Five Growth Strategies For Your Construction Company

“Single Source Of Truth” - Improve Your Data and Analysis

A single source of truth in construction refers to all your business’ information, project plans, documentation, drawings and communications being stored in one place. This source should be up-to-date, complete and intuitive to use.

It might seem like common sense to have all your information readily available in one place. However, with recent statistics showing that 52% of all re-work is caused by poor project data and miscommunication, this remains a problem area for the construction industry.

The single source of truth is more important than ever, with the new Building Safety Act bringing in The Golden Thread, referring to the new set of legislation and guidance on how to store, manage and share information on a building.

Backed up by the ten principles of the golden thread, this new legislation is designed help all those designed in the planning, building and management of a building to meet the new government expectations.

Why Is A Single Source Of Truth Important For Growth?

Pursuing a single source of truth goes beyond meeting new legislation for construction companies.

Proper data management can make your business more effective in several ways, saving you time and money. Here are just some of the benefits of implementing a single source of truth in your business:

Benefit	Description
Streamlined Communication	Ensures all stakeholders are aligned, reducing miscommunication and errors.
Consistent Data	Provides uniformity in project data, preventing discrepancies and ensuring accuracy.
Efficient Decision-Making	Facilitates quicker and more effective decision-making with readily available, accurate information.
Improved Collaboration	Centralizes information, promoting collaboration among project teams, subcontractors, and suppliers.
Risk Mitigation	Minimizes the risk of costly mistakes and delays by using the most current and reliable data.
Enhanced Project Visibility	Offers real-time visibility into project progress, allowing better tracking of milestones and potential issues.
Increased Productivity	Reduces time spent searching for information across multiple systems, enabling teams to focus on tasks and deliverables.
Better Cost Control	Assists in accurately tracking expenses, identifying cost-saving opportunities, and adhering to budget constraints.
Regulatory Compliance	Aids in maintaining compliance with industry regulations and standards, reducing the risk of penalties or legal issues.
Facilitates Scalability	Establishes a foundation for scalable growth by standardizing processes and data management practices across projects and locations.

Win More Construction Tenders  

To improve your bid-winning performance in construction tendering, you’ve got to take a look at your internal processes and procedures.  

Do you find you and your team are duplicating work and time-wasting on admin tasks repeatedly? Are you finding inaccuracies and errors in your work, leading to lost time and money?   

While you’re getting bogged down in paperwork and processes, you could be missing out on a lot of new construction projects.  

Using a centralised system – like estimating and bidding software can automate administration tasks and process huge chunks of data. This one switch to more bespoke software could save you hundreds of hours per year in labour, allowing you to tender for more construction projects with all manhours saved.  

Furthermore, good estimating software will give you control over your estimating costs, providing accuracy in your construction tenders and reducing any duplication of work, helping your business save both time and money. 

With the market becoming more and more competitive and the digitalization of the construction industry influencing many businesses to adapt - now is really a good time to audit your construction tendering processes and procedures. 

Review Your Workforce – Skills, Diversity and Women In Construction  

Statistics around the proposed growth in construction output vary from person to person. Some claim that 2024 will see a decrease in overall output, whilst recent figures showed that construction saw a slight 1.1% increase in January output.

One thing the industry can agree on however, is the alarming lack of skilled workers in construction which seems to be growing year-on-year. With an ageing workforce and a growing lack of interest from young people to step into a career in construction, the labour pool is becoming increasingly smaller.

Concerns grow from both within the industry and without, as the shortage of workers has led to a significant hike in costs for the end-user when seeking out construction labour.

How To Address The Worker Shortage In Construction

As leaders, we must think outside the box when it comes to recruiting. Roles within digital, project management, finance, HR and design may be able to be filled from outside the sector. By expanding to which we market our opportunities, we can reach an untapped pool of potential new recruits looking for new career prospects.  

Furthermore, by re-evaluating our approach to apprenticeships and discussions with young people around careers in construction, we can offset the growing concerns around the ageing workforce.

Construction still remains one of the least diverse sectors in the UK with women only making up around 14% of construction industry professionals according to the CIOB, while less than 6% of workers are BAME. 

Hiring a diverse workforce can bring a wealth of knowledge, new ideas and different points of view to challenge - and grow your company in ways you’ve not considered. It will present a huge opportunity for construction to modernise, attract a more diverse talent pool and upskill its existing workforce. 

