business plan for construction firms

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Business plan for construction firms best masters persuasive essay assistance

Business plan for construction firms

Hire a lawyer if necessary. Hire an accountant and iron out what documentation you will need to have on file for your deductions. Audits are not common, but they do happen, so you want to be prepared and you want your books to be accurate. Arrange a meeting with an insurance agent and talk with him or her about the coverages required for your business. You need to protect not just business assets, but also yourself should work-related injuries, personal liabilities, or damage to clients' property occurs.

Both you and your business need to be fully covered. You will need to purchase, rent, or lease equipment, tools, and vehicles to get your business started. You will also need to pay your bills, invest in advertising , and meet payroll. You will need to secure funds before you bid on your first contract, so apply for financing early on.

Open accounts with several suppliers and establish credit with them. You will need to have a good relationship with other contractors so you have people to call upon to help you complete jobs you either cannot finish yourself or don't have the time to complete within the deadline. You will also need to establish good relationships with industry professionals, including building inspectors.

Will you keep full-time staff or simply hire contractors when you need them? There are greater flexibility and lower cost involved with dealing with contractors since you don't have to pay benefits in most cases or continue providing a salary when business is slow. At a minimum, though, you might consider having a full-time assistant whom you can train to know all the ins and outs of your business and keep things running smoothly.

People also appreciate hearing a familiar voice when they call your place of business. You might decide that your advertising needs are as simple as signage for your job sites. You might also decide you need more—radio, TV, and online marketing, like a website and blog. You will also want to create a logo to establish your brand. Other recommended promotional items include business cards, brochures, and, eventually, a business portfolio.

Whatever you do, don't skimp on the marketing. Allocate more than you think you'll need for it. Don't forget to allocate some funds for construction management software to run your business, as this will allow you to streamline and automate various processes. The right software solutions can eliminate hours' worth of work per project, even per day. Here are some of the best construction accounting software options to choose from.

He has hands-on experience in preparing bids, determination of subcontractor qualifications, and preparation of critical path schedules. He writes and awards all contracts. He is responsible for scheduling of all subcontractors and materials and conducts pre-construction meetings. He supervises all project progress meetings, training superintendents, and is responsible for the certification of all change orders.

Ralph is involved in sales, public relations, personnel, operations, planning, purchasing, equipment, and labor. Mark Brown has been recently hired as the Marketing Manager. He has over seven years of experience in a variety of high level management positions, working for both private industry and different levels of the United States government.

Mark is involved in sales, public relations, advertising, marketing, and planning. The business is set up as a "C" corporation. This form of legal entity was chosen primarily for liability reasons and makes it easier to secure investors. The company employs nine other highly trained employees in office management and project administration. As the business grows additional part-time or full-time employees may be added to handle the increased workload.

Currently, the national market distribution is shared by about fifty plus participants. They are located all over the country. This market segment has been relatively stable over the past five years. The Washington economy is in the midst of a particularly strong growth period. Many new jobs are being added to the local community. Ever increasing numbers of Californians are coming to this area.

All of these factors are cause for a much greater need for retail construction services. All of this activity can only help our kind of business. Listed below are just some of the reasons that the Washington and the Washington area, in particular, is growing and why it is a good time for a business such as ours. The estimated population of King County in was , people.

The number of households was , Projections see this trend continuing through the next decade. From the above figures it can readily be seen that the potential local market for our services is huge. We feel with our pricing and value we will become one of the premier retail construction companies in the country. Our customers are usually large nationally known firms in a variety of fields.

Projects that Smith Contractors, Inc. We feel we have strengths in administration, overall management, human resources, quality of service, operations, servicing, quality of service, company policies, service features, reliability, desirability, and pricing. Our minor weaknesses are in the areas of marketing and advertising and finding lenders who will finance receivables. We have just begun to look at this area. We have recently hired a marketing manager to provide expertise and direction.

