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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Construction Business Plan Template
Construction business plan.
You’ve come to the right place to create your construction business plan.
We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their construction companies.
You can easily download the Construction business plan (including a full, customizable financial model) to your computer here <–
Sample Construction Business Plan Outline
Below is a construction business plan example to help you create each section of your own construction business plan:
Executive Summary
Business overview.
VB Residential Construction Company is a startup construction company located in Milwaukee, Wisconsin. The company is founded by two cousins, Victor Martinez and Ben Schmidt. Together they have over 20 years of experience in constructing homes from design concept, remodeling and renovating homes. They are highly skilled in all aspects of construction and have garnered a positive reputation in the local construction community for their ethical practices and competitive skill set. Now that Victor and Ben have an extensive network of clients and contacts, they have decided to begin their own residential construction company.
Product Offering
The following are the services that VB Residential Construction Company will provide:
- Custom home building/design build
- Home remodeling and renovation
- Project Management
- Kitchen and bath construction
Customer Focus
VB Residential Construction Company will target those individuals and industry professionals requiring home construction services in Milwaukee, Wisconsin. Those individuals are landowners looking to develop homes on their lots, architects who have clients needing homes built, developers who have the vision but need a company to make it a reality, and households needing home remodeling services.
Management Team
VB Residential Construction Company will be led by Victor Martinez and Ben Schmidt. Together they have over twenty years of construction experience, primarily in residential builds, remodeling, and renovation. They both started at a young age working and learning from their fathers. When they graduated from high school, their fathers got them jobs at the construction company they were employed at. The four family members worked together for ten years at the construction company. The fathers recently decided they were going to retire from the industry which prompted Victor and Ben to branch out on their own and start their own residential construction company.
Success Factors
VB Residential Construction Company will be able to achieve success by offering the following competitive advantages:
- Friendly and knowledgeable contractors who are able to take any project from concept to reality.
- Unbeatable pricing – Clients will receive the best pricing in town for services on any project while maintaining the best quality and customer satisfaction.
Easily complete your construction business plan! Download the construction business plan template (including a customizable financial model) to your computer here<–
Financial Highlights
VB Residential Construction Company is seeking $200,000 in debt financing to launch its construction business. The funding will be dedicated towards securing a small office space, purchasing two trucks, and purchasing all the construction equipment and supplies. Funding will also be dedicated towards the advertising agency and three months of overhead costs to include payroll of the staff, rent, working capital, and monthly fees to the accounting and human resources firm. The breakout of the funding is below:
- Trucks: $40,000
- Construction equipment, supplies, and materials: $100,000
- Advertising agency in charge of promotions: $10,000
- Three months of overhead expenses (rent, payroll, HR and accounting firms): $40,000
- Working capital: $10,000
Company Overview
Who is vb residential construction company.
VB Residential Construction Company is a newly established contracting company located in Milwaukee, Wisconsin. Founded by cousins, Victor Martinez and Ben Schmidt, they have over 20 years experience in the construction industry. VB specializes in residential remodeling, kitchen and bath construction, as well as custom home building. VB Residential Construction Company also offers residential design, construction, and project management services. VB prides itself in delivering a level of expert craftsmanship to fulfill the vision for the client while exceeding expectations at exceptional value.
Company History
VB comes from the initials of the owners, Victor Martinez and Ben Schmidt, two cousins who have been working in the construction industry most of their lives. Both of their fathers spent decades as contractors and raised their sons working and learning the construction trade. The four have been working for another residential contractor in Milwaukee and have built and remodeled numerous homes for multiple builders and clients. Now that both of their fathers are retiring from the construction industry, Victor and Ben have decided to start their own residential construction company and use their years of experience, expertise, and contacts to be an independent residential contractor.
Since incorporation, VB Residential Construction Company has achieved the following milestones:
- Registered VB Residential Construction Company, LLC to transact business in the state of Wisconsin.
- Located a small office space to have a physical address for the company as well as a receptionist.
- Reached out to their numerous contacts to include real estate agents, developers, architects, and landowners to advise them on their upcoming construction company in order to start getting construction contracts.
- Began pricing out costs for trucks and necessary construction equipment.
- Began recruiting a team of contractors that cover different areas of construction to include mechanical, plumbing, electricians, and roofing.
The following will be the services VB Residential Construction Company will provide:
Industry Analysis
Revenue for the Construction industry is expected to continue growing over the five years as demand for new housing expands. Revenues are expected to reach $107 billion.
Relatively low interest rates, coupled with rising per capita disposable income, is expected to support individual investment in new homes, providing an opportunity for industry revenue growth over the next five years.
Per capita disposable income is expected to rise steadily over the next five years, while concurrently, unemployment will drop, proving favorable conditions for industry growth.
Housing starts are expected to rise an annualized 2.9% and this growth is projected to stem partly from forward-looking consumers that choose to purchase homes while interest rates are low. Relatively low housing stock and relatively low interest rates are expected to lead demand for industry services to increase over the next five years.
Customer Analysis
Demographic profile of target market.
The precise demographics for Milwaukee, Wisconsin are:
Customer Segmentation
VB Residential Construction Company will primarily target the following customer profiles:
- Households in search of home remodeling services
- Landowners who would like to build homes on their lots
- Architects who have clients that need home building or remodeling services
- Developers who have already partnered with landowners and/or architects and are in search of a residential contractor
Competitive Analysis
Direct and indirect competitors.
VB Residential Construction Company will face competition from other companies with similar business profiles. A description of each competitor company is below.
JM Remodeling
JM Remodeling has been in business in Milwaukee, Wisconsin since 1990. They are a full-service design and build company. JM Remodeling specializes in residential and commercial restoration and renovation including custom carpentry, kitchens, bathrooms, roofing, siding, dormers, additions, home gyms, home offices, porches and decks, and mechanical services. JM Remodeling carries a staff of plumbers, electricians, journeymen carpenters, restoration specialists, roofers, siders, sheet metal workers, and expert estimators. JM Remodeling also has an apprenticeship program to train employees within the company. They are licensed, bonded and insured and also part of the National Association of Remodeling Industry (NARI). JM Remodeling also provides warranties on all their services. The work is guaranteed by labor warranties, factory warranties, and extended warranties.
