Tag Archives: Construction Industry

7 elements needed for success in the construction industry

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Success is a simple word but it comes with a heavy price. We have usually seen people always running for success but it is quite difficult to get it. A person has to strive hard for years to achieve it. Some even try few shortcuts and they are also able to taste success but not achieve it. As it is rightly said “There is no substitute for hard work”. You can be smart with your work but just being smart does not help. You need to be equally hard working. People who believe in smart work can only taste success for a short while and then they fall like pack of cards. It is because the foundation on which they are standing is not strong enough to keep them on the top for long. People in the construction industry in particular have to go through a lot of hard work and patience to achieve success. Other than that, there are few others factors that are imperative for them to have in order to succeed in the construction industry.

People to people contact:-

You got to be a good communicator if you are a part of the construction industry. Most of the world leaders are good communicators. Simultaneously, you need to be remarkable when it comes to people to people contact. You should basically speak with everybody in your company. Right from the worker to the managers who are managing these workers, you should try to communicate with everybody. You should be able to reach out to them and so should they. This will earn you something very important and that is people’s loyalty.

Patience is the key:-

When you are after something, you should be patient enough. Success is nothing but just a benchmark that you draw and then try to achieve. While you are in the process of achieving it, you should remember that by rushing things you can spoil all your effort. Therefore try to be as much patient as you can.

Remaining focused:-

A few failures in our life and we tend to lose our focus. This is completely unacceptable when you are a part of a dynamic industry like construction. Here in this part of the business you just can’t afford to lose your focus. Failures teach you something. Learn from it and move on.

Be punctual:-

We are often taught to be punctual in our schools but we kind of tend to forget it in our journey of life. Your punctuality displays how professional you are with your work. It also shows your seriousness towards your business and also how much you respect others time.

Knowing your business:-

To conduct the construction business you first need to know the business well. You can’t jump into this business and take important decisions. Important decisions are taken based on experience and if you lack that, you better start from the beginning.

Learn a bit about heavy equipment:-

Heavy equipment play an important part in the construction business. It is imperative to know which machine is needed for what purpose or else you might end up buying something that is of no use to you.

Market your business well:-

Promoting your business will let others know your existence. You need to learn to promote your business in a way that it is cost effective, pretty much in your budget and connects you to people across the spectrum.

Water crisis can have serious impact on the construction industry

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This summer has dried up many lakes and water bodies in many parts of the country. Not only US but many countries all around the world are facing severe water shortage and are finding it difficult to sustain. Agriculture sector that depends primarily on rain water is not doing well because of acute deficiency and most likely the prices of agricultural products will shoot up considerably in the coming days. So is it only affecting the agricultural sector in a major way or are there any other industry as well that is being hit hard by this issue. Water which is such an important component in our day to day lives, scarcity of it can affect many industries and some of the most profitable industries can take a backseat as far as their businesses are concerned. One such industry is the construction industry can is currently facing the brunt of water shortage.

Water is required in immense quantity in a construction site. Not just for keeping the employees hydrated but also for other purposes like mixing cement with sand, spraying water on the ground to restrict the flow of dust on the site etc. It is also required to clean heavy equipment and lot of water is required for that purpose. Fluctuation in the price of fuel has a big impact on this industry but shortage of water can have ever lasting impact on many big construction companies. You need fuel to run heavy equipment but you need water to meet every small need of yours which can’t be compensated by any other component. Countries in the gulf are paying a heavy price to port water from their sources to the construction site which is why the prices of the final product is relatively higher.

A big construction company has to spend a lot on aqua and if it is in crisis then they may even experience shutting down of projects. His workforce will need water to drink and if he can’t even provide that basic necessity he will soon find people leaving his company. But the fact is drinking water has never been such a big issue in this country. The construction labors are able to get drinking water while they are at the jobsite. The problem is with water that is needed for construction purpose. There they might feel the pinch and it will definitely pain a lot.