We have obtained the services of a highly qualified business consultant to aid in financial projections, help put together a business plan, and develop strategies to fund future growth. Our staff is highly trained, well motivated and provided with an excellent benefit package. Client issues are given the highest priority. The business is highly competitive and has excellent facilities which are fully equipped.

The business is ready for significant increases in sales with little additional need for staff or equipment. We perceive medium risk exposure in the competitive position, vulnerability to substitutes, financial performance, finance, and planning. We have or will soon retain the services of a full-time marketing manager, a full-time controller, and a business consultant to help in various areas such as marketing, financial controls, and general overall business operation advice.

We do not perceive any high risks associated with our company. Since we are still a relatively new business we will continue to obtain help when needed in areas necessary to complement our abilities. Pricing is based upon subcontractors price plus overhead and profit. Prices are driven by competition. Current competition dictates a percent of mark-up. We currently win about one-third of the projects we bid on. We come in second on nearly seventy percent of the rest of the jobs we bid on.

At this point there is a certain amount of price inelasticity in this service. Customers are very sensitive to pricing changes. With the current level of competition we must be careful not to price ourselves out of the market. On the other hand, if we offer additional services we can open up other opportunities to increase income.

Pricing will be reviewed on a monthly basis. Our company's marketing strategy will incorporate plans to promote our line of services through several different channels and on different levels of use. We make use of referrals, cold calls, visits to customers and advertising. We plan to utilize our website as a selling tool. Advertising tools we will utilize include brochures, catalogs, targeted advertisements, lead generation, lead referral and follow-up systems, information gathering, and dissemination.

To better reach the local market we will meet with building owners and property managers to present our track record of success. In addition, we will advertise in Washington and Oregon newspapers, local trade journals, and business newspapers that target business clientele. We will join the local association for property managers.

Nationally, we will advertise by way of our brochure that will be sent to potential clients. We will advertise through the Internet. If any interest is shown, we will invite them to tour our facilities and meet our professional staff. We recognize that the key to success at this time requires extensive promotion.

Advertising goals include all of the following:. We will develop a public relations policy that will help increase awareness of our company and product. To achieve these goals we will consider some or all of the following:.

Throughout this business plan we have taken a very conservative approach to developing our financial projections. The following assumptions were used in preparing the projections in this business plan:. This page left intentionally blank to accommodate tabular matter following. Break-Even Analysis is a mathematical technique for analyzing the relationship between profits and fixed and variable costs.

It is also a profit planning tool for calculating the point at which sales will equal costs. The above analysis indicates break-even number customers at. Anything over these amounts will be profit. Ratio analysis can be one of the most useful financial management tools. It becomes important when you look at the trend of each ratio over time. It also becomes important when compared to averages of a particular industry.

It has spent the first three years building, staffing, and equipping the business. As the sales and income go up, these percentages will go down and become more in line with industry averages. The hiring of a new comptroller should help reduce the amount of taxes paid and allow the company to more closely monitor expenses. This would indicate that the amount of current assets is increasing steadily as is the "cushion" between current liabilities and the ability to pay them. It could suggest that Smith Contractors has a relatively more stable position than the industry and seems to suggest that there is an opportunity for expanded operations.

The Revenue to Receivables ratio measures the number of times trade receivables turn over in a year. This indicates that collection methods need to be improved. This has been done. The Cost of Goods to Payables ratio measures the number of times trade payables turn over in a year. This indicates that the company may be experiencing cash shortages due to the amount of time between the payment of supplies or subcontractors and receipt of payment for its billings.

It might want to consider extending the time it takes to pay for supplies or subcontractors. The Revenue to Working Capital ratio is a measure of the margin of protection for current creditors. This has been corrected with the change in payment policy to subcontractors. This indicates efficient use of working capital. This indicates that the company should not have a problem servicing its debt. The figures for is above industry median figures. This could indicate that the company is better able to make interest payments and could possibly handle more debt.