You could also consider introducing flexible working to your team to attract new entrants and retaining existing employees. 

Consider Cloud-Based Construction Software 

As the construction industry continues its trajectory toward digital transformation, cloud-based construction software has swiftly emerged as the new standard. With many major business management solutions transitioning to cloud-based hosting entirely, the advantages of embracing this technology are becoming increasingly apparent for construction companies seeking growth and efficiency.

With remote work, collaboration across dispersed teams, and real-time data accessibility are becoming more and more paramount in recent years, it’s clear why cloud-hosted software has become the new normal.

Here’s why considering cloud-based construction software could propel your business forward:

Accessibility and Mobility: Cloud-based solutions grant access to critical project data and tools from anywhere with an internet connection. Whether you’re at the office, on the construction site, or traveling between locations, you can securely access and update information in real-time, fostering seamless collaboration and decision-making.
Cost-Efficiency: By eliminating the need for on-premises hardware infrastructure and maintenance, cloud-based software minimizes upfront capital expenses and reduces IT overhead. With a subscription-based pricing model, you can scale resources according to your business needs, optimizing costs while maintaining access to cutting-edge technology.
Enhanced Data Security: Cloud providers invest heavily in robust security measures, including encryption, access controls, and regular data backups, to safeguard your sensitive information. By entrusting your data to reputable cloud vendors, you benefit from advanced security protocols that surpass the capabilities of many on-premises systems.
Scalability and Flexibility: Cloud-based solutions offer unparalleled scalability, allowing you to adapt resources and functionality to accommodate fluctuations in project scope and business growth. Whether you’re expanding your operations, launching new projects, or adjusting to market demands, cloud infrastructure provides the agility needed to thrive in a dynamic environment.
Streamlined Collaboration: With centralised document storage and real-time collaboration features, cloud-based software fosters seamless communication and coordination among project stakeholders. Whether it’s sharing blueprints, tracking progress updates, or resolving issues collaboratively, cloud-based platforms facilitate efficient teamwork across distributed teams.

By embracing cloud-based construction software, you position your company at the forefront of this new era of digitalization, empowering your teams to work smarter, collaborate effectively, and achieve sustainable growth in today’s competitive landscape.

As the construction industry evolves, harnessing the power of cloud technology is not just a strategic choice but a critical imperative for success.

Invest In Construction-Specific ERP

Investing in a construction-specific Enterprise Resource Planning (ERP) system is a strategic move that can revolutionise how your construction company operates.

Unlike generic ERP solutions, construction-specific ERP platforms are tailored to address the unique challenges and requirements of the construction industry.

By integrating various functions such as project management, accounting, procurement, and resource planning into a unified platform, construction ERP systems offer unparalleled efficiencies and insights, empowering your business to thrive in a competitive market landscape.

One of the key advantages of construction-specific ERP is its ability to consolidate your technology stack, streamlining workflows and reducing dependency on disparate systems. With all critical functions centralised within a single platform, from bid management to project execution and financial management, you can achieve greater visibility and control over your operations.

By seamlessly linking construction sites to the office through mobile access and real-time data synchronisation, construction ERP empowers your teams to collaborate more effectively and respond swiftly to evolving project requirements.

Benefits of Investing in Construction-Specific ERP:

Enhanced Efficiency: Streamline workflows and automate repetitive tasks, saving time and resources.
Comprehensive Insights: Gain real-time visibility into project performance, financial metrics, and resource utilization for informed decision-making.
Integrated Project Management: Manage all aspects of construction projects, from planning and scheduling to resource allocation and progress tracking.
Seamless Collaboration: Foster collaboration between field teams, subcontractors, and office staff through centralized communication and document sharing.
Construction-Specific Features: Leverage specialized functionalities such as job costing, progress billing, change order management, and equipment tracking tailored to the needs of the construction industry.

For construction companies looking to achieve major growth, leveraging the capabilities of construction-specific ERP is a surefire way to get ahead of the competition.

With so many business management solutions out there, it can be hard to find the right solution for your business. If you’re considering looking for a new software suite that suits the bespoke needs of your construction business, check out the Buyer’s Guide to Construction Management Software.