What Are Warning Signs an Exteriors Business May Be in Danger?

Besides the cold and clear financial figures, other warning indicators can tell you whether your contracting company is in trouble.

The Family Business Institute’s Wayne Rivers offers advice that may save you from sending your business towards a poor-performance path.

Wayne Rivers

Logically, no contractor wants to arrive at the point of having no desire to go to his company every morning! However, sometimes many contractors find themselves cornered and unsure of how to proceed with regard to their business’s future.

You can tell whether your roofing and exterior business is headed in the wrong direction by looking out for these seven warning signs:

1. Turnover Trends

Turnover may be positive or negative. Take, for instance, the case of an employer who is not effective at his job, and frequently creates unnecessary tension. If he goes, that’s OK!

However, it is a horrible indicator when good, high-quality employees leave your firm. So, if you are consistently losing your best and brightest workers, it could be a sign of deeper problems.

Ambitious, high-potential employees are more likely to leave if they see that you are not putting in the time and effort to secure the company’s future.

2. Divergent Future Visions

It is essential for a company’s leaders to all be aiming in the same direction. Let’s pretend that you and I are co-owners of a big civil construction firm worth $50.00 million. Whereas I aim for exponential growth each year, you probably only want to increase by a small percentage, perhaps 5–10%.

There is too great a gulf between our respective priorities for us to bridge it. It may seem intangible. But, having a compelling shared vision is essential.

3. Failing Communication

Nobody wants to engage in ineffective communication with internal teammates, clients, or providers. When people conflict, they take opposing positions and continually confront one another. But, instead of hiding disagreements, do what is necessary to resolve the problems. Even better, look for a way to avoid future confrontations.

4. Living in the Past

Rather than looking forward, your staff members may be stuck in the past. They may reminisce about the “good old days” or focus on the past. It is good to look back on your accomplishments every once in a while. But, wouldn’t you prefer to hear your staff enthusiastically planning for the company’s future?

5. Aging demographics

If you take a look at your business and find that most of your talented workers are getting close to retirement age, you may face a massive brain drain shortly.

You need both seasoned veterans and young, hungry, ambitious employees eager to lead the way in innovation and adapt to evolving technologies.

So, maintain a balance between experienced veterans and up-and-coming leaders.

6. Constant Firefighting

The average contractor arrives at the workplace with a clear list of the week’s top priorities. But, he spends so much time dousing flames and usually departs with that list untouched.

Does it sound familiar to you? If so, you must consider a few things.

Have you got the right people on board?

Have you established the proper procedures?

Do you have the right equipment?

The answer to at least one of those questions is “no” if you spend all of your time putting out flames.

7. No Long-Term Plans

The most effective contractors set objectives, develop strategies, and create plans for attracting and retaining talent.

Everyone on your team can see, touch, feel, and comprehend your strategy. It lays down your organization’s principles, the business’s goals, and the steps to achieve them. Also, it highlights your future financial projections, potential new investment technologies, and detailed capital expenditures.

This agreement is crucial for any contracting business to succeed in the long term. If you need help running your roofing and exteriors business reach out to our long-term partner Raise the Rank. Of if you’re looking for hunting land for sale in Oklahoma check out the listings from top Oklahoma realtors.