicing

We find many business owners who come to us are doing their invoicing late in the evening or leaving it until the weekend meaning they are losing valuable time with the family or even just some time to relax. We understand the importance of getting your invoices out on time and this is why with SaintVA, they can handle your business admin duties and invoicing straight after a job is finished resulting in you receiving your money faster plus regaining the lost days you would have been invoicing!

💸 Challenge 2 - Chasing Payments

Probably one of the biggest challenges of the industry is chasing late payments! This could be down to painful clients or sometimes business owners bring this onto themselves…

Our solution is to invoice straight after the job so the client has the invoice as early as possible (see point 1) plus this is where software can really come into play with massive time savings and also brings a level of professionalism to your invoices especially if you are still using paper!

Saint can implement a strong credit control procedure where the clients will be sent reminders of their overdue payments and overlooked by the accountancy team. If needed we can step in to phone any clients and send out letters under Saint Credit Control.

👋 Challenge 3 - Getting clients

Finding clients can often be a struggle for companies, to have that constant work flowing through the company is essential for the success of the business. Saint Global (Media & Marketing) support construction businesses by putting your name in front of the right clients consistently from commercial introduction to someone who is looking for a local plumber.

Every construction business needs a different type of client, our team work closely with your business so you attract the right people.

⏳ Challenge 4 - Job Management

Job management is a challenge every business owner has had when growing. We’ve come across people using excel, a whiteboard in the office or trying to keep it all in their head! Job management needs as much transparency as possible, especially when you start running multiple jobs at once.

Our VA team can help manage your jobs plus identify a software that is a perfect match for your construction business, complete the set up and ensure everything is in place to run at 100%.

💰 Challenge 5 - Financials

The Financials of a company is probably the most undervalued area of a business. Every top company has access to their financials every day, know the KPI's of their business and how their cashflow is being affected day by day...

Why should this be any different for your business? As Saint Accountants, we are not on day rate mentality, we work for our money to put you in the best position possible going forward. Every strategic decision you make should be made with your accountant, if this is not happening at your business maybe it's time to look at Saint Accountants who specialise within the construction industry and want to see your business grow.

↗ Challenge 6 - Direction

Typically this is common for the larger companies around £750k + who often get to a point where they are not sure what needs to happen to make that next step. This could be the implementation of a new organisational structure, software discussions, building a business plan for the next phase of the business or even financial analytics with bespoke management accounts including financials Indicators (profit margin, MRR, revenue per employee etc) and non-financial indicators (social media statistics, website visitors etc)

At Saint, we help construction businesses identifying the next steps and how to achieve them. We provide you the foundation in order to reach the next step in your business.

⚖  Challenge 7 - Compliance & Regulation

This could be Health & Safety, apprenticeships, RAMs or even joining associations such as Constructionline, CHAS, FMB etc

As we are specialised in the construction industry, we have close contacts we many of the associations within the industry - we can support your business in making your business compliant and meet the requirements of the regulations within the construction industry including carrying out H&S, RAMS and HR support.

🕊 And how does Saint help?

Saint Financial Group support is a powerful tool to construction businesses.

With over 35 years of experience in supporting the construction trade, we have virtually seen everything you could be going through. SaintFG works with you to understand exactly what you need in order to excel by holding an extensive range of solutions to run and manage your business. Get in touch with us today!

This article was written for Construction Insider and Saint Financial Group. Saint is a multidisciplinary group based in the UK that helps construction businesses develop and grow. SaintFG offers a range of quality solutions in supporting businesses.

Saint provides the luxury of free business consultancy for all of our clients, call now for your free consultation with a friendly business advisor to discuss your burning questions and put that energy back into your business!

Written by:

Dylan O'Rourke MAAT

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