5 Ways to Transform Your Subcontractor Business Without Going Bankrupt

Drive-thru:

  • The 4th Industrial Revolution is making it increasingly necessary for you to transform your business so you can stay relevant.
  • You need to use an informed and measured approach to business transformation so you do it effectively and economically.
  • Get started by boosting productivity, simplifying, and improving collaboration as well as convenience.

When people speak about transforming business, they’re talking about what some call the 4th Industrial Revolution. The first Industrial Revolution combined water or steam power with machinery. The second used electricity to power assembly lines, while the third added computerization to the mix. The fourth is a blend of virtual and physical systems, the internet of things and the internet of systems.

The road to transforming your construction business depends a lot on others and on your available budget. For instance, you might adopt blockchain technology to manage your contracts, but if those whom you do business with don’t use it, it’s pretty much useless. That’s why the pace you transform your company in, and how you do it the first place, depends on how quickly the industry transforms as a whole.

It’s very easy to spend a lot of money really fast on apps, software, hardware and tools you hope will provide a return on your investment. So, to transform your business affordably, you need to use an informed and measured approach. And, since most construction businesses are very small, they need a very different approach than large enterprises.

Stay Aware

Since transformation is all about technology, stay current on what’s available. Empower someone or a group of people in your organization to identify relevant technology and chart how it fits your business. That includes when it fits, where it fits, why it fits, and what the adoption costs are. Set priorities so you have a roadmap to adopting the technologies that fit your budget.

Empower someone or a group of people in your organization to identify relevant technology and chart how it fits your business. Click To Tweet

Improve Productivity

Technology tools help you automate functions and condense activities so they require fewer people. Tracking time on tasks helps you see places where you can change processes, methods, or materials. You might discover you can bring in equipment or subcontractors to improve efficiency. Tools that offer more refined budget tracking, more exact scheduling, and better project management workflows will also improve productivity.

Make Things Simpler

Consider technology that reduces distractions or that helps people focus on what’s meaningful. Other tools might simplify processes by removing steps, creating shortcuts, or making the processes more intuitive.

Increase Collaboration

This is a goldmine that too many construction businesses ignore. Your workforce and the other project participants need to share accurate information seamlessly, securely, quickly, and easily. Tools that use audio, video, and photos will speed up comprehension and accuracy.

Improve Convenience

This is where mobile technologies really shine. Mobile technologies don’t just mean  smartphones, tablets and apps, but also tools that enhance mobile performance. Setting up single sign-on and WiFi range extenders improves mobile convenience and responsiveness. Using tools, sensors and equipment that communicate with your computer network save steps and time and improves safety.

Finally, don’t ignore technology that’s on the horizon. Put it in a “watch” column on your tech chart so you can track its influence in your circles. Otherwise, you can miss out on opportunities. For example, countless construction businesses have already been caught off guard when a project they wanted to bid on required building information modeling, and they were unprepared to use it.

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