The beginning of the year is a great time to review your business accomplishments and target areas for improvement. If your construction company is already successful, you can figure out how to keep the momentum going and get more of the kinds of projects you love. If your company is on the newer side, you might still be working on getting your processes down pat or even figuring out how to land clients. Either way, examining these five great business goals will help you decide where to focus your efforts in 2024.

1. Create or Review Your Strategic Plan

A strategic plan is basically a road map that documents your overall vision for your company: what you want to achieve and how you’ll achieve it. And it doesn’t even have to be super complex. Even writing a page or two with the following main components will help you clarify your overall business goals and how you might get there. If you already have a plan in place, review each area to see if it still rings true or if anything needs adjusting.

Mission statement. In a few sentences, describe what the heart of your business is, what types of services you offer and who your ideal clients are. What makes your company special?

Goals. Think about the biggest issues your business is currently facing, and how you can turn those into goals. For instance, if you don’t have enough clients, you can set the goal of improving your marketing efforts. If your projects don’t often go smoothly, your goal could be to improve project management. And remember that your goals don’t have to be about performance or numbers.

“My plan is to be able to empower my team enough to where I can step back a little bit,” remodeler Mike Biestek says. “My strengthening of the core is essentially trying to get me a little more family time.”

Methods. Write down how exactly you’ll achieve those goals. Invest in professional marketing help? Hire a project manager? Adopt software that can help every area of your business? This step includes identifying the resources you will need, such as equipment, personnel or financial partners. 

Time frames and benchmarks. Putting a “done by” date on your goals and then setting smaller benchmarks will make it easier to tackle them than setting one big vague goal. For instance, instead of “earn more money,” you might write, “increase revenue by $100,000 by December 31, 2024” and “increase revenue by $25,000 each quarter of the year.”

2. Research Competitors and Market Trends

Change is a constant in the construction business. Looking at what your competitors are doing might spark new ideas. Researching market trends can help you plan for what’s to come and adjust your services if needed. For instance, has the government passed any legislation recently that could affect the way you do business or what services your clients will need? Some trends from 2023 will no doubt carry over, such as green/sustainable building; the use of 3D printing, robots and automation; augmented and virtual reality; and innovations in types of materials.

You can also get terrific firsthand insight on competitors’ efforts is by networking and building relationships within the industry. Attending industry conferences, joining professional associations and collaborating with other construction professionals — even hiring a business coach or finding a mentor — also can help you expand your network and gain valuable referrals in addition to providing info.

One of the easiest ways of staying on top of industry and market trends is to follow Houzz Research. Houzz has a stellar in-house research team that regularly shares industry outlooks, quarterly barometer of the construction industry trends, and so much more!

3. Build Your Brand

A brand is more than just a snazzy logo or catchy tagline; it represents the values, quality and reliability that your business offers. And to communicate your brand effectively to your target audience, you have to be crystal clear on it yourself. So first, you’ll want to define your brand identity. What sets your business apart? What are your core values and mission? (Hint: These should already be in your strategic plan.) If it’s been some time since you’ve defined your brand, could it use an update? 

When you’ve done that, make sure to have consistent branding across all touch-points. This includes your website, professional profiles, business cards and even company vehicles. Consistency builds trust and recognition among potential clients.

The next part of building your brand is creating a strong reputation, and that involves delivering exceptional customer service and project results, and addressing any concerns promptly. Doing this will help prospective clients automatically associate your brand with quality, and it will also increase word-of-mouth recommendations and positive reviews, which play a significant role in establishing your credibility and attracting new clients. 

Tip: Houzz Pro’s CRM can simplify the process of keeping in touch with both potential customers and existing clients.

4. Maximize Revenue

While getting more clients is a popular way to increase revenue, consider also that you could:

• Charge more for the services you currently offer
• Develop other income streams related to your current business, and/or
• Reduce financial drain by improving your systems

Regardless of which avenue suits your business best, taking a close look at its finances, setting specific and measurable key performance indicators (KPIs), and managing cash flow are essential.

Tracking your incoming and outgoing cash not only will help you spot areas that are particularly profitable or not, but will allow you to identify any potential financial issues early on and head them off at the pass.

Tip: Houzz Pro’s financial reports make it simple to keep track of your cash flow.

Also, even if you don’t want to do a major overhaul of your systems, prioritizing efficiency can help you control costs. Look for ways to streamline your operations, eliminate waste and negotiate favorable terms with suppliers. 

“Our real key this year is to increase that profit margin, get that up to a higher level,”  remodeler Jason Bliss says. “If that means taking less jobs but doing them more efficiently and smarter, that's our growth key this year — a higher profit margin, not just higher volume.”

5. Strengthen Client Relationships

Building strong relationships with your clients is crucial for the success and growth of your construction business. Not only does it lead to increased client satisfaction and loyalty, but it also opens the door to future projects and referrals. 

“A lot of my business is referral work,” Biestek says. “It’s a great thing because when you do an outstanding job for one person, they’re going to go tell their friends.”

First, prioritize effective communication. Regularly check in with your clients to ensure that their needs are being met, and address any concerns or questions promptly. Establishing open lines of communication and being responsive to client feedback shows that you value their input and are committed to their satisfaction.The Houzz Pro Client Dashboard tool was specifically designed with this goal in mind. It streamlines client communication and manages requests and approvals, all while creating a positive, professional impression.

Additionally, go the extra mile to exceed client expectations. This could involve delivering projects ahead of schedule, providing exceptional workmanship or offering personalized solutions. By consistently delivering exceptional service, you can create a positive client experience that fosters long-term relationships.

“[My clients’ expectations] are high,” Bliss says. “We have to meet them where they’re at, rather than just getting stuck in, ‘This is how we've always done it.’ I feel like we’re always having to change to match up with what their expectations are.”

Another way to improve client relationships is to provide transparency throughout the construction process. Keep your clients informed about project progress, any challenges or changes, and the overall timeline. Providing regular updates and involving them in decision-making can make them feel more engaged and invested in the project.

And don’t underestimate the power of following up. After a project is completed, take the time to reach out to your clients to ensure their satisfaction and ask for feedback. This not only demonstrates your commitment to their happiness but also provides an opportunity to address any concerns or make improvements for future projects.