The construction industry has been abuzz with how President Trump’s proposed trillion-dollar infrastructure package could create a rapid demand for diversification. Whether you have been thinking about diversifying your construction projects for a while, or the increased demand has you considering expanding your target audience, there’s no time like the present.
The Infrastructure Package Positively Impacts Us All
The proposed infrastructure package is centered on a nationwide effort to improve bridges, tunnels, roads, and airports. Regardless of your current area of expertise or the size of your business, the increased demand for quality craftsmanship and skilled labor will affect us all. Even if you won’t be bidding on any government contracts, the demand for your area of specialty is likely to increase as your local construction professionals are tied up working on infrastructure projects, or they may contact you as subcontractor.
Workforce Innovation Creates Sustainable Business Practices
You may thrive in your current construction niche, but with a nationwide talent shortage of around 200,000 skilled laborers, it’s time to consider branching out. New construction is required across all sectors, meaning you have plenty of options to consider. Diversifying your construction company improves sustainability, as it creates additional revenue streams. This means, when one of your sectors decreases in demand, you won’t need to worry. Even if there is a major decline in your local market, you won’t be hit as hard, because you don’t have all your eggs in one basket.
Creating A Strategy For Diversification
The goal of project diversity is to expand your revenue streams, but that is too general. To achieve positive business outcomes, you must put a diversification strategy in place. This goes beyond which new sectors you will target, but how you will recruit, train, and market your new services and the new positions you will need to create to staff, ensure compliance, and deliver the same quality your clients expect. This requires time and research and helps you avoid costly mistakes as your new sector matures.
Not Sure How To Diversify Your Construction Company? The Birmingham Group Can Help!
Sometimes, diversification occurs organically, but usually is driven by an intentional strategy, designed to capitalize on a growing industry or market trend. The Birmingham Group doesn’t just specialize in construction recruiting, but in consulting, designed to help you expand your project offerings. As a tenured thought leader, I pride myself on creating diversification strategies designed to deliver positive business outcomes.
If you are considering targeting a new sector of construction, we would be honored to develop your strategy. With in-depth industry knowledge and over 50 years in business, The Birmingham Group can map out a sound strategy for branching out into Government, Healthcare, Wastewater, Military, Heavy Civil, Concrete, Industrial, Senior Living, and more. Reach out today to learn more!
