Category Archives: Business

Patience is the key for any construction business

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The ground rule of any business being big or small is to be patient and hit hard when you get the opportunity. Business is all about different phases. You may be doing well in your business but soon you will discover that things are not going well for you and with each passing day you see things moving out of your hand. These are instances that test your nerves and check how calmly you can manage situations. You should not get paranoid and let the situation take you on a royal ride. On the other hand, take control of the situation and lead from the front. Ups and downs are parts and parcel of any business and one got to deal with it quite maturely. Throwing tantrums may not be the solution. Complaining about things may again not be the viable option but taking complete charge of the matter may take you out of troubled waters.

Patience is required the most when it comes to businesses that are volatile in nature and are mostly dependent on market forces. So if anything goes awry in the market it may have a lasting impact on the business as well. This means that you got to keep your nerves cool and face the situation as it comes. Construction industry a matter fact is one such industry that is known for its volatility and is easily affected by the market forces. Since you do not have any control on the market, you just have to move with the flow. The one thing that you need to take notice is of picking the right things while you move on. When things are tough, you better lie low. This is where patience comes into picture. You may be quite an aggressive person when it comes to business but at times you need to replace your aggression with calmness as it does not do well at all times.

Being aggressive in an industry like construction is often considered as a virtue and not many can maintain the same aggression throughout. They often tend to be aggressive in the beginning but in the mid they begin losing it. This is in no way a positive sign for a construction company. Similarly, when there is high unpredictability you got to give upon on your aggressiveness as well and try to remain patient till you see the right time to hit back.

There have been numerous instances of many huge construction companies going bankrupt as they maintained their aggressive policy when it was time to remain calm. They were of the opinion that they can’t shed away the natural instinct of the company which was indeed the primary reason of their debacle. They could have stayed down for a while and waited for the right moment. They severely lacked patience. It is somewhat difficult to stay afloat in turbulent waters but once you manage to take the right decision during wrong times, things becomes smooth once the phase gets over.

What makes oneself a good heavy equipment sales person

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Like not everybody is capable of becoming a doctor or an engineer. In the same way, not everybody can become a good sales person. It is true that we all need to sell some or the other thing in our lives but that does not make us a good salesman. In a nutshell, selling is considered to be the most difficult profession and not many can succeed in making it their career. Being a good sales person needs skill, needs confidence and needs all the ingredients that will make the other person realize that you are selling the right stuff to them. In case, if you are not confident on what you are selling, then they might hesitate to buy the most beneficial thing of their life.

Selling items of less value may not be so hard but if you are given to sell heavy construction equipment then you may find yourself in a tough spot. Heavy equipment are real expensive items and it is certainly not an easy task to sell it to construction companies. Moreover, when you are trying to sell the equipment to a person who uses heavy equipment of some other brand, it is very difficult to penetrate and steer their thoughts to buy your product. They may be very loyal to their brand and may not feel comfortable to switch to some other brand. You may have to know yours as well as his products really well so that you can first make a comparison at your end and understand what extra you can offer him which he may not get from his brand. Providing discounts may not always work because people look for quality in machines. They may not want to have any discounts and will certainly not be ready to compromise on the quality of the machine.

Learn the in and out of the product:-

It is very important to know the in and out of the machine you are trying to sell. You can’t sell something that you are not sure about. While you are in the sales business, you may come across people who are experts in construction equipment and may give you a valuable suggestion about the product. Therefore, knowing about the product will give you the scope to counter them and possibly may sell the item to them.

Know your competitors well:-

Remember, you are not the only person selling heavy equipment and therefore you will have to face good number of competition from other players. It is imperative to know your competitors before you start pitching in for your product. Having no knowledge about your competitor’s product would be dangerous as it may tarnish your reputation as a salesman. People will find that you do not update yourself with the recent happenings in the world of heavy equipment.

