Gain a Competitive Edge
In a more competitive environment, you must do something different to set yourself apart from the competition and gain an edge when bidding.
Here are eight ways you can compete more effectively in the construction industry:
Seek New Market Segments
Identify projects at which your company excels. Seek jobs that would benefit from those same strengths. Submit at least three new bids that are outside your normal comfort zone.
Find New Customers
Search for incremental business. Home improvement stores partner with lots of independent contractors—obtain on their lists. Leverage your crew‘s special skills by bidding for something new.
Weigh Risk vs. Reward
Opportunities are everywhere—you just have to find them. Why not find a great deal on some real estate and fix it up? You can rent it. You can flip it. It all adds to your bottom line.
Establish Financial Incentives
Set achievable revenue and cost-reduction targets. Be honest with your team about where you are and where you need to be. Ask for their help. Incent them by sharing the returns. Your people have good ideas. Bring everyone together regularly to share them.
Hire Right
Economic downturns are the logical time to replace under-performing employees with more skilled people who may be more affordable. It’s also possible that low performers are not in the right jobs. Assess their skills and attitude and determine if now is a good time to retrain them for different jobs or jobs that better prepare the company for the future.
Explore New Technologies
Telematics are essential. Learn how more data can help you be more efficient and effective. Software helps track costs, manage projects and model buildings. Find out how automation can bring new intelligence to your proposals and help you create more competitive bids.
Expand Your Network
To win new projects, you need to reach out to a new set of contacts. Ask all your contacts for leads—existing customers, suppliers, engineers, landscapers, and architects. Join a professional networking site, update your information, post and communicate there often.
Strengthen Your Brand
Consider the impression your company makes at all levels—from billing and paperwork to trucks and conditions on the jobsite. Do you need new marketing? Should you invest in sponsorships? Can you support the community in some way? Is there a charity or foundation that you could assist? Any of these have the potential to increase your exposure and positive visibility.
To learn more about gaining a competitive edge, contact your local Cat® dealer.