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This will only take you 15 minutes and it could change your building company forever...
Does it ever feel like you’re flying blind?
You’ve got money coming in the door, but not seeing the profit on the backend…
You’re running marketing campaigns, but not clear on how much to spend, who to target, or whether or not they are successful…
Lead quality is worse than last year, or it has completely dried up…
You want to take more holidays, stay off site, and pay yourself a market salary…
But you don’t know how to find and hire the best staff or what the market salary of a building company owner even is!
Industry research shows that building companies operating in Australia, New Zealand, Canada and the United States all have similar benchmarks when it comes to sales, marketing, operations, and finance.
By understanding how other building companies operate and perform, you can assess where you stand and make an informed decision about where to improve.
The Critical Success Factors of a Residential Building Company
When it comes to profitability, growth, and leverage for the owners, residential building companies that outperform the market are focused on these areas:
- Margins
- Fixed expense ratio
- Advertising spend
- Marketing strategy
- Systems implemented
- Staff training
- Self-development.
How do you stack up in all of these areas?
Do you know the marketing strategies your competitors are using? Are your margins up to scratch? Have other building companies invested more into self-improvement and training?
Until recently, you had no choice but to guess most of these things. Leaving you with blind spots that could be critical to the survival of your building company, let alone its long-term success.
Misinformed building companies estimate the percentage profit they add to jobs and go with ‘gut feel’ on whether they are doing the right thing.
They throw money at advertising without fully understanding how it fits within the overall financial health of their business.
Which is why, in 2020 we decided to change the game…
The State of Residential Construction Industry Survey and Report
Since 2020 the Association of Professional Builders (APB) has been surveying professionally operated residential building companies in four countries, documenting the results and studying the data to help improve the industry for everyone.
The 2023 report revealed a key trend that builders are not only becoming more professional year on year, they’ve also improved their understanding of financials better than any other point in history.
However, there is more work to do. Only 8.9% of builders could demonstrate they
understood the meaning of Work in Progress, indicating that 91.1% of builders are either calculating this number incorrectly or not calculating it at all.
It’s insights like this that enable building companies to identify blind spots and focus on areas of their business that will turn the dial moving forward.
As we enter the final months of 2023, we have started compiling the data for the State of Residential Construction Industry (SORCI) 2024 Annual Report, which will enable every owner of a residential building company to once again benchmark their business against others in the industry.
The SORCI Annual Report 2024 will be more comprehensive than ever before with APB, Buildertrend, Buildxact, Builda Price, BuildTools, CBUSA, Custom Builder Magazine, HazardCo, Houzz Pro, and Wunderbuild all combining to gather the data that will reveal what is really going on in our industry.
If you are the owner of a residential building company, and you would like to understand how your business compares with others in the industry, then click on the link below and take part in this year's study.
It will take around 15 minutes to answer all of the questions, but when you finish, you will have a far greater understanding of where the gaps are in your operation. You’ll have a clear understanding of where the opportunities lie in the months ahead.
Additionally, you will receive a personalised grading that will allow you to assess your company against others in the industry.
And when the final report is compiled early in 2024, you will instantly receive a free copy via email!
So go ahead, click on the image below, and take part in the SORCI 2023 Survey, the most comprehensive international survey of residential building companies.