Many parts of Asia and South America, the construction sector has already taken a backseat due to scarcity of water. The government in some countries has curtailed the use of water for construction purposes which had a big impact on the overall sector. Though they understand that the crisis is not going to be forever and till the time it does not rain, the problem might remain. However, once it starts raining, things might come back to normal. But the important part is to sustain till the time it is not monsoon.

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Looking out for funds – Hunt for big investors

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If you venture out to do something big you also have to be ready with enough capital to fulfill the monetary needs of the project and in case you do not have enough money with you then the next thing will be to look out for investors who can help you get the money till you are done with the project. Any type of industry requires funding for the inception as well as the completion of the project and it has been generally observed that people who have the idea and the dedication to complete an unique task does not have sufficient money to fund the technological requirements and hence they have to depend upon people who are ready to fund them money and in return they share huge profits or have a bigger stake in the project. So there are investors for everything that you can think of and also for things that you are beyond your imagination but can be brought into existence by some intelligent brains.

Construction companies per say are always in hunt of investors. Be it constructing a hotel or building a bridge or a residential apartment they need investors who are ready to fund their project. In some countries, construction companies do not enter into a project without the consent of their investors. They do not bother to think about how beneficial it will be for the growth of the company but are more concerned about how much profit will the project be able to generate for the investors and accordingly they give their nod once they get a kind of acceptance from their investors. They may not be a normal practice but is increasingly followed by many construction companies.

The big question is how to hunt down a big investor and why will he invest his money into your project. Well the answer is simple. They only invest their money where they see scope of getting high returns in a comparatively shorter time span. So when you get hold of someone whom you know to be an investor and has been funding projects, you got to be pretty sure about your project and what return it will generate for him. Not all investor wants only money out of a project. There are few who are really interested in the type of project that they will be investing their money. So if it is something that goes in sync with conservation of nature and will generate money few years down the line, getting investors for such project is not like having a dream come true. However, finding such men is a bit difficult.

But if you are there to construct a hotel or a bar and you need investments, you will find men willing to fund you. The only clause is the project should be a big one and they should see substantial amount of profit in it. Giving an ad on a website that helps construction companies to find investors will be the right thing to do. You can also check with guys in your business circle and may come up with someone who will be ready to fund your work.

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Starting a construction company in another country

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Starting a business in your home country may not be a bigger problem as compared to doing it in an alien country. You know the rules and regulations that is required to follow if you want to start a business in your country but the rules changes when you move out of your country to some foreign location and think about starting your business there. Though it may sound difficult but there are many companies who have managed to successfully set their base in a foreign land and are doing really well out there. Starting a construction company may sound to be a difficult job but as a matter of fact many countries want foreign enterprises to come to their nation and be a part of their success journey. In return you can get to use their resources and also make good money out of the deal.

Before you think of setting up your venture in some foreign land, there are few things that you should know and implement it in your strategy.

Importance given to the construction domain:-

It is important to know the government’s determination and thoughts about the construction industry as a whole. Governments in some countries may focus on agriculture more than anything else. So it will be futile to set up a construction business out there. So try to know the government’s agenda for the nation before you try to set up anything out there. Some countries are rich in minerals so setting up a mining company makes lot of sense. For that you need to have a bit of experience in the mining industry or you know someone on whom you can vouch and can make inroads in that country. Many African countries are rich in minerals and they can prove to be a great destination for mining companies. They can see a lot of potential out there. As far as construction is concerned, there are many Gulf nations where you can set your business and can expect you go a long way.

Employment opportunities to their people:-

Getting permission may not be difficult if you can manage to convince the government that by allowing you to establish the construction business on their land, it will create lot of job opportunities to its people. It will also lead to the usher of other sectors. For instance, you can construct a pharmaceutical company or a commercial complex which will further employ more people. It is a kind of win-win situation for both of you. The government will for sure take this point and you will get the sanction to start up your company out there. You should also consider the taxation laws of the country and check if you can get any sort of concessions on it.

