Starting a construction company is a profitable business venture with the potential to generate substantial returns. According to the U.S. Census Bureau, the construction sector accounted for 6.1% of America’s gross domestic product (GDP). In addition, the American Institute of Architects reported that as of April 2020, more than two-thirds of architecture firms experienced an increase in work from 2019 levels due to a surge in infrastructure and building projects across the U.S. This can be attributed to public investments focused on real estate development and an increase in private investments for remodeling and renovating existing buildings.
For entrepreneurs looking to get into this lucrative field, several advantages come with it. Firstly, demand for construction services is expected to grow over the next decade as states invest in infrastructure development and commercial projects such as offices, warehouses, and residential housing for citizens. Further growth can also be seen in private investments related to home improvement and remodeling services, typically involving bricklaying, carpentry, and painting services.
When considering everything involved with setting up a construction company—from purchasing materials and tools needed for projects to hiring qualified personnel —start-up costs can often be relatively high depending on the scale of operations desired by entrepreneurs. Unfortunately, that might only be half of what is necessary to perform the overall business. Plenty of other essential tasks will require resources and personnel you might not have yet. Fortunately, you can get outsourcing support from specialized construction companies or third-party vendors that provide services. Here are a few areas to consider.
Marketing Services
Construction is a booming industry, and it will only continue growing. That’s why ensuring your construction firm has a strong marketing strategy is more critical than ever.
At its core, marketing is about creating connections with potential customers and inspiring them to take action. And in the construction industry, plenty of potential customers are out there. It’s estimated that the U.S. will need an additional 4 million construction workers by 2026 to meet the rising demand for projects big and small.
A marketing firm can help create campaigns to build your construction company’s brand, reach a wider audience, and increase awareness of the services offered. They can also assist with website design and content creation for promotional efforts.
Accounting Services
The number-crunching required for any business is one that many entrepreneurs prefer to outsource. Without someone managing finances and bookkeeping, you may risk losing track or overspending on projects or materials. A specialized accounting firm will provide expertise in setting up an effective financial system within the organization and ongoing support such as budget analysis and tax preparation.
Accountancy support services for construction firms can also help develop an effective pricing system to ensure the company is charging appropriately for services. It will be essential to consider things such as labor costs, supplier prices, and material expenses when calculating the total cost of a project.
Human Resources Services
The human resources department is one of the most vital components of any business. It helps manage personnel issues, employee motivational programs, and hiring processes. In construction companies, workers are often hired on short-term contracts that require specific skill sets or expertise from experienced professionals. Finding qualified personnel can be difficult, especially if you don’t have extensive H.R. experience.
Outsourcing H.R. services to specialized firms might benefit your construction business. From sourcing talent to conducting background checks and onboarding new hires, the right human resource agency can take care of all your company’s needs with minimal effort from you.
Customer Service
Effective customer service is essential for any business, especially in construction. Clients often rely on you to complete projects within set timeframes and even stay within a budget. The right customer service team can provide help with everything from responding to complaints to managing expectations.
By outsourcing your customer service operations, you will have professionals who know how best to interact with clients and maintain positive relationships. You’ll be able to ensure that all calls or emails get answered promptly, and inquiries get addressed quickly, leading to a better overall customer experience.
Administrative Services
Many paperwork needs to be managed in the construction industry, from contracts and invoices to estimates and blueprints. If you don’t have a dedicated administrative team working on these tasks, it could cause significant delays or miscommunications with clients.
Outsourcing services for administrative tasks will ensure there’s someone in charge of managing all paperwork. This can free up valuable time for your staff or contractors so they can focus on more critical aspects of the job, such as project planning and delivery.
Final Thoughts
These are just some areas where outsourcing can help streamline operations for construction companies. Consider what resources you need most to maximize efficiency and improve customer satisfaction. With the right partner, you’ll get access to experienced professionals who know how to handle essential services for your business.