The Current Maturities Coverage ratio is a measure of ability to pay current maturities of short-term debt with cash flow from operations. This indicates that the cash flow available to service debt are increasing relative to the level of debt. This indicates that the company is better able to service debt and could possibly indicate additional debt capacity.

The Fixed Assets to Tangible Net Worth ratio measures the extent to which owners' equity has been invested in property, plant, and equipment. This indicates that the investment in fixed assets relative to net worth is decreasing and results in a larger "cushion" for creditors in the event of liquidation. The Debt to Equity ratio expresses the relationship between capital contributed by creditors and capital contributed by owners. This indicates the company is achieving greater short-term financial safety.

For the period to this ratio is above industry median earnings. This indicates that the company is out-performing the industry but can also indicate that the business is undercapitalized. The Earning Before Tax to Total Assets ratio expresses the pre-tax return on total assets and measures the effectiveness of management in employing available resources. This indicates an increasingly effective use of available resources.

The Officers', Directors', Owners' compensation to Sales ratio is a general measure of ability to compensate top employees. This can indicate an increasing effectiveness of management or that the business is becoming more service oriented and less capital intensive. If the Z Score is Greater than or Equal to 2. If the Z Score is Less than or Equal to 1.

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She dealt extensively with construction management software and business trends as an analyst for Gartner's Capterra.

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Business plan for construction firms Three-year income projection -- A pro forma income statement showing your projections for your company for the next three years. How much you need. Thanks for trying Upmetrics! Download for free. Accumulated depreciation as of With this edge the company can underbid its rivals and achieve a low cost leadership role. When starting a construction company, what needs to be in your business plan?

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Currently, the national market distribution is shared by about fifty plus participants. They are located all over the country. This market segment has been relatively stable over the past five years. The Washington economy is in the midst of a particularly strong growth period.

Many new jobs are being added to the local community. Ever increasing numbers of Californians are coming to this area. All of these factors are cause for a much greater need for retail construction services. All of this activity can only help our kind of business.

Listed below are just some of the reasons that the Washington and the Washington area, in particular, is growing and why it is a good time for a business such as ours. The estimated population of King County in was , people. The number of households was , Projections see this trend continuing through the next decade. From the above figures it can readily be seen that the potential local market for our services is huge.

We feel with our pricing and value we will become one of the premier retail construction companies in the country. Our customers are usually large nationally known firms in a variety of fields. Projects that Smith Contractors, Inc. We feel we have strengths in administration, overall management, human resources, quality of service, operations, servicing, quality of service, company policies, service features, reliability, desirability, and pricing.

Our minor weaknesses are in the areas of marketing and advertising and finding lenders who will finance receivables. We have just begun to look at this area. We have recently hired a marketing manager to provide expertise and direction. We have obtained the services of a highly qualified business consultant to aid in financial projections, help put together a business plan, and develop strategies to fund future growth.

Our staff is highly trained, well motivated and provided with an excellent benefit package. Client issues are given the highest priority. The business is highly competitive and has excellent facilities which are fully equipped. The business is ready for significant increases in sales with little additional need for staff or equipment. We perceive medium risk exposure in the competitive position, vulnerability to substitutes, financial performance, finance, and planning.

We have or will soon retain the services of a full-time marketing manager, a full-time controller, and a business consultant to help in various areas such as marketing, financial controls, and general overall business operation advice. We do not perceive any high risks associated with our company. Since we are still a relatively new business we will continue to obtain help when needed in areas necessary to complement our abilities.

Pricing is based upon subcontractors price plus overhead and profit. Prices are driven by competition. Current competition dictates a percent of mark-up. We currently win about one-third of the projects we bid on. We come in second on nearly seventy percent of the rest of the jobs we bid on. At this point there is a certain amount of price inelasticity in this service. Customers are very sensitive to pricing changes. With the current level of competition we must be careful not to price ourselves out of the market.

On the other hand, if we offer additional services we can open up other opportunities to increase income. Pricing will be reviewed on a monthly basis. Our company's marketing strategy will incorporate plans to promote our line of services through several different channels and on different levels of use.

