Your Year in Review: What Every Construction Owner Should Do for Year-End
It’s the time of year when many construction owners are slowing down with projects, but catching up on much-needed paperwork and preparing for tax season.
This doesn’t leave a lot of time for owners to slow down and conduct a thorough year-end review. But, without one, there is little possibility of learning from past mistakes and improving your business processes in the coming year.
In this quick guide, we share our top three year-end review tips and show you how Flexbase can free up your time, allowing you to focus on growth — and not mountains of paperwork.
Year-End Review That Every Construction Owner Should Do: Our Top 3 Tips
Conducting a year-end review, or overall company “health check”, is such an important step in growing any company. Construction companies are no exception.
Entrepreneurs are more likely to plan for the future, but without addressing troublesome processes and systems currently in place, you’re likely to repeat the same mistakes.
Start by making a list of questions, such as:
- What were our achievements and how did they affect our growth?
- Did we learn anything new last year that supported or stunted our growth?
- What were our biggest disappointments?
- Were we fiscally responsible and can we plan better for next year?
- Where do we want to see ourselves by this time next year?
Looking back on both the mistakes and successes of the previous year is the best way to formulate a strategy for the coming months. Here’s how to start:
#1: Recognize Your Successes
First things first, pat yourself on the back for the successes of last year. Write down what you did that helped you reach your goals.
Whether you streamlined your safety procedures or you ran a marketing campaign that resulted in notable growth, it’s important to recognize your successes.
Focusing only on the negative aspects of last year can be a detriment to your future successes, so start by making a list of your top three achievements of the previous year.
You may also consider surveying your employees to find out what they considered to be wins for the company. Oftentimes, construction owners get caught up in the stresses of the day, but your employees can provide a valuable lens into how well things are really going.
#2: Determine Your Goals for the Coming Year
Once you’ve analyzed your successes (and hopefully celebrated them), think about what you want to happen in the coming year.
Are you focused on growth? If so, how much growth and what will you need to do to achieve it?
Perhaps you’re happy with the size of your company and would like to branch into another area of construction.
Whatever your vision, write it down and share it with your management team. Discussing your goals with your employees can give you a different perspective on how to go about achieving your dream.
#3: Designate Areas for Improvement
Even if your company has just had its best year, there is always room for improvement.
Now that you know what went right and where you want to take your company, it’s time to address any disappointments from the previous year.
Ask yourself if the mistakes of the previous year have any commonalities. Is there one or maybe two glaring opportunities for improvement? Or maybe it was a series of small missteps.
Once you’ve taken the time to analyze what went wrong, and why, you’re ready to formulate a plan to improve. This could be anything from staffing changes to better communication processes to time management.
How Flexbase Frees Up More Time for Construction Owners to Focus on Growth
Arming yourself with a strategic approach to the coming year is essential to growth.
Don’t get bogged down with archaic processes and systems that bury you in frustrating paperwork. Let Flexbase help.
Our app is so simple and takes care of details like:
- Project tracking
- Legal reminders
- Lien waivers
- Payment applications
- And much more
Additionally, Flexbase offers the only credit card specifically designed for construction companies like yours. We give you credit based on your future invoices, not your personal credit score.
Flexbase’s payment management software and easy construction credit process streamlines your cash flow, allowing you to focus on achieving your goals.