Cream City Construction
Cream City Construction has more than 50 years experience in home design, remodeling and renovation in the Greater Milwaukee area and Southeastern Wisconsin. The home remodeling services they provide are additions, whole house remodeling, kitchens, bathrooms, lower levels, master suites and historic renovations. Cream City Construction is a design build company that works with the client to create the design plans, generate project costs, and build the project.
Cream City Construction is owned and managed by Todd Badovski and Jim Grote. Together they have decades of experience and have spent years refining the skills required to run a high end, quality driven remodeling company. The majority of their projects come from repeat business or referrals from clients delighted with their previous service. Cream City Construction is also a member of the National Association of Remodeling Industry (NARI) as well as the Historic Milwaukee Incorporated.
Sazama Design Build Remodel, LLC
Former restaurant owner Don Sazama established Sazama Design Build Remodel, LLC in 1987 after becoming a Master Carpenter. He wanted to merge his passions of business and design and expand his skills in carpentry and architecture. Don’s firm has completed over 700 homes and won 11 awards from the Milwaukee Home and Living magazine. Sazama Design Build Remodel builds homes that are modern and luxurious and have completed many large remodels of bathroom and kitchen renovations. Sazama likes to collaborate with firms such as Ivy Interiors and an award-winning landscape designer, Gingko Leaf Studio. Sazama Design Build Remodel can build and design all aspects of a home – from a home office, outdoor entertaining area, serene spas, and inviting kitchens. The team at Sazama is able to do a historic renovation, build or renovate into something modern and posh, or keep it traditional.
Competitive Advantage
VB Residential Construction Company will be able to offer the following advantages over their competition:
Marketing Plan
Brand & value proposition.
VB Residential Construction Company will offer the unique value proposition to its clientele:
- Highly trusted and professional contractors with over 20 years of experience remodeling, renovating, and building homes.
- Unbeatable pricing to its clients – VB Residential Construction Company does not mark up its services at a large percentage. They will offer the lowest prices in town.
Promotions Strategy
The promotions strategy for VB Residential Construction Company is as follows:
Word of Mouth/Referrals
Victor and Ben have built up an extensive list of contacts over the years providing home construction services for numerous highly satisfied clients. Most of the clients are repeat customers and have also referred them to other associates for home projects. These referrals and repeat customers are very likely to use VB Residential Construction Company instead of the previous construction company Victor and Ben were employed at.
Professional Associations and Networking
VB Residential Construction Company will become a member of construction and professional associations such as the National Association of Remodeling Industry (NARI) and the Milwaukee Chamber of Commerce. VB will also become a member in associations where other builders, developers, and architects are a part of. They will focus their networking efforts on expanding their client network.
Print Advertising/Billboard
VB Residential Construction Company will invest in professionally designed print ads to display in programs or flyers at industry networking events. They will also invest in two billboards to display in highly trafficked areas of town.
Website/SEO Marketing
VB Residential Construction Company will utilize the same advertising company that designed their print ads and billboards to also design their website. The website will be well organized, informative, and list all their services that VB is able to provide. The website will also list their contact information and a gallery of pictures that show their previous projects. The advertising company will also manage VB’s website presence with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Milwaukee residential contractor”, “contractor near me”, or “residential contractor near me”, VB Residential Construction Company will be listed at the top of the search results.
The pricing of VB Residential Construction Company will be moderate and on par with competitors so customers feel they receive value when purchasing their services.
Operations Plan
The following will be the operations plan for VB Residential Construction Company.
Operation Functions:
- Victor Martinez and Ben Schmidt will be the owners and managers of the company. They will oversee all staff, contractors, and subcontractors. They will also act as project managers for every job they receive and handle all pricing and bids to the client.
- Victor and Ben will employ a team of contractors under them that will have an array of skill sets. The contractors will be trained and experienced either in plumbing, mechanical, electrical, roofing, or siding. Not all contractors need to be certified in all trades, but they need to be certified in at least one of the trades.
- Office manager/assistant to be located at the small office. This person will handle all incoming calls, assist with visiting clients, bookkeeping and maintain files.
- Victor and Ben will utilize a third-party human resources company to handle all hiring, onboarding, payroll, and benefits for the staff. The HR company will also handle all employee issues.
- Victor and Ben will also pay a third-party accounting firm to manage all the high level accounting and tax payments.
Milestones:
VB Residential Construction Company will have the following milestones complete in the next six months.
3/1/202X – Finalize contract to lease small office space
3/15/202X – Execute advertising agency contract 4/1/202X – Begin networking and placing bids for construction jobs
5/1/202X – Begin recruiting and hiring team of contractors
5/15/202X – Purchase all necessary construction equipment, supplies, and trucks
6/1/202X – Start on first official job as VB Residential Construction Company
Victor and Ben are highly skilled at project management and residential construction. They are also both certified in plumbing, electrical, and mechanical. In the next few years, they will be certified as Master Carpenters.
Financial Plan
Key revenue & costs.
The revenue drivers for VB Residential Construction Company are the upcharge they will charge to the clients for their services. VB will purchase or subcontract a service at cost and will charge a 15% markup in order to obtain the markup fee. 15% is below the normal 25%-30% that other competing residential contractors charge.
The cost drivers will be the overhead costs required in order to maintain a construction company. The expenses will be the costs to purchase and maintain construction equipment and trucks, payroll and overhead costs for the staff, and rent and utilities. Other expenses will be the cost for the advertising agency, accounting firm, human resources firm, and membership association fees.
Funding Requirements and Use of Funds
VB Residential Construction Company is seeking $200,000 in debt financing to launch its construction business. The funding will be dedicated towards securing a small office space, purchasing two trucks, and purchasing all the construction equipment and supplies. Funding will also be dedicated towards the advertising agency and three months of overhead costs to include payroll of the staff, rent, and monthly fees to the accounting and human resources firm. The breakout of the funding is below:
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Initial Monthly Average Contract Amount: $20,000
- Growth in Average Monthly Contracts: 10%
Financial Projections
Income statement, balance sheet, cash flow statement, construction business plan faqs, what is a construction business plan.
A construction business plan is a plan to start and/or grow your construction business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your construction business plan using our Construction Business Plan Template here .
What Are the Main Types of Construction Companies?
Construction companies can be classified according to the type of constructions that they perform. Some are small renovation contractors, others are new home builders and others are commercial construction companies.
What Are the Main Sources of Revenues and Expenses for a Construction Company?
Construction companies get their primary source of revenue from individual contracts for new homes, remodeling projects or commercial projects.