Legal advice is important:-

Every country has its own legal hassles when it comes to setting up a business. So you need to hunt down a competent attorney who can guide you through the different laws and advice you on how to avoid hiccups that may come your way.

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Challenges are part of the construction industry. Learn to tackle them

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When you think of starting a business you should also be prepared to take on new challenges that will come along with it. Challenges are part of anything that you do for the first time. Even driving a car is a challenge for you when you are learning it. You got to learn about the gears and brakes and also need to have good control over all its functions. This can be a real challenge for you if you are first timer but once you are in practice it becomes a cake walk. Similarly starting a new business can throw a lot of challenges but it is up to you how to take them. If you take them positively and see them as a learning curve, you will learn a lot from it and will also incorporate it in your business but if you feel irritated or scared then it will take you down and there may be a time when you have to complete wind up your business.

Construction industry is in many terms a highly rewarding industry but at the same time it will equally make your life difficult. Life becomes more difficult during the beginning. You have to foresee many things that you have never tried before and also have to take your chances. You got to be a bit brave in your effort and while you are dealing with different situations. First and foremost you will have difficulties in understanding the construction business as a whole. You have to learn how the business works and that will take good deal of time.

It is important that you do not run out of patience because if you do then you have lost it forever. You got to remain as calm as you can and analyze how things turn out. You may find people who are close to you leaving you for better opportunities and you can’t do anything to hold them. Though you need them more than they do, you are unable to retain them by offering more money. This is one of the challenges that you have to encounter and got to successfully win. Attrition has been a big problem for many construction companies. So you are not the only one who will experience this. You should be ready for it and keep a back-up ready.

Marketing your company can be another challenge that you need to tackle especially when you are new to the business. Since people do not know you, you will find hard to get work. So be ready to see no work for few days and do not get frustrated. That will lead you nowhere. Form a marketing strategy where you deploy a team who will be actively marketing your company and the business activities you can perform. Take suggestions from the marketing team and provide them with all the necessary help they require. Start it from taking up small work and once you see money rolling in you can eye for bigger projects.

Dependability on training videos has increased over the years

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When it comes to heavy equipment, it is mostly about how well you know about the different kinds of machines that are used in the construction site. If you aspire to become a technician, it means that you got to know almost everything about the machine so that if you ever happen to work on one you should know how to open the stuff, fix it and put it back in place. It certainly requires good deal of training and loads of practice but apart from that it also require you to learn about machines right from the initial phase of your student life (from the day you join the technical institution). If you have your basics strong, it will certainly lead you to a good career. There are few things that you can do to strengthen your basics. First would be to read as many books as you can on machines and apart from that you can view lot of training videos that is available to you on the internet.

It has been witnessed that people find training videos to be far more helpful and informative. Some though find books to have answers for all the questions. As a matter of fact, it is perhaps the mixture of both that can help you achieve the knowledge on machines more than that relying on just one particular thing. Having said that, the dependability on training videos has increased manifolds over the last few years. This is the age of internet and therefore the reading books have taken a beating. People prefer to watch the training videos more than reading books. All they have to do is download the videos in a drive and play it on their computer. It actually allows them to see how to operate a machine. The visuals then remain ingrained in their minds and this is what helps them to learn.

Also for people who have poor memory and could not recollect things so easily, they can keep playing the video as many times as they want and memorize the stuff. Other than that, men who need some sort of help in one particular aspect can search for that video on the internet and check how that is dealt with. So you do not have to go through the entire book to find just one piece of information. Entering the keyword will do the rest for you.

Most of the training videos are absolutely free. This means that you do not have to pay a dime to watch them and learn. Knowing the complexities involved with heavy equipment, getting training videos for free is not less than a bounty. Ideally, people who write books also share their videos on internet and at the end of the video they try to promote their book so that others can know about his book and if they find the video fruitful they might even go for the book. Overall, online training videos has been a huge success making life simpler for millions of users all over the globe.