Understand the needs of the customer:-

Please do not try to sell the customer something that he never wanted to have. You should first understand his requirement and then come up with a product. In this way, you will not only make a sale but will also earn respect for yourself.

Reach out to more people with the help of Social Media

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Social media is an amazing platform where people get to know each other. Friends with whom we have not met since ages can be found there and then can stay in touch throughout. It has made things really simple for people who live far away from their loved ones and still manage to see them, speak to them almost daily. Similarly, this platform also plays a very important role when it comes to augmenting your business plans. It will help you reach out to a good number of population at a given time and spread your message to them. For instance, if you want to talk about your business plans to your investors and to the general public at large, you can make use of this platform as well and convey your message to them. It has also been a great site for people who are looking for different business opportunities. They can get to meet people having various ideas which they can implement in their businesses and make it a success.

People who are in the business of selling and servicing of heavy equipment have a lot to gain from such social networking websites. They can advertise their plans and products on their websites but in order for others to know what they dealing with; they need a platform using which they can reach to a sizable amount of people. Social networking sites give them exactly what they need. All they have to do here is create an account with one of the site and invite all the people you know. The request of your invitation will go out on their email address and they might also latch on to the same website. Once they are also a registered member of the social networking website they can accept your invitation and become your friends on the website.

From there, they will be able to track all your activities that you make public. In case, if you want to post something that you do not want everybody to see, you mark those people whom you want should see the stuff. In this way, you can pervade your message to anyone and everyone who are there as your friend on the website. At the same time, you can ask your friends to always share the stuff you are putting up on the site so that people who are latched on to your friend’s account can also get to see your work. In this way, you can put across your message to people whom you do not know. This actually gives them the chance to add you in your network.

It has been widely observed that people who are in the business of sales and service of heavy equipment have friends who are also into the same profession or in the profession that corresponds or is co-related to your work. Therefore if you make any additional friends, it is very likely that they will also be from the same or a profession that is co-related to your line of business. This will be benefitting you as you may sell your machines to them or make some money by servicing their equipment.

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Retiring from military, go into the construction domain

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People leaving the military are ideally absorbed in any other industry without much hassle. The only condition is they need to have the required expertise to do the job. So if a person who has served the military for years and now wants to lead a civilian life can get ample of opportunities and can make a bright career in any industry that he find himself to apt with his abilities. Mostly men after leaving the military join the construction industry. The reason is that they have been operating heavy equipment while they were there in the military and since they are so used to working on construction equipment that they can’t see themselves anywhere else other than this sector. At the same time, this industry really pays well to its employees. An operator can earn real god money if he is experienced and has worked on quite a number of machines.

Discipline is in their instinct:-

While serving in the military they learn one thing on a daily basis and that is being disciplined. So when a person is a disciplined, rest everything falls in place. He will understand the importance of his work and will never take anything casually. He will remain focused in his job and will have the determination to complete the job within the prescribed timeframe. A person lacking these skills becomes a burden on the company and therefore the construction companies also look for operators who have served the military so that they can give priority to their work and complete it within the given deadline.

Experience in working with more machines:-

People in the military work on different kinds of construction machines. Some of the machines are not used in the construction industry by private construction companies. It could be because the military give orders to produce customized machines that are meant to serve their specific requirements. So the men who have worked on construction machines have undoubtedly worked on the best of machines in its class and therefore have experience in handling them in rough terrain, sliding zones, mountainous region and places where ideally operators find it difficult to work with machines. Just because they are so used to working in such hazardous terrains, they become the first choice of the construction companies.

Can open their own construction company:-

A person after retiring from the military can even start his own venture in the construction domain. If he has hands-on knowledge of working with machines, he has won half the battle. Since he has retired from the military, getting loans sanctioned will not be a difficult task for him. All he needs to do is get the necessary documentation done and start the business. Clients will also have more faith on him knowing that he is an ex-military officer and will have high regards for him for having served the nation. Therefore getting work will not be much of an issue. Moreover, jobs like demolitions are somewhat easy to get. So if you have the right equipment with you and know how to operate it, you can make it big in this form of a business.