The key expenses for construction companies are office space rent, salaries and wages, and equipment costs.
How Do You Get Funding for Your Construction Business Plan?
There are many options for financing a construction company like SBA loans, commercial loans, personal loans, or line of credit. There are also equipment funding opportunities that cover expenses associated with necessary tools, machinery and other equipment. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Construction Business?
Starting a construction business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Construction Business Plan - The first step in starting a business is to create a detailed construction business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your construction business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your construction business is in compliance with local laws.
3. Register Your Construction Business - Once you have chosen a legal structure, the next step is to register your construction business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your construction business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Construction Equipment & Supplies - In order to start your construction business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your construction business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful construction business:
- How to Start a Construction Business
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Starting a contracting business? A sample business plan for contractors will help you make sure you get all the details right. Give you business the best chance for success with a top-notch business plan.
If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.
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Contractor Business Plan Template
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their contractor businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a contractor business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your contractor business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a contractor business, or grow your existing contractor business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your contractor business in order to improve your chances of success. Your contractor business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for contractors
With regards to funding, the main sources of funding for a contractor business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for contractors.
If you want to start a contractor business or expand your current one, you need a business plan. Below are links to each section of your contractor business plan template:
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of contractor business you are operating and the status. For example, are you a startup, do you have a contractor business that you would like to grow, or are you operating in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the contractor industry. Discuss the type of contractor business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of contractor business you are operating.
For example, you might operate one of the following types of contractors:
- Residential Contractor : this type of contractor business focuses on building new homes or renovating existing homes.
- Specialty Contractor: this type of contractor specializes in one of a variety of construction services, such as site preparation, electrician, finish carpentry, flooring, etc.
- Heavy Construction Contractors: this type of contractor specializes in non-building construction such as roads and bridges or other infrastructure.
In addition to explaining the type of contractor business you will operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews, reaching X amount of clients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the contractor industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the contractor industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your contractor business plan:
- How big is the contractor industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your contractor business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your contractor business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: homeowners, real estate developers, governments, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of contractor business you operate. Clearly, governments would respond to different marketing promotions than help homeowners, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other contractors.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. For example, this includes homeowners who prefer to install their own flooring, or paint their own walls. You need to mention such competition as well.
With regards to direct competition, you want to describe the other contractors with which you compete. Most likely, your direct competitors will be contractors located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What type of contractor are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide superior craftsmanship?
- Will you provide services that your competitors don’t offer?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a contractor business plan, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of contractor company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to residential building, will you provide office building construction?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your contractor company. Document your location and mention how the location will impact your success. For example, is your contractor business located in a booming housing market, or in a city devoted to upgrading infrastructure, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your contractor marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Reaching out to websites
- Social media marketing
- Local radio advertising
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your contractor business, including preparing and submitting bids, coordinating crews, finding solutions to supply issues, scheduling inspections, billing and other administrative tasks.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to build your Xth home, or when you hope to reach $X in revenue. It could also be when you expect to expand your contractor business to a new city.
Management Team
To demonstrate your contractor business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing contractors. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in construction or successfully managing projects.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you work on one home at a time, or will you have crews on multiple projects? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your contractor business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a contractor business:
- Cost of computer software.
- Cost of equipment and supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or blueprints of projects you are working on.
Putting together a business plan for your contractor business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the contractor industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful contractor business.
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Construction business plan template.
If you want to start a Construction business or expand your current Construction business, you need a business plan.
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You can download the Construction business plan template (including a full, customizable financial model) to your computer here.
Below are links to each of the key sections of your Construction business plan:
I. Executive Summary
II. Company Overview
III. Industry Analysis
IV. Customer Analysis
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VI. Marketing Plan
VII. Operations Plan
VIII. Management Team
IX. Financial Plan
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General Contracting Company
BUSINESS PLAN SMITH CONTRACTORS, INC.
123 Main Street, Suite H Spokane, Washington 99204
Smith Contractors, Inc. specializes in national tenant improvements, retail market facilities, and commercial properties. Their primary goal of meeting customers' construction needs through quality workmanship and successful relationships with owner management teams is evidenced by their expanding base of repeat clients. This plan was provided by Ameriwest Business Consultants, Inc.
EXECUTIVE SUMMARY
Objectives & goals, and strategies for achieving them, business description, status, & outlook, management and ownership, market analysis, marketing strategies, financial plans, business description.
Smith Contractors, Inc. is a general contracting company founded in February 1990 by a select group of individuals with a high level of construction experience. The firm specializes in national tenant improvements, retail market facilities, and commercial properties. Smith Contractors' primary goal of meeting customers' construction needs through quality work-manship and successful relationships with owner management teams is evidenced by our expanding base of repeat clients. Smith Contractors offers national construction services, preconstruction services, job site and project management, administrative support, and document control. Smith Contractors evaluates projects for constructability, provides cost estimates, helps maintain project scheduling, and works with owners to meet quality and time objectives. Smith Contractors can suggest cost effective means of construction and help select the best subcontractors for each project. Once a project is begun, Smith Contractors maintains full-time superintendents who are responsible for all daily logs, reviewing quality and timeliness of subcontractors, conducting safety meetings and maintaining good communications with the owner. The client list includes many nationally known firms including Ross, Sears, Dockers, Fashion Bar, and Nike. Smith Contractors is licensed or authorized to pull building permits in all 50 states.
CURRENT POSITION AND FUTURE OUTLOOK
The business is in its seventh year of operation. Operations are conducted from facilities located at 123 Main Street in Spokane, Washington. Sales increased nearly fifty percent in 1998 and are expected to do the same in 2000. These healthy increases are expected to continue for another three years and then begin to level off. An area of opportunity in the future will be working on international projects. This will be on a limited basis and will be at the request of existing customers.
The company is set up as a corporation with John Smith owning 85% of the stock and Bill Brown owning the remaining 15%. A "C" corporation type of entity was chosen for liability protection, tax considerations, growth plans, stock option plans, and the opportunity to raise capital from investors more easily. John Smith serves as President and C.E.O. John has over 18 years of contractor experience and has run the operations of two national firms. Other key employees include Bill Brown, Vice-President and Consultant; Mark Brown, Marketing Manager; and Ralph Brown, Director of Construction. Smith Contractors also employs nine other people in various capacities. When volume picks up, additional part-time or full-time employees will be hired as the workload requires. Smith Contractors will continue to utilize the services from consultants in areas such as planning, budgeting, accounting, general business advising, and law.
