Should You Bring More Variety to Your Construction Projects?

//Should You Bring More Variety to Your Construction Projects?

Should You Bring More Variety to Your Construction Projects?

While some construction companies manage to endure by specializing in a niche, others benefit from having more diversity. Adding more variety to your construction projects can help you keep up with changing demands and reach a larger construction customer base.

There’s a Nationwide Labor Shortage

The construction industry is experiencing a continued labor shortage of skilled workers. Finding talent is going to be harder if your construction company focuses too tightly on a specific niche. More people have generalized skills than niche-specific skills. The bright side is that construction work is needed in all areas, so there are plenty of different ways you can diversify your projects.

Do You Need More Flexibility

The riskiest part about focusing only on two or three sectors is that it does not give you much flexibility. If one area of your business starts to struggle, you have nowhere to turn to try to offset changes in demand. If your construct projects are more varied, you will have more streams of revenue, and, thus, more flexibility. If the demand for new restaurants declines in your area, it won’t make or break your business if you have ten other building categories you are capable of constructing. The Administration’s Infrastructure Package

The infrastructure plan proposed by Trump has struggled in Congress, but with the midterm elections over, we might finally start to see some progress on this front. The focus of the infrastructure package is to improve streets, bridges, airports, and other transportation-related infrastructure across the United States. If this plan is put into action there will be a significant increase in the demand for skilled labor, which of course is a problem if there is a labor shortage. Even if your expertise isn’t in infrastructure-related construction, you are going to have a harder time finding talent for your own projects because a lot of the talent out there will be busy working on government contracts.

Come Up with a Specific Goal

The most obvious goal of diversification is to create more avenues for revenue. However, this is too broad a goal to be useful. Set a goal that includes what areas of construction you want to branch out into, as well as strategies to train and recruit talent. You will also need to tweak marketing strategies to accommodate the diversification.

Even if your business is flourishing right now, it might still be the perfect time to start diversifying your construction projects. You might not see the impact of the labor shortage yet. But five years from now, you will. Diversification will give you a better chance of adopting to the changing employment market and weathering the ongoing storm.

How can we help you?

Searching for an opportunity in the construction industry? Contact The Birmingham Group today to discuss your career path or browse our open positions.

Are you a hiring authority needed construction talent? Submit a search request today.

See Our Latest Construction Jobs
– 
I’m Ready to Hire – Contact Me

By | 2018-12-10T16:31:10+00:00 December 13th, 2018|Construction Blog|

About the Author:

Brian Binke is the founder & CEO of The Birmingham Group (TBG). TBG is a globally recognized Executive Search and Consulting firm, specializing in the Construction arena. Over the past 22 years, Brian has established himself as one of the construction industries most respected leaders. He has won numerous awards for his industry innovation and has been recognized as the #1 Worldwide Revenue Producing Manager for the Largest Recruitment Network of over 800 Independent Firms. Brian founded SC Bingham Farms in 1995. In January 1997, SC Bingham Farms acquired Management Recruiters Birmingham, established by Fred Bawulski in 1967. Fred was an early pioneer of the executive search industry, which was almost unheard of in the 60s. Today The Birmingham Group remains one of the nation’s most tenured search firms. You can reach Brian directly at bbinke@thebirmgroup.com.
Follow

Follow this blog

Get a weekly email of all new posts.

Email address