Growth, Hints and tips
In the construction industry, training is important – but is your financial position holding you back?
Posted on by Katie Hook
Estimated read time: 3 mins
In the construction industry, it’s absolutely vital to ensure that you have the right people for the job. Quality training and expertise aren’t just necessary to operate effectively, but to win tenders too. Your workforce aren’t just your bread and butter, they’re your lifeblood, so it’s important to run a tight ship, optimised to weather any storm.
With ever-developing regulations and legal requirements, such as those introduced in the Construction (Design and Management) Regulations 2015, it’s of utmost importance to ensure you have a highly trained, skilled and agile workforce across the board.
Whether it’s sending off supervisors to attend a CITB (Construction Industry Training Board) course, or pushing tradesmen towards receiving suitable ISO certifications, industry-recognised certifications are increasingly expected in the modern climate. The problem is; they simply don’t come cheap.
Working in an industry that’s hurt badly when financial times are tough, there simply isn’t the capital available to send off workers to attend copious amounts of training courses year-round. However, as it’s essential to make sure your workforce is up to speed and operating within the regulations set, there has to be a middle ground.
While it’d be great to be able to boast an impressive array of different certifications, if they aren’t absolutely essential, costs can easily stack up and it can become a pricey venture.
It’s easy to say the problem here is the price of the courses themselves, but perhaps something that can be more easily controlled is the source of any potential cash problems or restrictions. For example, have your customers and suppliers not paid you on-time or in-full in the past? Are you confident that new customers and suppliers will have the ability to pay you in future? Are you managing your ledgers effectively and prioritising properly, or do you just chase the largest amounts of cash?
If you’re looking for additional capital for growth, are you able to prove your ability to pay back loans and meet any necessary requirements from lenders? Do you have awareness of what your business credit score is?
If it’s simply internal cash flow problems, why not read our blog about how you can optimise the cash flow of your business?
Ultimately, there are a host of different questions that can be asked in order to start to address some of the cash-based problems potentially faced your end, and a variety of solutions that you can explore, in order to help.
If you’re able to properly navigate through some of the financial obstacles that you might be faced with, then some of those things that seem a little out of reach at present, might start to become more of a realistic expectation after all.