UNIQUENESS AND DIFFERENTIATION OF THE SERVICE
Smith Contractors, Inc. will continue to specialize in serving nationally known retailers. It is only one of twenty plus contractors that are trusted to handle projects for retailers on a national scale. The company utilizes the most current technology to enable it to not only provide competitive pricing but also for the monitoring of existing projects. Through the use of a digital camera, Smith Contractors can post pictures of current projects on its website. This allows customers to constantly monitor status of projects. Smith Contractors will continue to secure jobs in the booming West Coast region, but its focus will always be on the national marketplace. It will only occasionally compete with Washington contractors for business.
It is rare in today's business world to find a true market void. That is exactly what Smith Contractors has done. It has combined the latest in technology with an unfilled need and has promised to deliver a high quality new product at a competitive price. Our services have limited competition in Washington and even nationally. We have built an excellent reputation of bringing projects in on time and on budget. We are now considered contractor of first choice by many well known companies.
FUNDS REQUIRED AND USAGE
To continue to fund its growth, Smith Contractors will be seeking $100,000 to $350,000 in additional funding. This may come from either investors or from additional loans. Any additional funds obtained will be for working capital and advertising. By changing the way it pays subcontractors and suppliers and collects payments from customers, the amount of new funds specified above may be reduced dramatically. These changes are already in progress and will be ongoing. In the past, Smith Contractors often funded a major portion of a project until it was completed. From now on, this funding will be kept to a minimum.
Five-Year Income Statement Summary
- To provide a high quality service so that customers will perceive great value.
- To obtain additional funding to fuel continued expansion.
- Our goal is to become one of the premier nationally known retail contractors in the country within three years.
- Smith Contractors plans to closely monitor changing technology to be certain that the company is using the latest and most cost effective equipment and that it keeps up with current trends in the marketplace.
- To provide Smith Contractors with at least $700,000 in retained earning over the next five years.
- Upon request from an existing customer we will become active in the international construction scene.
In addition to the above goals, we will survey our customers and make changes in our programs and add services to meet their changing ideas in the marketplace.
STRATEGIES FOR ACHIEVING GOALS
To achieve the above goals, we will concentrate on providing outstanding quality and continue to bring projects in on time and on budget. Obtaining repeat business is a key to continued success for any contractor serving national retailers. Smith Contractors currently serves nine customers. By the end of 2000 this is expected to increase to twenty. As the Washington economy continues to see rapid growth, Smith Contractors will take advantage of an even greater share of this marketplace than it has in the past. It will be able to capitalize on the reputation it has built on a national level for producing quality projects which come in on time and on budget.
Our major goals include maximizing sales and building our client/customer base with a close eye on profitability.
Smith Contractors, Inc. will continue on its current path of growth. Its main office is fully staffed and equipped and able to handle nearly double the amount of sales with little additional expenses. Its first full year of business saw Smith Contractors equal industry averages. Over the next several years, if it meets the modest growth goals outlined in this plan, it will do much better than peer operations. According to the recent newsletter of Store Fixture Manufacturing , monthly retail construction spending has grown from $42 billion to $51 billion during the past year.
The biggest problem this venture will face will be creating customer awareness of our services and funding the growth. We will use a combination of advertising techniques and word of mouth to increase this awareness. Once a general awareness is present, the company has a virtually unlimited growth potential
Until May 1, 1999, subcontractors were paid 90% of their contract at completion of the project prior to or close to Smith Contractors, Inc. receiving its 50% draw minus retainage and prior to billing application two to the owner for 100% minus 10% retainage. The second draw to subcontractors was their 10% retainage plus approved change orders and was paid prior to Smith Contractors receiving 100% minus 10% retainage. This resulted in Smith Contractors financing the majority of its jobs. Effective May 1, 1997, Smith Contractors will pay subcontractors only after it has received 100% minus 10% retainage. The subcontractors then will receive 100% of their contracts minus 10% retainage. Smith Contractors is able to institute these new procedures due to different terms negotiated on new contracts with owners and subcontractors and because of its position and reputation in the industry.
With the implementation of the new billing and payment terms, Smith Contractors has changed dramatically its cash flow position from one of financing the majority of each project's expenses to financing only the 10% retainage and a much smaller percentage of change orders. Smith Contractors will only pay the subcontractors when the owner has paid Smith Contractors up to the final 10% retainage.
The future holds the promise for almost unlimited growth and income as the business matures and considers other markets and products. Complementary products such as international jobs will be considered in the future in response to customer requests.
John Smith is the majority stockholder and serves as President and C.E.O. of Smith Contractors. He has 30 years' experience in the construction industry and has "hands-on, ground-up" knowledge of all facets of the construction business. He received a degree in home building construction from San Matino College. He completed over 96 additional hours in construction technology at the University of Washington. He has played a key role and functioned in a management capacity in most impact areas of the industry. His supervisory positions in the administrative, operational, technological, and fiscal areas of this discipline have afforded him the skills, experience, and talents necessary to lead Smith Contractors into the new century. John Smith is heavily involved in sales, public relations, banking, personnel, and planning.
Bill Brown is the minority stockholder and serves as Vice President and Consultant to Smith Contractors. He received a M.S. degree in civil engineering from the University of Florida in 1960. He is a licensed civil and structural engineer. He is a senior project manager for the El Martino Texas office. He has a total of more than 40 years of engineering experience. His investment in money and time in Smith Contractors has been critical to its success.
Ralph Brown serves as Director of Construction. He received a B.A. degree from Indiana University in 1990. He now has over ten years of experience in commercial tenant improvement project management in national and local markets. He has handled up to 17 projects at one time. Project experience includes military and government facilities, airports, hospitals, universities, offices, banks, and retail stores. He has managed a project that received a contractor AIA award for "Excellence in Construction." All of his projects have been completed on or ahead of schedule. 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 received a M.S. degree from Illinois Tech College, a B.B.A. and B.A. from the University of Oregon. 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.
Smith Contractors maintains membership in the Better Business Bureau and the Association of Building Contractors.
MARKET OVERVIEW, SIZE, AND SEGMENTS
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 local economy is booming and virtually busting at the seams.• Washington has become a magnet for insurance organizations. More than 65 nationally based insurance organizations are headquartered here. The largest, Allstate, has over 1,200 employees and an operating budget of over $85 million.
