Brexit has created a lot of economic uncertainty, but the UK construction industry is growing. Output is expected to increase by 1.3% this year, and a further 1.2% next year. Most experts expect this growth to continue, despite the lack of progress in Brexit negotiations.
Infrastructure spending is driving the growth of the UK construction industry. There are several high-profile projects underway or in the planning stages. In December last year, the government announced it would be spending £500 billion on infrastructure projects, with £300 billion already committed. This represents a lot of work for larger construction companies, so now is an excellent time to grow your business with a view to winning larger works contracts.
Networking is crucial in any industry, but in the construction industry, your contacts will often be vital when there are lucrative projects in the pipeline. Attend construction industry events and get your name and brand out there. Work at creating useful industry contacts, particularly if you operate in a niche sector.
There are many industry events worth attending, including the EcoShowcase in Manchester and London, the UK Concrete Show in Birmingham, the BIM Conference, and the RICS Infrastructure Conference.
Compliance certification is extremely valuable if you want to apply for public sector work and larger contracts. Quality Management System certification (QMS) costs money, but the benefits outweigh the costs. Even smaller organisations can benefit from working towards ISO 9001 Certification, as it will help you save money, boost efficiency, reduce risk, and improve your customer relationships. With certification such as ISO 9001, BIM, NHSS, OHSAS 18001, and others under your belt, you will automatically pre-qualify for major new contracts.
Apply for Tenders
Think big and start applying for larger tenders. Register with your local authority and tendering websites. Tap your network of contacts and see if there are any tenders that fit your business. By registering with a site such as the Construction Index, you can search for new business contracts in your area. The site is updated every day with hundreds of new procurement notices.
However, before you jump in feet first and start applying for tenders, it is a good idea to hire a bid writing specialist. This will give you the best possible chance of success in a competitive marketplace. A professional bid writer has many years of experience and knows the correct way to format and write a bid that showcases your company in the best possible light. Generic boilerplate tender documents are unlikely to win you work, so let the professionals help you build your business.
Capacity within the construction industry is in short supply. There is a huge skills gap, especially in the house building sector. We don’t know what the future will bring in terms of Brexit, but the construction industry is likely to remain strong for the next five years. Now is an excellent time to grow your business, so follow the tips above and your construction company will be in good shape to face the future.