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Cost cutting measure is important in construction business

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Every industry has its share of good and bad days. So when they are enjoying their good days it is crucial that they keep enough reserves for any possible decline in their business and when they encounter any fall then they should be quick to adopt cost cutting measure. It is been widely observed that companies take time to adopt cost cutting measures due to which they get themselves into deeper mess and eventually some has to wind up their businesses.

Cost cutting measures do not primarily involve sacking employees though that is considered as one of the measures but that should be the last option. By sacking employees, you will be losing resources that have been with your company for many years and who know the business well. When the tide will turn, you again have to recruit new guys and train them. You may not get back the same human resources that you had sacked once. So keep that as your last option.

Bring down unnecessary expenses:-

You got to track down the overall operating and non-operating expenses in your company and have to cut down the costs that you feel is completely unnecessary. If you check your records, you will come across a lot of such expenses that should not have been done in the first place. Since you never bother to check the records, it must have occurred but this is what you need to curtail. You need to cut down all the expenses that are either not needed or not much needed by the company. Only spend the money on important things and things that are absolutely necessary for the smooth running of the business.

Rent out or sell heavy equipment that are redundant for your business:-

If you take a day’s time and check which all heavy equipment are indeed functioning, you may be surprised to know that out of the entire lot of heavy equipment you possess, you use only half the machines for your projects. Rest of the machines are not working but you still spend a good deal of money on maintaining them. That is again costing your business. Hence, it is important that you take stock of the heavy equipment that are not in use and may remain out of use of many more months so that they can be rented out to guys who need them. In case, if the machines have gone redundant, then it is advisable that you get rid of them. In this way, you will make some money for your business.

Sack employees if you really have to:-

Well, this should be the last option in your kitty. You can do this only if you feel that this is the only step you have to save your company from getting wrapped up. However, you have to take immense care before you lay off your employees. It is important that you remove people who are not good workers and often have been a pain to the company. Check their performance sheet and then take a calculated decision. Remember, once you lose them there are not much chance to get them back.

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Newbie should remain open to advice

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When you are new to something, you should better be open to learn anything and everything that comes your way. This means that you should be ready to take advices from people. Well, this does not imply that you should be following them irrespective you find them to be right or wrong. Being a part of the construction industry, you will come across many people who will give you advice on many things. Out of them some may work and many will not. However, listening to them will cost you nothing and therefore keep your ears open. The only exception is when you hear someone speaking things that do not make any sense to you; you should try and avoid such men. There are many legal hassles that one has to go through when they kick start their construction business for which you need to know the right person to approach. Let say you need help of a good attorney but you do not know any. This is when you reach out to people who can help you find a good attorney who will advise you on legal matters.

Not all advice come free. Like in above example where you are required to take some legal advices from an attorney. The attorney will for sure charge you fees for his services and that will not be free. Now what needs to be noted is how worthy is the attorney to you. If you see that his advice works for you, then you can continue to stick with him or else you got to look for someone else.

One of the most crucial departments where you require regular advice from people is buying or renting of heavy equipment. Since being new to the industry, you often require help of guys who are a bit tenured and who understand the criticality of this industry. Right from acquiring a project to determining the number of workers you need for the work, you need a person to guide you throughout. Picking up the right set of heavy equipment is quite important. You may not know accurately which machine can be used for what purpose. You may know that an excavator can be used for excavating work but you may not know that changing its accessories will allow it to do much more than just excavating. This is perhaps where you need expert advices so that you can make the right selection.

Taking the right move in the construction industry is also important because any wrong step can lead you to a lot of hassles. For instance, you can’t construct anything on a land that has lien on it. There are many legal hiccups that you may have to encounter. Also where the title is not clear and you step into build something there. There are chances that on one fine morning you may get a notice from a title holder. Therefore before you take up any new work, you again need to take advice from people so that you do not end up into troubled waters.