- Washington has a new airport and a nearby free trade enterprise zone that should grow and attract even more new businesses.
- The Seattle airport adds an economic boost to the entire state.
- Every week, we see articles in the newspapers of Oregon residents and companies relocating here.
- The world-renowned Four Seasons Hotel is building a new convention facility.
- Sprint and Microsoft are undergoing large increases in their operations here that should add many hundreds of employees.
- Many experts predict King County to become the second fastest growing county in the state between now and the year 2000.
- The local economy is now more diversified than it was when troubles occurred in the local economy in the late 1980s and early 1990s.
The estimated population of King County in 1998 was 685,000 people. The number of households was 275,000. Currently, this market is growing at an annual rate of 3-5%. Projections see this trend continuing through the next decade.
The state of Washington has nearly five million people and is expanding at about 3% per year.
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.
CUSTOMER PROFILE
Our customers are usually large nationally known firms in a variety of fields. Projects that Smith Contractors, Inc. and/or their personnel have managed over the past few years include:
- Roberts, Inc.
- Hodge Foundation
- J. W. Cook Landscaping
- Pugh Engineering
- Braunt Products Ltd.
COMPETITION
The following table summarizes some of the national firms we consider competition:
RISK ANALYSIS—STRENGTHS/WEAKNESSES
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. We appear to be about average in finance/planning, sales force, and overhead. 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 have low risk exposure in the areas of technology, inflation/interest rates, regulatory environment, local and national economies, management ability, dependence on other companies, location, facilities, and suppliers.
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 AND VALUE
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.
SELLING TACTICS
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.
ADVERTISING, PROMOTION, AND DISTRIBUTION OF SERVICES
We recognize that the key to success at this time requires extensive promotion. Advertising goals include all of the following:
- Position the company to become one of the premier retail contractors in the country.
- Increase general awareness of our company both locally and nationally.
- Increase general awareness of our company and its outstanding track record.
- Maximize efficiency by continually monitoring media effectiveness.
- Maintain an ad in the Yellow Pages in Spokane and Seattle and consider an ad in the Internet Yellow Pages.
- Continually update our brochure to explain our service and company.
- Consider using a direct mail approach.
- Use a mix of media to saturate the marketplace.
PUBLIC RELATIONS
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:
Develop a press release and a company backgrounder as a public relations tool.
Develop a telephone script to handle customer and advertiser contacts.
Develop a survey to be completed by customers to help determine the following:
- How did they hear about us?
- What influenced them to use our service?
- How well did our service satisfy their needs?
- How efficient was our service?
- Did they have any problems getting through to us?
- Did they shop competitors before selecting us?
- How did they initially perceive our company and product?
- Where are most of our customers located?
- Do they have suggestions for improving our service or our approach to advertising?
- What additional services would they like us to offer?11.Would they recommend us to others?
SMITH CONTRACTORS, INC.
Throughout this business plan we have taken a very conservative approach to developing our financial projections.
ASSUMPTIONS, DEFINITIONS, AND NOTES
The following assumptions were used in preparing the projections in this business plan:
- Inflation rates to remain stable at 3-5%.
- Assume growth rates of 30% and 25% for 1998 and 1999 respectively.
- Robust national and local economies.
- Interest rates to remain flat and basically unchanged.
- Payroll taxes and benefits will equal 26.43% of total payroll expenses.
- Assumes outstanding debt of $800,000 will remain in place.
- Office supplies/postage expenses are set at .00327 of monthly income.
- Contingency and miscellaneous expenses are set at 5% of total income.
- Telephone and utilities expense are set at .0063285 of total sales.
- Assumes growth in sales of 30% and 25% for 1998 and 1999 respectively.
- Assumes cost of sales/subcontractors will remain at 82.69% of sales.
- In 1998 and 1999 the same seasonality will be maintained as was shown for 1997.
- The following expenses will increase by 5% in 1998 and 1999: —Salaries, Officer —Salaries-Office —Blueprint Supplies —Gas and Oil —Licenses —Rent
- Office maintenance and improvements will be .00083 of sales for 1997-1999.
- Computer expenses will be .00077 of sales.
- Vehicle expenses will be .002005 of sales.
- Vehicle leases will be .0034402 of sales.
- Entertainment will be maintained at .0009163 of sales.
- Freight will be .005096 of sales for 1997-1999.
- Travel will be .0040424 of sales.
- Employee business expenses will be .0026239.
- Insurance will be .0129505 of sales.
- Advertising/Public Relations will be .0032013 of sales for 1997-1999.
- Professional services will be .0122461.
- Equipment leases will be .0073654 of sales.
- Subscriptions and memberships will be .0001402 of sales.
- Income taxes for 1997-1999 will be .3409693 of gross income.
Five-Year Financial Summary —Financial Inputs & Summary
Five-Year Financial Summary—Balance Sheet
Five-Year Financial Summary—Income Statement
Five-Year Financial Summary—Cash Flow Sheet
This page left intentionally blank to accommodate tabular matter following.
Cash Flow Projection - First Year
Cash Flow Projection - Second Year
Cash Flow Projection - Third Year
Average Monthly Break-Even Analysis 1997
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 1997 break-even number customers at .06 per month and break-even income at $36,040 per month. Anything over these amounts will be profit.
RATIO COMPARISON
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.
Note on Key Percentages as a percent of Gross Profit above:
Rent, Interest Paid, Officers' Compensation, and Taxes Paid are in large part attributable to Smith Contractors being a new company. 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. The important ratio of % of Officers' Compensation to Sales is well within line for 1997 and after.
1. The Current Ratio is an approximate measure of a firm's ability to meet its current obligations and is calculated as Current Assets/Current Liabilities.
Smith Contractors, Inc.'s current ratio is on an upward trend. 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.
2. The Revenue to Receivables ratio measures the number of times trade receivables turn over in a year. It is calculated as the Net Revenue/Trade Receivables.
Smith Contractors, Inc.'s recent revenue to receivables ratio is on a downward trend. This indicates that collection methods need to be improved. (This has been done.)
3. The Cost of Goods to Payables ratio measures the number of times trade payables turn over in a year. It is calculated as Cost of Goods Sold/Trade Payables.
Smith Contractors, Inc.'s recent cost of goods to payables ratio is on a downward trend. 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.