We make use of referrals, cold calls, visits to customers and advertising. We plan to utilize our website as a selling tool. Advertising tools we will utilize include brochures, catalogs, targeted advertisements, lead generation, lead referral and follow-up systems, information gathering, and dissemination. To better reach the local market we will meet with building owners and property managers to present our track record of success.

In addition, we will advertise in Washington and Oregon newspapers, local trade journals, and business newspapers that target business clientele. We will join the local association for property managers. Nationally, we will advertise by way of our brochure that will be sent to potential clients. We will advertise through the Internet.

If any interest is shown, we will invite them to tour our facilities and meet our professional staff. We recognize that the key to success at this time requires extensive promotion. Advertising goals include all of the following:. We will develop a public relations policy that will help increase awareness of our company and product. To achieve these goals we will consider some or all of the following:. Throughout this business plan we have taken a very conservative approach to developing our financial projections.

The following assumptions were used in preparing the projections in this business plan:. This page left intentionally blank to accommodate tabular matter following. Break-Even Analysis is a mathematical technique for analyzing the relationship between profits and fixed and variable costs. It is also a profit planning tool for calculating the point at which sales will equal costs. The above analysis indicates break-even number customers at. Anything over these amounts will be profit.

Ratio analysis can be one of the most useful financial management tools. It becomes important when you look at the trend of each ratio over time. It also becomes important when compared to averages of a particular industry. It has spent the first three years building, staffing, and equipping the business.

As the sales and income go up, these percentages will go down and become more in line with industry averages. The hiring of a new comptroller should help reduce the amount of taxes paid and allow the company to more closely monitor expenses. This would indicate that the amount of current assets is increasing steadily as is the "cushion" between current liabilities and the ability to pay them.

It could suggest that Smith Contractors has a relatively more stable position than the industry and seems to suggest that there is an opportunity for expanded operations. The Revenue to Receivables ratio measures the number of times trade receivables turn over in a year. This indicates that collection methods need to be improved. This has been done. The Cost of Goods to Payables ratio measures the number of times trade payables turn over in a year. This indicates that the company may be experiencing cash shortages due to the amount of time between the payment of supplies or subcontractors and receipt of payment for its billings.

It might want to consider extending the time it takes to pay for supplies or subcontractors. The Revenue to Working Capital ratio is a measure of the margin of protection for current creditors. This has been corrected with the change in payment policy to subcontractors.

This indicates efficient use of working capital. This indicates that the company should not have a problem servicing its debt. The figures for is above industry median figures. This could indicate that the company is better able to make interest payments and could possibly handle more debt. The Current Maturities Coverage ratio is a measure of ability to pay current maturities of short-term debt with cash flow from operations.

This indicates that the cash flow available to service debt are increasing relative to the level of debt. This indicates that the company is better able to service debt and could possibly indicate additional debt capacity. The Fixed Assets to Tangible Net Worth ratio measures the extent to which owners' equity has been invested in property, plant, and equipment.

This indicates that the investment in fixed assets relative to net worth is decreasing and results in a larger "cushion" for creditors in the event of liquidation. The Debt to Equity ratio expresses the relationship between capital contributed by creditors and capital contributed by owners. This indicates the company is achieving greater short-term financial safety. For the period to this ratio is above industry median earnings. This indicates that the company is out-performing the industry but can also indicate that the business is undercapitalized.

The Earning Before Tax to Total Assets ratio expresses the pre-tax return on total assets and measures the effectiveness of management in employing available resources. This indicates an increasingly effective use of available resources. The Officers', Directors', Owners' compensation to Sales ratio is a general measure of ability to compensate top employees.

This can indicate an increasing effectiveness of management or that the business is becoming more service oriented and less capital intensive. If the Z Score is Greater than or Equal to 2. If the Z Score is Less than or Equal to 1. If the Z Score is between 1. Z Score analysis is a statistical method developed to forecast bankruptcy. In this instance we used the and actual figures, Estimated , Projected , and figures to determine the above scores. The Z Scores indicated above are all well over 2.

