As a seasoned construction manager, it's common to encounter periods of stagnation. Despite refining bidding processes and adopting cutting-edge software, growth may plateau. To break free from the routine and avoid decline, continuous learning is essential.
Many small businesses face the risk of becoming stuck in outdated practices. This stagnation contrasts with the success stories of the 5% that embrace innovation, constantly evolving.
Over the years, the construction industry has witnessed remarkable success stories. Here, we'll explore four case studies to inspire fresh perspectives and strategies for your construction management business.
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Diversify Your Portfolio:
- Problem: "My firm needs more projects."
- Solution: Embrace flexibility. J. Pettiecord, an Iowa contractor, chased diverse projects, from spill response to highway work. By avoiding a narrow focus, new opportunities unfolded.
- Takeaway: Don't limit your options. Bid for projects outside your usual scope to discover untapped opportunities.
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Leverage Government Programs:
- Problem: "Big competitors pose a threat."
- Solution: Tonto Rock Products gained a competitive edge by becoming the first Native American Disadvantaged Business Enterprise for sand and gravel manufacturing.
- Takeaway: Explore government assistance programs, grants, and certifications to gain a competitive advantage.
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Build a Strong Team:
- Problem: "Finding skilled personnel is challenging."
- Solution: Genesee Construction Service's Larry Merle hired based on character and integrity, then invested in training. Loyalty was reciprocated with generous compensation and job security.
- Takeaway: Prioritize integrity in hiring, and invest in employee loyalty through fair compensation and job security.
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Foster a Collaborative Culture:
- Problem: "Team collaboration is lacking."
- Solution: DPR Construction, a $4 billion industry giant, fosters collaboration without traditional titles. A democratic approach to leadership encourages honest feedback and healthy competition.
- Takeaway: Create a collaborative culture by focusing on responsibilities over rigid titles. Empower employees to take ownership of their roles.
Remember, innovation lies beyond the comfort zone. By drawing inspiration from these success stories, you can propel your construction management business to new heights. Embrace change, explore new opportunities, and build a culture of collaboration for sustained success.