4. The Revenue to Working Capital ratio is a measure of the margin of protection for current creditors. It is calculated as Net Revenue/{Current Assets-Current Liabilities}. (This has been corrected with the change in payment policy to subcontractors.)
Smith Contractors, Inc.'s recent revenue to working capital ratio is on an upward trend. This indicates efficient use of working capital.
5. The EBIT to Interest ratio is a measure of ability to meet annual interest payments. It is calculated as Earnings before interest and taxes/Annual Interest Expense.
Smith Contractors, Inc.'s recent EBIT to interest ratio is on an upward trend. This indicates that the company should not have a problem servicing its debt. The figures for 1997-1999 is above industry median figures. This could indicate that the company is better able to make interest payments and could possibly handle more debt.
6. The Current Maturities Coverage ratio is a measure of ability to pay current maturities of short-term debt with cash flow from operations. It is calculated as {Net Income + Depreciation, Amortization, and Depletion}/Current Portion of Long-Term Debt.
Smith Contractors, Inc.'s recent Current Maturities Coverage ratio is on an upward trend. This indicates that the cash flow available to service debt are increasing relative to the level of debt. The figures for 1997-1999 is above industry median figures. This indicates that the company is better able to service debt and could possibly indicate additional debt capacity.
7. The Fixed Assets to Tangible Net Worth ratio measures the extent to which owners' equity has been invested in property, plant, and equipment. It is calculated as Net Fixed Assets/{Equity - Net Intangible Assets}.
Smith Contractors, Inc.'s fixed asset to tangible net worth ratio is on a downward trend. 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.
8. The Debt to Equity ratio expresses the relationship between capital contributed by creditors and capital contributed by owners. It is calculated as Total Liabilities/Net Worth.
Smith Contractors, Inc.'s recent debt to equity ratio is on a downward trend. This indicates the company is achieving greater short-term financial safety.
9. The Earnings Before Tax to Tangible Net Worth ratio expresses the rate of return on tangible capital employed. It is calculated as (Earnings Before Taxes/{Net Worth-Net Intangible Assets} * 100.
Smith Contractors, Inc.'s earnings before tax to tangible net worth ratio is on a downward trend. For the period 1997 to 1999 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.
10. 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. It is calculated as (Earnings Before Tax/Total Assets) * 100.
Smith Contractors, Inc.'s recent Earnings Before Tax to total assets ratio has been on an upward trend. This indicates an increasingly effective use of available resources.
11. The Officers', Directors', Owners' compensation to Sales ratio is a general measure of ability to compensate top employees. It is calculated as Officers' Salaries/Sales.
Smith Contractors, Inc.'s trend is downward. This can indicate an increasing effectiveness of management or that the business is becoming more service oriented and less capital intensive.
SCORES ABOVE 2.91 INDICATE THE FIRM IS SAFE FROM BANKRUPTCY THE HIGHER THE SCORES - THE SAFER THE COMPANY
The Z Score Formula = 0.717*(X1) + 0.847*(X2) + 3.107*(X3) + 0.420*(X4) +
If the Z Score is Greater than or Equal to 2.9 the subject firm is apparently safe from bankruptcy. If the Z Score is Less than or Equal to 1.2 the subject may be destined for bankruptcy. If the Z Score is between 1.23 and 2.9 the firm is in a gray area and steps could be taken by management to correct existing or potential problems in order to avoid bankruptcy.
Z Score analysis is a statistical method developed to forecast bankruptcy. It is over 90% accurate one year into the future and 80% accurate for the second year.
In this instance we used the 1995 and 1996 actual figures, Estimated 1997, Projected 1998, and 1999 figures to determine the above scores.
The Z Scores indicated above are all well over 2.91 which indicates that the company will not be a candidate for bankruptcy if it can achieve the goals outlined in this plan.
Assumptions:
Income figures are after taxes Dividend Payout is currently zero Reinvestment rate = 7%
IRR = Internal Rate of Return MIRR = Modified Rate of Return ROI = Rate of Return on Owner's Investment ROA = Rate of Return on Total Assets
IRR= the interest rate received for an investment and income that occur at regular periods. MIRR=adds the cost of funds and interest received on reinvestment of cash to the IRR.
CONCLUSIONS AND SUMMARY
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. It also utilizes the services of a professional business consultant to help analyze the financial information and make suggestions for the future. Smith Contractors will conduct a complete review of the actual figures and compare them to budgets and peers periodically throughout the year.
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Construction Company Business Plan
Are you thinking of starting a construction company We have prepared a sample construction company business plan that guides you on every stage of your business plan writing
If you have the right knowledge and skills for getting into construction, you might have thought of starting your own construction business at least once.
After all, having your business can give you authority and the freedom to work with your dream clients and it is a lucrative business for sure.
But at the same time starting and running a construction company is no mean feat and takes a lot of work and accountability.
So, to help you through your daily business activities and long-term business goals you’ll need a construction company business plan. A business plan makes your life easier and lets you focus on what really matters in your business.
Industry overview
The US construction industry stood at a market value of 1.36 trillion dollars in 2020 and was expected to decline in 2021. But instead, it experienced a wave of recovery and continues to grow even now.
The major reason for the growth of the construction sector is the resumption of construction projects, be it residential or commercial. Also, new projects keep coming up due to the rapid urbanization and increasing need for space all around the country.
However, before you dive right into it, you should plan it, down to the last detail. A business plan would help you in avoiding roadblocks and failures. It would act as a guide that would help your company rise as high as the skyscrapers you build.
If the above idea sounds interesting, read on to find out how a business plan can help you and how to write a construction company business plan.
Things to Consider Before Writing a Construction Company Business Plan
Get necessary licenses and permits.
A construction business requires several permits depending upon the state you are working in and a few documents that are common all over the country. The main reason behind this is the nature of the work that requires proper attention to safety requirements.
But getting all the legal documents can look like a lot of work, especially when your business is going on in full swing. Hence, it is a better practice to make a checklist of all the necessary documents and get them before getting started.
Figure out the safety requirements
Safety requirements are another crucial aspect of starting a construction business. Figure out what are the tools and measures you’ll need to have to ensure the safety of your workforce and other people on construction sites. It helps you avoid accidents and injuries that can be prevented by taking necessary measures.
Get the right workforce and equipment
A skilled workforce is the biggest asset of your construction firm. They can make or break a deal, and also decide what kind of reputation your business would have in the construction industry. Hence, it is important to hire a skilled workforce and make sure they get the right equipment to work with.
