The last decade has seen the construction industry growing faster than ever.For a few years there has been a lot of ups and downs and also a number of rocky challenges and even in some parts of the country things were moving really slow. There sure has been a positive growth in the construction market, but the business will take a long time to reach the levels it was on for many years in the past.Working hard will not help you much as this is the time you should work smarter as it is the only part of the solution. So, the factors you should be smartly working on are markets, customers, risks and employees if you want to increase your business of construction in Armenia.
- Add New Markets
You must try and add at least one new project in your arsenal to pursue. For instance, home remodeling is in vogue but it will soon move on to the new home construction business. In some parts, healthcare and schools construction is up and raging at a fierce rate. For some markets of construction in Armenia, public works is still holding a strong foot. You must try and attempt to get on minimum three new bid lists in the coming three months and try to be out of your comfort zone if you want to expand your business.
- Get New Customers
For home improvement, there are numerous people who need a lot of contractors. Start up a renovation department or plan to start the maintenance department. You can also put your senior most member of your team on the task and let him handle the profits accruing out of the business.
- Bring in New Risk
You cannot expect a lot of opportunities from home building market but you can create some opportunities by finding some pathetic real estate location and then buying it, upgrading it and eventually renting it out. This would surely be an add-on to your work but it can surely boost long-term impacts on revenue.
- Add Good People To Your Team
Eliminate the employees who are not performing well and replace them good people who are actually very dedicated to the work and have a new skill set. Some people can never help you become successful therefore simply face the reality and hire a few people who have the potential to perform great.
- Add Overhead Targets
Let everyone in your team know of the cost of doing a business. Create a milestone and then reduce the overhead and monthly expenditure. You can always ask for suggestions from them as to how you can reduce the overhead costs and once their ideas are implemented you can reward those whose ideas are used.