Is another construction niche or market the right choice for expanding your business?
- So, you want to expand your business – make smart choices
- Review your company skills and resources
- Look at other services / industries where those skills are utilized as well
- See where you can sell more or additional services to existing clients
- Look at other industries with similar skills
- If your biz is labor intensive then you have skills in labor management and HR
- You might consider labor services / janitorial services / lawn maint. / other labor-intensive industries
- Technical skills – look at industries with high technical skills
- Communication – consider IT services / phone services and maintenance
- Mechanical – consider service and maintenance
- Equipment resources
- Find other ways to utilize your idle equipment – rental
- Have mechanics – consider doing fleet maintenance for others
- Professional skills
- Consider other professional services – consulting / energy efficiency / optimization
- If your biz is labor intensive then you have skills in labor management and HR
- Remember these will take effort so be careful
- Set it up properly with management and staffing – remember your construction efforts come first
- Start slowly – maybe with some existing clients
- Grow from there
Key Questions:
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Is construction the right expansion choice for your firm?
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What unique skills and resources does you company have?
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What are some complimentary industries?
Take-Action Items:
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Review your skills and resources
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Research other industries and construction opportunities
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Choose a path, plan and execute