Know your target audience
Knowing your target audience and their preferences is crucial for any business. As a construction company, knowledge about your target audience comes in very handy when you are pitching for projects. Hence, try to know all the relevant things about your target audience.
How can a construction business plan help you?
Though you might believe that having the right knowledge of equipment and personnel is the only thing important for running a construction business, good business practices and a proper business plan are equally important.
A business plan can help you in planning your finances, organizing your business structure, having a hassle-free operational strategy, and knowing your customers better. All in all, it can make your life less chaotic and run your business smoother and easier.
So if you want to conduct your business smoothly, read on to find out how to write a business plan.
Chalking out Your Business Plan
A good construction business plan consists of several different aspects that are common to all business plans and several that are specific to a construction business.
And though writing a business plan might seem like a time-consuming process initially, it can save you a lot of time and trouble later on. To write a well-rounded business plan you can either use a premade template or an online business plan software, that would help you write a flexible and dynamic plan.
Before you start writing your business plan for your new Construction Company, spend as much time as you can reading through some samples of real estates business plan templates .
Our sample HDFL – Construction Company Business Plan can help you with writing a well-rounded business plan for your business. It can act as a guide and prevent you from getting stuck in a certain section for too long.
Construction business plan outline
This is the standard construction company business plan outline which will cover all important sections that you should include in your business plan.
- Mission Statement
- Management and Personnel
- Business Overview
- Industry Analysis
- Market Trends
- Business Fit in the Industry
- Management and Organizational
- Organization
- Hiring Plan
- Risk Management
- Accounts Payable
- Description of Product and Services
- Affordability
- Life Cycles/Seasonality
- Location/Distribution
- Price/Quality Relationship
- Promotional Strategies
- Projected Profit and Loss
- Projected Cash Flow
- Projected Balance Sheet
What to Include in a Construction Business Plan?
A good construction business plan consists of several sections, the major ones are as follows:
1. Executive Summary
The executive summary section forms the first page of your business plan and is the most important one to get you funded.
It consists of an overview of all the major sections of your business plan and a good executive summary would help you win an investor’s confidence and get your business funded.
It summarises the following sections:
2. Mission Statement
A clear and concise mission statement helps your clients resonate with your company and business idea. It gives out a clear message of what values you stand for as a company. Hence, writing a good mission statement is important for the success of your business.
It would consist of the following sub-segments:
- Goals and objectives
3. Market Analysis
Analyzing the market comes in handy while making several business decisions as it helps you in knowing the market and the industry better. It helps you in understanding the pitfalls of your business, its strengths as well as what your competitors are doing.
It would consist of the following subsections:
- Market Segmentation
4. Management and Organizational Structure
This section would include details about your company’s organizational structure as well as the levels of management of your firm. You must also include your firm’s work as well as the roles and responsibilities of your team members in this segment.
For example, you should include which person is responsible for onboarding clients, who are responsible for dealing with architects and hiring construction workers, who are responsible for overlooking the construction process, etc.
- Organizational Management
- Record keeping
- Risk management
- Hiring plan
5. Marketing Plan
A good marketing strategy makes you memorable for your clients. It helps you reach out to your target audience , creates a brand image, and makes you stand out from your competitors.
A well-rounded marketing plan consists of the following sub-segments:
- Description of services
- Marketing strategy
- Advertising strategy
- Sales strategy
6. Financial Plan
A good financial plan is key to running a successful and profitable business. One cannot emphasize enough on planning your finances in the initial stages of your business, it helps you immensely as your business experiences growth or setbacks.
A financial plan decides the measure of your business’s success, and a good one consists of the following aspects:
- Projected profit and loss
- Projected balance sheet
- Projected cash flow
Construction Business Plan Summary
In conclusion, a good business plan can help your construction company prosper. It can help you deal with all the hiccups your business goes through and set out a clear road map for your business journey. So, if you want to start a construction company go ahead and start planning.
After getting started with Upmetrics , you can copy this construction business plan example into your business plan and modify the required information and download your construction business plan pdf or doc file. It’s the fastest and easiest way to start writing your business plan.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.
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DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.
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General contractor business plan
How to Draft a General Contractor Business Plan
If you’re starting out on your own as a general contractor, you likely have skills and knowledge in many specialized areas related to your trade. But crafting a general contractor business plan might still feel challenging. So, why do you need one—and where should you start?
In 2021, 5.4 million businesses launched in the U.S. A strong business plan can help you develop a strategy for business success, attract investors, create successful relationships with potential clients in your target market, and begin to make your dream a reality. Best of all, writing one can prove simpler than you think once you learn the purpose of a general contractor business plan—and how to break it down into simple, manageable steps.
With an effective business plan at your side, your general contractor business could be one of many success stories.
Advantages of having a business plan as a general contractor
Creating a general contractor business plan can help you clarify your strategy for your business, as well as help you explain your plan to others.
More specifically, the benefits of having a general contractor business plan include:
- Internal planning – When crafting their business plan, many general contractors consult with other teammates and partners, such as their accountant. Creating a business plan together can provide a natural opportunity to brainstorm, clarify, and make sure everyone’s on the same page as you launch your company.
- Financial planning – A business plan can help keep you on track when it comes time to make important financial decisions and evaluate what makes the most sense for your business in both the long and short term.
- Persuading potential funders – New businesses often need funding in the form of loans or investors to help them get started. A business plan can help you win over potential funders and clearly explain your vision for your business.
What to include in a general contractor business plan
Your business plan may vary depending on your specific vision for your general contracting business. But as you begin shaping that plan, your business plan should focus on these key sections :
- Cover page – Including a cover page with your contact info can make it easier for potential funders to contact you if they like your business or marketing plan.
- Executive summary – This section quickly and simply describes what your business will do (general contracting), what problem you’ll solve for customers in your community, and five reasons your business will succeed. You can also include how much funding you’re hoping to acquire and your high-level financial projects for your company.
- Company overview – In this section, describe your company location and your legal classification—individual, partnership, or corporation. You can also highlight any successes you’ve achieved or other aspects that will help people better understand—and believe in—your company.
- Analysis of your industry, customers, and competitive advantage – In these three sections, you can break down information about the market you’re competing in, the customers you hope to reach, and why you’ll have a competitive advantage over any other businesses offering similar services. For example, do you have more experience? More existing customer connections? A more cost-effective approach? A higher quality of service? This section lets you show off how well you know your business and how you can improve your customers’ lives.