A review of the first eight years of Smith Contractors' existence show that it has been immensely successful. Even in its first full year of operation, it reached industry standards of performance. This is unheard of for a start-up company. Each subsequent year has shown significant improvement in profitability and operational performance. During the first eight years the company concentrated upon being profitable, building its staff and equipping its office.

Smith Contractors is now ready to step up to the next level and utilize economies of scale to make the projected numbers even more striking. Smith Contractors has also undertaken major changes in philosophy in billing and payment of subcontractors and suppliers which will dramatically increase cash flow.

The company has also hired a full-time marketing manager and is in the process of hiring a full-time controller. Upmetrics also has powerful tools that were easy to learn, great customer service and the perfect price. After trying Upmetrics, I wish to highly recommend this app to anyone who needs to write a business plan flexibly and to a high standard. Seriously, forget about LivePlan, Bizplan or Cuttles.

I've tried them all! Thank you Upmetrics for your excellent customer support. Been using Upmetrics for my crypto startup and can only recommend it. The hours I spent searching for an online business plan template was countless. I love how they are providing an explanation for every single step.

You'll get guided from the beginning to the end. Had some questions and their support service replied and helped in less than 24 hours. Kinda cool! Customer service was great and really no complaints. There are helpful tips provided on how to complete each section. The charts and visual sections of business plan are pretty cool addition. Overall, it's a helpful resource to aid in completing a business plan. Create an account to write your business plans.

Upmetrics is loved by beginners and experts, teams and individuals. Already have an account? Log In. Construction Company Business Plan Are you thinking of starting a construction company? Preview Download. It's easy and fun with Upmetrics. Paul D. Diane D. Use this sample plan as your guideline and start editing it right away.

Click to download "Construction Company Business Plan" pdf. How you would you like to rate this template? Thank you! We have received your rating. Customize your Business Plan All businesses are different. Business Plan Software Our upmetrics business plan software can help you to customize your business plan and provides you a step-by-step guide to write your business plan. Use this "Construction Company Business Plan" and complete your professional business plan faster to kickstart your business.

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This will create greater investment opportunities through the acquisition of investment capital from a limited number of shareholders. Robert Fosse, who had worked in the residental construction business for ten years began his own company, Fosse Painting and General Construction in the Houston area.

For the next eight years the company grew slowly, working mostly on small scale residential projects while gaining a reputation for quality services and reliability. Then the original company was merged with another small-scale local company, West General Contractors and the company began to bid successfully for larger projects. The company plans to implement this change by the middle of Robert Fosse and Mr. David West. Fosse will concentrate on client contacts and bidding along with overall management of the company.

Janet Fosse will be our office manager, handling client satisfaction,invoicing, permitting, and general book keeping. Most of our labor needs will be met through Contractor-Temps a nationwide temporary labor company. The company is planning to expand it personnel to add a number of job superintendents as soon as the number of projects increases.

These superintendents will have the following duties:. In addition, as business increases, we will hire additional job superintendents and project managers as needed. How customers perceive them and why they are better than others in the same category. The plan should explain how it is going to provide greater value, offer premier customer service and achieve timelines.

These business plans are essential for insurers, investors, managers, and financiers. To run a profitable and effective construction company, all project controls should be in place including that of compliance, risk, and safety. Regardless of the size of the construction company, the structure of a business plan is the same.

While procedures, systems, pricing, controls should be well established, any business plan should also include other factors. Customers must know what sort of vision the company has, its mission and its values. Feel free to contact with us, We are ready to help discuss with you about construction company business plan.

Building a construction business plan is easy, provided you know what you need to do. You need to define the kind of services that you are in a position to offer. You will identify the market and make plans for the future by setting goals and redefining them as required. Determine what kind of equipment you would need with changing scenarios and how much labour is required. Budget carefully- estimate your annual expenses and check required cash flow. Organize everything in a way so that your plan is tangible, clear and workable.