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How to become a successful construction business owner

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Many people who own a construction business wonder how someone can establish such a huge construction empire in this lifetime. For them it took years to get stabilized and there are few men who simply got success in every decision they took, in every sphere they moved. It looked all so easy for them as if they did not have to go through any hardships, any trouble or any challenge in setting up their business empire.

From the outset, we may see that they have got everything so easily but if we look into the depth of the matter, we will find lot many sacrifices that were made to reach the place that they are in. Life is never a bed of roses for anybody and all have to go through some amount of hardships to gain a place in their life. It is just that how they take things. If they are positive in life things are bound to go well but if they are pessimist and crib on every little thing, they will have a hard time in dealing with realities.

There are few very basic yet important things that you need to follow to taste success in this form of business.

Believe in yourself:-

You will get a lot of people who may not find your decision making ability to be appropriate and may feel that this will not work under the current situation. But if you feel it is worth taking the risk, go ahead and take it. You know yourself better than anybody else does. However, before you take a decision, take your stakeholder into confidence. There will be always 2 outcome of your decision. Either you will hit the bull’s eye or it will backfire. You got to be ready for both accolades as well as criticism. The crux of the matter is that you have given it a shot and that is important.

Keep yourself open for suggestions:-

A construction business owner should keep his minds open for any suggestions that he receives from business experts. The business decisions should be on the basis of these suggestions. The business experts understand the market better than the one who operates the business. They do round the clock analysis and then come down to a conclusion. They may not be able to estimate the future quite precisely but may remain close to what we call precise.

Set up good rapport with your clients and stakeholders:-

Getting more business fairly depends on the kind of relationship you have with your clients and stakeholders. Setting up good rapport with them can go a long way in getting more businesses from them. Delivering work on time, being honest with them may sound very basic but it matters a lot in times where people take any mode to please others. Standing tall on your ethics does matter a lot in establishing confidence in the hearts of your clients. Giving quality work also plays a significant role in generating strong rapport with the clients.

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A sound business strategy is the need of the day in the construction business

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We all get so fascinated by hearing stories of people who have successfully carved a career out of their business and dream to follow them, to become someone like them. There is definitely no problem to think like that but it is important to think what they did so different than others that they are so successful in life and what price did they pay and are we willing to pay the price if we too take up the challenge. If someone is dreaming to make a career in the construction industry, then he needs to prepare himself right from the day he has begun to dream and start making plans to achieve his dreams.

Having a sound business strategy is considered to be one of the most important component for becoming a successful businessman. Now, a business strategy is required in any sort of business regardless how big or small it is. However, if one is chalking out plans pertaining to his construction business, he got to be make sure he comes out with a real good plan. Following are few pointers that will stress on how one can set up a sound business strategy.

Strategize your plans based on the business requirement:-

Strategies are often made keeping into consideration your business requirements. For instance, you are planning to buy some heavy equipments. Here you will consider the price of the machines, the utility factor, the features it possess and most importantly does the project really require any enhancements as far as the equipments are concerned. If you find positive answers for it, you should go ahead with your strategy or else it is better that you continue with the existing heavy equipments.

Take opinions of experienced people:-

If you are running a small business, you should far importantly take opinions of experienced people before you start planning up something. If possible share your plan with someone whom you can trust. People who are experienced in the construction segment will give you suggestions that will help you a long way.

A good strategy is the result of good team work:-

In case, you have a big business where you are required to big decision that will have a lasting effect, you should involve people who hold the top positions of various departments. You put to them your vision and ask them to come out with some plans. Ask them to think about the opportunities and threats involved. Once they give you a detailed report, you can absorb them all in your plan. You have the big picture in front of you. You only need to give it a proper shape. Once you come up with a final plan, place it in front of the senior most people in the company and see how good it sounds to them.