Not losing focus is the key in construction industry

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To grow in any form of industry one needs to remain focused throughout the time he is in the business. He can’t afford to allow his thoughts to wander in some other direction or simply get distracted by something else. Any sort of distraction can turn out to be quite fatal for the company. For an industry like construction where there is cut throat competition throughout the spectrum, one can’t let his attention get diverted to anything other than his business. No wonder that there are other things than business that one needs to take care of in their daily lives. But any personal problem should not act as a barrier towards the growth of your company. There are examples of people becoming rich by being focused and disciplined and also examples of people who lost everything because they could not manage their personal as well as their professional lives.

Helps you to take the right decision:-

In the construction business, whatever decision that you take should turn out to be the right one because if it goes wrong, it can have a lasting effect on the company that you hold. Guys who are not focused tend to make series of errors while taking decisions and it ultimately results in incurring severe loses and even winding up their business. If you are completely attentive to what is happening in your business and the external forces that is affecting the industry as a whole, you will know what should be your next move rather than just letting things to happen. It means that you are in control of your position and are leading from the front. This also boosts the morale of your investors as they feel that you are the guy with a vision and can’t get easily diverted.

Updates your knowledge:-

You always need to keep yourself abreast with the latest updates that are pertaining to your industry. The kind of volatility that is engaged with the construction industry makes it mandatory for you to have all the updates with you. You can keep the necessary information on your laptop for reviewing your business plans that is so strongly dependent on the external market forces. Being focus will draw you closer towards achieving your business plans which is possible only when you have correct updates about the industry.

Make rapid changes in your business plan:-

When you are dealing in a volatile environment where things can go wrong in any minute, being attentive always helps. For instance, you took a decision and on the basis of it things are progressing. However, all of a sudden you get to know that due to some unforeseen reasons you have to revamp your business plans. If you are not focused enough, you will probably not even come to know about any such changes and you may continue with the same old plan. Since you remain absorbed in your work, you were able to pick the odd at the right time and could revamp your plan. Focus has become key to run any successful business.

Want to know your machine – Make good use of training manual

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We all want to pursue a stream that promises us with a good career and simultaneously have sufficient income so that we can have a pretty descent standard of living. This is the desire of every person and which is why we all take special care to choose our career path wisely. One such industry that gives its people a promising career is construction. There are huge requirement of skilled men in this part of the industry. Right from engineers to laborers, all need to know their bit with precision and therefore it is a no brainer why many see a good growth prospect in this industry and every opportunity to fulfill their dreams.

This sector usually have high requirement of operators who can work with the heavy equipments with ease. It is to be remembered that heavy equipments are not so simple to handle and there is every possibility of an accident occurring if the operator does something wrong on his part. It is therefore very crucial on the part of the operators to know what they are dealing with and befriend the machine, know it well before they go full-on with it.

Training is an important component:-

Practice makes a person better but something that comes before practice is proper training. Firstly, you should know the different aspect of a machine and then you put your hands on it. Heavy equipments are usually complex piece of metal and it takes time for one to understand it completely. You may have to go through various courses in order to know a machine that has various new gadgets in it. For instance, if your company has bought a machine that was used in the military and whose functions are absolutely alien to you. You probably do not understand much about the levers and buttons installed in that machine. This is when you need some training so that you get to know which switch does what.

It may not be as complex as it may look but it is still a new thing for you to learn. You can go through the training manual of machines that you are not aware of and understand it well before you put it to use.

Online training videos are great help:-

It sounds tedious to go through every page of the manual to understand the different features of the equipment. However, if you get a DVD that contains the training video, it will be of immense help to you. You only have to hear the things that you need to know. You may already know few things that is being shown in the video and you may want to skip that part. All you have to do is hit the fast forward button and move to the subject of your interest. Other than this, most of the training videos are free of charge. So you can just view them on YouTube for free and improve your skills.

