The construction industry is competitive, but it also offers tremendous opportunities for success. Though construction took a hit in 2020, with a projected 6.3% decline in revenues, the industry is expected to see significant growth over the next five years. A construction business owner who is forward-thinking and willing to adapt has the potential to see consistent growth in profit margins.
Construction Business-Building for the New Year
Now is a good time to make adjustments to your operations to increase your revenues and grow your business in the coming year. There are several steps you can take to get you well on your way, including updating your Ohio construction insurance policies to reflect your company’s anticipated operating profile as you grow.
Incorporate the Newest Technologies
Technology has infiltrated every corner of modern society- and this includes the construction industry. No longer is it sufficient to run your operations using outdated methods. Running an efficient and successful business requires some tech-savvy among owners and crew alike. Specialized software programs can save you and your workers a significant amount of time and, ultimately, money in estimates, material inventory, job organization, scheduling, and communications. It pays to keep up with technology trends in every aspect of your business.
Put People First
This advice is two-fold, as you need to focus on both your workers and your customers. Hiring well-qualified and dependable crews can be a challenge. However, it will serve you well to invest resources into making sure you can attract those who are highly skilled at what they do. It is equally important to recognize that customer service is a big deal. Establish company policies and guidelines that establish protocols for customer interactions, site cleanliness, and expectations for crew behaviors on the job.
Invest in Marketing
In an industry as competitive as construction, it isn’t enough to do good work. Getting noticed in a crowded landscape requires marketing. Of course, you still need to back that up by providing quality work efficiently and with excellent customer service. Word-of-mouth referrals are great, but they are almost never enough to grow your company. Develop and implement a marketing plan for the next year that includes both digital and on-the-ground strategies.
Protect Your Business
There are a significant number of risks in the construction industry, so it is imperative that you protect your business with Ohio construction insurance. What kind of insurance should a general contractor have? There are a number of options that can be tailored to your particular business needs, including:
- Worker’s comp
- Professional liability
- Commercial general liability
- Commercial auto liability
- Builder’s risk
The business insurance cost is dependent upon what types and how much coverage you get for your company. It is a worthy investment, as one major claim against your business could lead to financial devastation and the loss of your company. Get the protection you need so that you can have the peace of mind to focus on growth and success.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877)