Blog updated February 2022
As the first quarter of the year winds down, it is time to look at strategies and initiatives that will help your business grow. Below are six areas construction businesses should consider investing their resources in 2022.
- Workforce
The right people in the right jobs at your construction company is key, not just to get the job done today, but also for the future. The people on your staff today directly affect how your business runs and how well it will run in the future.
There are three main pieces to investing in your workforce: retention, culture, and flexibility. Each ones relies on the strength of the other two. In order for you to retain the staff you have, workers need to be part of a positive work culture where they are both supported in their position today, but also have the flexibility to grow within your business in the future. Read more about retaining your employees here.
- Training Employees
You have a great crew, how are you making them better? Training your employees benefits both the employee and your business. As employees learn more and develop their skills, they are not only able to perform more efficiently; they also tend to be happier and more likely to stay with your company. Developing a training program for your employees is an investment that will pay off both today with your current employees and in the future as you recruit for future employees. Discussing your training program and how you invest in your employees with potential new hires can go a long way in setting your company apart from others.
- Advanced Building Materials and New Technology
Technology continues to change at a rapid pace, so it is important that your business stay on top of modern technologies to maintain your competitive edge. Make sure your company is prioritizing education about new products, methods and updated standards because your clients are certainly reading up on new ideas and you need to be able to help guide and suggest the best path forward for their projects. Clients want to know you have the most up-to-date information and that they can rely on your expertise.
- Record Keeping Software
Detailed records are key to your success as a construction company, helping you avoid a variety of issues and litigation. This is a vital, but time consuming, part of your business. Selecting record-keeping software may be a good way to streamline and simplify how you keep your records. There are a number of tools available, many of which are customizable based on your company’s unique needs.
- Marketing
You may have the best employees, know all the latest and greatest tools and methods, but if clients don’t know who you are or can’t find you, they are not going to hire your company. This is where marketing comes in. Marketing is an investment that builds on itself and is very much customizable to your budget and client base. Depending on your staff, you may be able to get started or build on what marketing and online presence you already have within your company ranks. If you don’t have someone with the marketing expertise you need, you can engage the services of a marketing agency or use an online service.
- Environment, Social, and Governance (ESG) Program Investment
Environmental and social issues matter to customers and investors more than ever, which is why making a long-term investment in an ESG program is beneficial to your business. Investors and customers want to see your business is invested in sustaining and bettering the world. Choosing an effort to invest in is deeply personal and should be something you are passionate about. Investors and customers want to know why an effort or cause is important to you and what your business is doing to support it. Authenticity and specificity go a long way to maximize the return on your investment in an ESG program.
More Information
Check the News section of CorriganKrause.com for more detailed information on many of the topics we discussed above. As always, if you have any questions for our professionals, please email info@corrigankrause.com.
Corrigan Krause Specializes in Construction Accounting
If you’re unsure how to focus your construction company’s efforts this year, the Construction Services group at Corrigan Krause can help. Email info@corrigankrause.com for more information and sign up for our Construction Services newsletter here.