Make your heavy equipment worth for resale

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Many believe that heavy equipment has a good resale value but it mainly depends upon how you have used your equipment over the years. Ideally, heavy equipment is a long lasting thing and it does not require care round the clock. On the contrary, if proper maintenance and servicing is done at regular intervals then it will certainly last for years without any problem to its owner. Nevertheless, knowing the nature of the machine, many owners tend to use it in extreme rough conditions without even bothering to service it. Now that takes the toll on the machine and from there it starts giving problems. The owner needs to understand that if he wants the equipment to work properly then he also needs to take some effort in getting it serviced on a regular basis.

It may be simple to get a resale value for the heavy equipment but it is also important to keep your machine worthy to get a good resale value. If you want to list your item for sale you have to describe it well in the advertisement and must mention if there are any defects or issues with the machine. You should not skip that part and move to the next. The prospects would like to know more about the item before they make the decision to buy it. In case, if your machine is not up to the mark then you may not write good about it and that will deter prospective buyers to move away to the next listing listed by another seller. Though you are getting the viewership, it is not ultimately helping you to close the sale and it is all happening because you have not taken good care of your machine.

Employ a qualified operator:-

It makes more sense to pay more and hire a qualified operator who has good amount of experience under his belt and who can understand the machine better than anyone else can. Hiring a newbie may not be very beneficial to you in the long run as they may learn to drive the equipment and get the work out of it but will not understand if there is anything wrong in the machine and will only report it to you when it completely gives up. Hiring a newbie may cost you less as compared to an experienced one but down the line you will get to know the difference. Therefore, it is better to be cautious and spend a bit more rather than being sorry.

Give it to a mechanic once in every 2 months:-

Your machine may not need any maintenance work every day or every month but you should make it a point that you get it checked by an expert mechanic at least once in every 2 months. That will only help in increasing the longevity of the machine and when you feel that you want to upgrade it by selling the old one, you can expect a good price for it.

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Expanding construction business by ignoring your finances should be avoided

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After you have started your business, the next thing that runs in your mind is how you can expand it and what are the things needed to expand your business. However, with every expansion of business there also comes certain amount of risk that one needs to consider before they go ahead with their plans. It has been witnessed that people who are too quick in expanding their business are also prone to fall sooner. The reasons could be many but one very basic reason is that they skip the most important aspect and that is their financial stability.

Switching the focus to the construction domain, this industry is all the more volatile and it keeps on fluctuating once or twice every year. In this situation, it is very tough to foresee things and estimate anything accurately. People may tend to may numerous mistakes if they take the chance of estimating the market position and may fall flat on their faces. Moving steady may be the key but something that is more important is to know the reserves you have and if it is sufficient for the expansion plans that you have planned.

Expanding the construction business implies that you have to shell out good sum of money to acquire heavy equipment which is perhaps the most expensive item in your list. Other will be paying salary to the additional employees that you have to hire and taking care of all the other operating and non-operating expenses that usually happen in a business of this kind. So before you give a go to your plans, it is quite imperative to sit down and share a thought with your peers letting them know about your plans and chances that you have to take in order to materialize your plans.

Having a word with others on this subject will be very beneficial for you as you will come across many thoughts and ideas that did not strike your mind while you had to go through the thinking process. You can also get some real valuable advices from them that may change your plan a bit for good. Nevertheless, you will understand few intricacies that you probably missed and will work things out in your favor.

Discussing about the company’s finances with the financial department will also be beneficial for you as they will be in a better position to advice you on the current financial position of the company and if the company is ready to take any such risk which if does not work can prove to be quite drastic. You can ask them to prepare a report of the financial standing of the company and that will help you to have a bird’s view on where your company is standing.

It is only after you have gone through all these rigorous deliberations and consultations from the employees of various departments that you should take the final decision of investing in more money in your business or should wait for some more time.

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