Let's talk about some of the most common challenges that construction businesses face so you can make the rest of the year the best of the year.
The construction industry can be daunting, challenging and sometimes a straight-up nightmare. This 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 that things got real. When you’re bogged down by business responsibilities, it becomes harder and harder to focus on what you need to do. You can sometimes 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, feel free to get in touch with us today and we can support you.
📃 Challenge 1 - Invoicing
We find many business owners who come to us are doing the 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. Sometimes we pick up on businesses even forgetting to do their invoicing all together, saving them thousands...
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 Payment
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). We can implement a strong credit control procedure where the clients will be sent reminders of their overdue payments. If needed we can step in to phone any clients and send out letters if needed 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 Marketing is supporting construction businesses by building relationships and putting your name in front of the right type of clients consistently. From homeowners to M&Es to Civils, the Global team are implementing action and success into Construction Businesses across the UK.
⌛ 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.
You need effective systems in place!
💰 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? At Saint Accountants, we are not on day rate, we work 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.
🔃 Challenge 6 - Direction
Typically this is common for companies around £200k + 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 few simple steps in the next year and then growing until you are large enough and then need to look at 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) and non-financial indicators (social media statistics, website visitors, etc)
Typically this is common for companies around £450k-2m + 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 or even building a business plan for the next phase of the business.
The Saint Trade Coaches will provide you with the support to keep you on target, together we will find solutions to bring back your freedom, so we can get your business back on track to where it should be going!
⚖ Challenge 7 - Compliance & Regulation
This could be Health & Safety, apprenticeships, RAMs or even joining associations such as Construction Line, CHAS, FMB etc.
As we are specialised in the construction industry, we understand the ins and outs - We can support your business in making your business compliant and meet the requirements of the regulations within the construction industry.
🔎 Investigation Form!
We built a short and sweet Investigation Form that allows you to select what issues you are currently facing within your Construction Business - We manually review every submission and get back in touch with an action plan and your solutions for success!
How does it work? Simple!
- Access the Investigation Form
- Select what Challenges you are currently facing
- Let us know how to contact you
🎉 That's a wrap!
I hope you found this useful! If you would like to go over anything we discussed within this article, please let me know by simply getting in touch with us here!
Saint Construction Support is a powerful weapon to construction businesses.
With over 35 years of experience in supporting the construction trade, we have virtually seen everything you could be going through. Saint 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.
What have you got to lose? We are helping contractors from multi-million pound firms to one-man bands. - Get in touch with us today!
Frequently asked questions
This article has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.
PS. Whenever you are ready, here's how to grow your construction business...
1. Join our Facebook Group which built completely for businesses within the construction industry. Real people, real support. - Now also available on LinkedIn.
2. Keep up to date with Construction Insider Providing you with industry insight, tips & tricks and much more to make sure you are ahead of your competitors!
3. When you are ready, Become a Saint Financial Group client, and we will provide you with the highest quality solutions to effectively scale your construction business. Book your meeting here!
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