- Management team – A strong management team with in-depth business planning experience can help guide a business through the first few years. In this section, you can show off your existing team, along with noting any other roles you’re hoping to fill soon.
- Operations and financial plan – An operations plan focuses on the day-to-day work and goals of your contractor business, along with some important milestones you plan to accomplish in the next few years. The financial plan gives you an opportunity to dive into the numbers, showing your funding goals, your revenue goals, and your expected costs. You can also include an appendix with more detailed financial projections, such as balance sheets, cash flow statements, and income statements.
- Marketing strategy – This section can explain how you’ll present your company and services to customers, and any contractor marketing strategies you plan on using to reach new and existing customers.
If you’re finding a particular section challenging, it might be a sign for you to take a step back and do some more planning or research before trying to write that portion of your contractor plan. You can also consult an expert like small business accountant Amanecer Accounting in New Jersey, or a digital marketing consultant at Agency Partner Interactive in Texas.
Lastly, consider joining a local small business owners group. It’s often a useful and energizing opportunity to receive advice and forge connections with others in your city’s small business community.
Strategies to launch your business plan from paper to prosperity
Once you’ve crafted a business plan, the next step is to act on it. And if you’re just starting out, one of the most important steps you can take is to make your business known in the community.
Many years ago, people often found out about new businesses through ads in magazines, newspapers, and the radio, or through word of mouth in the community. Businesses often connected with a customer through the mail or through an in-person conversation.
Today, many potential customers discover, connect, and talk about customers online. About 3.8 million Google searches happen every minute, and that’s not including all the searches that happen on other search engines. When a potential customer needs a contractor for a home repair or renovation, there’s a good chance they’ll type “General contractor + [City name]” into a search bar. When that happens, you want your business to be one they find. Creating a strategy for how you’ll build an online presence can help improve the odds of customers finding you online.
Here are some key ways to help your general contractor business stand out from the crowd using your online presence.
Make your business searchable
Some of the factors that can help your web content appear higher in search engine results include:
- High quality content, including reliable and accurate business information
- Keywords, meta data, complete links, and other internal details that improve search engine optimization (also known as SEO)
- Backlinks, aka other websites that share links to yours
- Easily navigable websites optimized for both abled and disabled users
- A fast loading speed
- Responsive web design, or a website that displays well on both cell phones and desktops
Create a well-rounded digital presence
A digital presence often starts with a website, but it can also include much more. To reach customers through a well-rounded digital presence, consider the following options:
- Website – A website can help potential customers learn what services you offer, as well as learn about successful work you’ve done in the past and how to contact you. You can build your own website using a template model like Wix or Squarespace, or you can hire a local web design company like Oregon-based business Gray’s Web Design for a more personalized touch.
- Social media – Social media can provide another opportunity to connect with customers, but that doesn’t mean you have to produce content for every possible platform. Instead, try to focus on building a presence on platforms where your customers already hang out, and on platforms that make sense for the type of content you want to produce. For example, if you want to show off “Before and After” photos of completed jobs, you probably want to pick a social media platform where people like to share photos and talk about home and business renovations.
- Paid advertising campaigns – You can also reach potential customers by running a paid digital advertising campaign. This might involve running digital banner ads on a specific website, social media platform, or simple text ads for specific search engine results. Depending on where you’re advertising, you can often target your ad to a specific geographic location so that you’re not wasting resources advertising to someone on the other side of the country.
- Nextdoor business account – Nextdoor lets businesses connect specifically with potential customers in the geographic area your general contractor business serves. Through Nextdoor, you can create a free Business Page to connect with customers and establish an online presence. You can also gather recommendations from members to build your reputation as a trustworthy, competent business. Lastly, you can use Nextdoor Ads to promote deals and interact individually with potential customers.
Build your community presence with Nextdoor
Ultimately, you want to ensure that your general contractor business plan includes not just the vision for what your business may one day be—but also the steps you will take to get there. By outlining your funding needs, laying out your key steps, and spreading the word with marketing components, you can build vital connections and gain support within the community you plan to serve.
But you don’t have to do all of this without help. Used by nearly 1 in 3 households across the U.S., Nextdoor helps connect neighbors, organizations, and businesses to build a better community.
Nextdoor offers key features to help local businesses connect with the customers in their neighborhoods. Creating a free Business Page can make it easier for your customers to find you and for you to build an online presence. Business Posts can help you share information about your services, as well as start conversations with potential customers. Nextdoor Ads can help you run promotions and provide additional exposure for your business.
Whether you’re taking the first steps toward founding your business or looking for a way to take an established business to the next level, we offer a way for small businesses to connect with their customers.
NPR. New businesses soared to record highs in 2021. Here's a taste of one of them. https://www.npr.org/2022/01/12/1072057249/new-business-applications-record-high-great-resignation-pandemic-entrepreneur#:~:text=That's%20the%20takeaway%20from%20new,in%202020%20of%204.4%20million .
National Funding. Why a Construction Business Plan Is Essential and How to Build One. https://www.nationalfunding.com/blog/construction-business-plan/
Forbes. Business Plan Template: What To Include. https://www.forbes.com/sites/davelavinsky/2013/07/18/business-plan-template-what-to-include/?sh=9f26b417fc63
Forbes. Building A Brand: Why A Strong Digital Presence Matters. https://www.forbes.com/sites/forbesagencycouncil/2020/07/02/building-a-brand-why-a-strong-digital-presence-matters/?sh=16b186db49f2
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Contracting Company Business Plan Template
Prepare an intricate contracting business plan and more by modifying this contracting company business plan template.
Compose a professional contractor business plan and more with this Contracting Company Business Plan Template. Edit the icons, photos, and stylish color scheme to add your own personal touch. Once you've entered new text, apply icons to break up large chunks of content and to help communicate the text. There's thousands of interesting icons in the Venngage gallery and you can modify their size and colors to fully transform the Contracting Company Business Plan Template. Photos are also great for visualizing the content or representing the type of business you're starting. Search the Venngage gallery for the photos you want, or upload your own pictures into the business plan. Consider applying a stylish color scheme that enhances the company plan and keeps your audience hooked. There's a variety of automated stylish color schemes in the editor tool, or you can use the My Brand Kit to upload your business colors for a unique look. Not exactly the business plan you wanted? Explore the Venngage library for more modern business plan templates!
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