Building a good construction business plan requires clear thinking, identifiable goals and the ways to achieve them. Business plan for construction company should also include defensive strategies. It should include the implementation of training programs to ensure that companies retain the competitive edge. There should also be an equipment inventory management program to ensure that crews work efficiently.

Assigning responsibilities and making people accountable is an important aspect of achieving good results. The right players for the right job are the key to a successful project. The plan should enable companies to cater to existing customers while coaxing prospects into buying your products and services. Proper execution of the business plan and the best strategies to achieve your goals is the key to success. A construction company business plan encompasses many factors.

For the plan to be successful, listed services must have enough variety, specialty, and depth. Price lists alongside the service descriptions makes the plan transparent and clear. It also helps companies to plan for expenses and project revenues that are likely to be earned. Analyzing the market tells you whether your business model can be sustained. Suppliers, items to be procured, and making payments are an inevitable part of the plan and should be discussed threadbare. The plan should identify competitor information and the challenges that you are likely to face because of this rivalry.

Analyzing competitor behaviour will tell you how companies can improve upon their limitations.

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These business plans are essential for insurers, investors, managers, and financiers. To run a profitable and effective construction company, all project controls should be in place including that of compliance, risk, and safety. Regardless of the size of the construction company, the structure of a business plan is the same.

While procedures, systems, pricing, controls should be well established, any business plan should also include other factors. Customers must know what sort of vision the company has, its mission and its values. Feel free to contact with us, We are ready to help discuss with you about construction company business plan. Building a construction business plan is easy, provided you know what you need to do. You need to define the kind of services that you are in a position to offer.

You will identify the market and make plans for the future by setting goals and redefining them as required. Determine what kind of equipment you would need with changing scenarios and how much labour is required. Budget carefully- estimate your annual expenses and check required cash flow. Organize everything in a way so that your plan is tangible, clear and workable. Building a good construction business plan requires clear thinking, identifiable goals and the ways to achieve them.

Business plan for construction company should also include defensive strategies. It should include the implementation of training programs to ensure that companies retain the competitive edge. There should also be an equipment inventory management program to ensure that crews work efficiently. Assigning responsibilities and making people accountable is an important aspect of achieving good results. The right players for the right job are the key to a successful project. The plan should enable companies to cater to existing customers while coaxing prospects into buying your products and services.

Proper execution of the business plan and the best strategies to achieve your goals is the key to success. A construction company business plan encompasses many factors. For the plan to be successful, listed services must have enough variety, specialty, and depth. Price lists alongside the service descriptions makes the plan transparent and clear.

It also helps companies to plan for expenses and project revenues that are likely to be earned. Analyzing the market tells you whether your business model can be sustained. Suppliers, items to be procured, and making payments are an inevitable part of the plan and should be discussed threadbare. The plan should identify competitor information and the challenges that you are likely to face because of this rivalry.

Analyzing competitor behaviour will tell you how companies can improve upon their limitations. Details regarding transactions, preparation of contracts and how they will be negotiated must find a place in the construction business plan. Listing your assets, determining your cash flows, projecting incomes and liabilities is very important.

Then the original company was merged with another small-scale local company, West General Contractors and the company began to bid successfully for larger projects. The company plans to implement this change by the middle of Robert Fosse and Mr. David West. Fosse will concentrate on client contacts and bidding along with overall management of the company. Janet Fosse will be our office manager, handling client satisfaction,invoicing, permitting, and general book keeping.

Most of our labor needs will be met through Contractor-Temps a nationwide temporary labor company. The company is planning to expand it personnel to add a number of job superintendents as soon as the number of projects increases. These superintendents will have the following duties:. In addition, as business increases, we will hire additional job superintendents and project managers as needed.

Your business plan can look as polished and professional as this sample plan. It's fast and easy, with LivePlan. Don't bother with copy and paste.