Keep your strategy flexible:-

The strategy you have adopted should be flexible and not stringent. When things may not go the way you have estimated them to, you may have to change them. Your strategy should allow you the space to make changes.

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Experienced men are most preferred in the construction industry

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We belong to whatever profession but it has been always witnessed that our market value increases as and when we grow older in the system doing the same job and learning more from it. For instance, a medical student after completing his studies practices under the guidance of senior doctors. At that point in time, he makes less money as he is in the learning phase but after once he completes few years in that profession and enhances his skills, the demand for his service increases and thereby his fee is also augmented manifold. What we get to understand from the instance is that a person who gets to experience different aspect of the business and learns things from them is the one who gets more opportunities in life and simultaneously also has more chance of earning good sum of money.

Medical profession is very different from the construction business and one who wants to make decent money after having completed their civil engineering or have taken up a course of becoming an operator can make their way in this sphere. It is evident that they will not simply start generating chunk of money from the day 1 but as and when they gets attuned to the work and understand it well, their marker price automatically rises. They CV speaks a lot for them and then moving from a low paid job to a higher paid one will no longer be a difficult task.

Experienced men have dealt with different situations:-

People who have dealt with situations in the past do know how to deal with them whenever they arise again in the future. The construction industry is full of situations where one gets to learn something or the other on a daily basis. They come across numerous situations and learn how to deal with them in an effective manner. A newbie joining this industry can expect going to new heights in his career if he manages to stick around in this sector. Ideally, it has been seen that people tend to move off to some other line of business as they are unable to tackle the pressure but the one who can take it up has no limit of growth as he keeps on learning things as and when situations arises and that helps him to grow as an individual and also increases his value in the sector.

They can be good mentors for the new joiners:-

A new kid joining this industry is often tensed as he is not aware what he may have to deal with and therefore he will feel relaxed if an experienced person can come forward and guide him through. There may be numerous obstacles that may come in one’s life but a mentor is the one who will equip the new joiners with his expert advices and make sure that they do not make the same mistake which he had made when he was one like them.

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“Make hay while the sun shines” goes well with the construction industry

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Not every industry has its golden era forever. There are times when they see ups and also times when they also have to see the downs. You name any industry and you will see people related to it cheering during the good times and struggling when things are not so good. So as a business owner it is crucial that you make the most when things are positive in your sector and stay low when things are not doing well. This may not be the only mantra but is certainly an important one when it comes to finding success in any industry. We have often heard the saying “Make hay while the sun shines”. It makes a lot of sense in an industry that is dynamic and has lot of competitors all wanting to make the most. Construction industry is one such sector where people are vying for almost anything and everything.

Construction business owners know one thing for sure that it is pointless to struggle to get business when the overall industry is not performing well. For some it may sound weird when they get to hear that the construction industry is not doing well. They may have the belief that it is most rewarding industry in today’s time and for some reason can never see any downslide. Well as a matter of fact, every industry has a phase when it has to see the bottom and so it is with the construction sector as well.

Companies should have patience:-

Many new companies wind up their business when they do not see work coming. They probably get into the sector when it is trending downwards and since they do not have work in hand, they can’t take care of the operating costs and are compelled to give it up. Well for such enterprises, the only advice would be drastically cut down on the operational costs even if it means running the business from your house. If you have to do that, you should do so. Having an office and paying rent for it can become too strenuous for you to handle especially when things are bad. Therefore working from home becomes the most viable option and also cut down on the workforce. Stick to any small project that you get and learn to work on heavy equipments so that you can operate the machine on your own. This saves the cost of employing an operator.

Be aggressive when the sector is doing well:-

As understood by many, construction sector rewards you well when it is at its peak. You can take the risk and work aggressively to make the most. While you making profits, you got to remember to save resources for times when the business may take a downturn and you have to keep it afloat using those resources. This is why try and be aggressive when others are minting because you also will make lot of money then.