Is your building business specialised and you are seen as the expert in your field?
This is probably one of the most important decisions you as a business owner, will have to make, and it is also the most difficult one.
A building business, who is highly specialised and seen as an expert, has a much higher chance of being profitable, will have a value and can be sold.
Most building businesses try to do everything and are by default “Jacks of all trades and master of none”. Because of the incredible wide spectrum of work a builder can do, such a business is actually quite difficult to run. Forget about selling such a business. You will not find a buyer.
Just think of hiring a winning team and having them well trained and able to deliver excellent work. It is hard and such builders are hard to find.
As a general builder you will be competing with a lot of others and there is going to be a huge pressure on price. This will have a massive negatively affect on your profit and cashflow.
On the other hand, a builder who is highly specialised, will find it easy to become a master at what they do. It will be much easier to find people and train them in your niche. Such a business will be very efficient and make a great profit and have no cashflow problems.
The trend of specialisation is happening everywhere. Gourmet restaurants that can prepare a huge range of food are going broke while specialised food outlets (hamburgers, sushi, sandwich, chicken…) are making great profits. General car dealers are struggling while the highly specialised oil changers are reaping it in. Think kitchen specialist, bathrooms, special cladding systems, highly insulated windows and doors.
Unless you figure out how you could specialise you will find it tough. Marketing is tough, sales is tough, profits are tough, finding a good team is tough.
Do You Want Some Help?
If you have seen this article and would like to have a chat with an expert how to deal with some of the issues discussed, you are in for a treat...
You are invited for a 45-minute "Game Plan" session with Master Business Coach Andreas Becker. During that session, we will figure where you are now, where you want to be with your business and what is holding you and your business back or what is broken. I will then show you 3 strategies you can implement in your business right away to overcome your challenge and how much money that could be worth to your business.
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A word of warning: If you think now this is not the right time, I can categorically tell you that there is never the perfect time. With all the good intentions, you will forget and other disruptions will come your way. So cease the moment and book a 45-minute "Game Plan" session right now or chances are it will never happen and the most expensive cost could be your indecision.