Marg Kronfeld – Important Rules for Construction Business Owners

As the former project manager of two construction companies, Marg Kronfeld had quite a few run-ins with business owners over the years. With the construction business once again booming – along with the commercial construction market – those who try to make an impact now can look forward to new opportunities. To reach their goals, however, one needs to follow certain rules and guidelines.

Find Mentorship

Construction is a field where experience is crucial. If you represent a small business, there are programs that you can take advantage of, like SCORE Mentors, or a local SBDC (stands for Small Business Development Center), where you can find a mentor from a construction company. Their experience and the guidance they can offer are invaluable.

Financing

In an ideal scenario, you have your own savings or private funding, but if that is not the case, you can still take advantage of traditional bank loans or governmental loaning programs. These often support small construction companies that construct buildings which would improve the image of the city.

Licenses and Insurance

One of the most crucial aspects of being successful in the construction field is having all the necessary qualifications and licenses, and even those that, while not necessarily mandatory, can help a business to a great degree. People choose companies that they can trust, and in the grand scheme of things, companies without the right licenses cannot really be trusted.

Marg Kronfeld worked with many contractors throughout the years, and managed to build with them lasting professional relationships.

Sources: https://www.sba.gov/blogs/how-start-small-construction-or-general-contracting-business

 

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Marg Kronfeld – Why Writing a Business Plan Is Crucial

Marg Kronfeld is an experienced businesswoman and company director who has been active in the field for decades. When it comes to business development and growth, having a plan is extremely important. If you would have to choose one word to describe a business plan, that word would probably have to be roadmap. Your business plan is your roadmap and it influences the direction of your venture, and whether it will reach its goals, or go out of business within the first year like so many startups do.

Business Summary

Your business summary is basically a snapshot of your venture. It includes the company’s activity and its goals, both in the short and long terms. It should be clear and concise.

Describe Your Company

The description of your company includes basic information about its profile, the market it serves, and the characteristics that make it stand out from competitors. If you are looking for investors, it is really crucial to have a great company description. Without one, it will be very difficult to attract a serious investor.

Do Your Market Research

Doing proper market research is one of the most important aspects of business development. Without it, you are just shooting in the dark. There are hundreds, if not thousands of people each year who think they’ve come up with an excellent idea, only to find out later that somebody else had the same idea before you and has actually already implemented it.

Quality market research does two things for you. First, it gives you insight about the business industry itself, which is already an important factor. Second, it reveals your potential competitors. In the business world, competitor activity is a crucial factor in terms of failure or success. Having several competitors from the get go is an extremely tough situation to be in, and without proper market research, you cannot hope to develop a plan that would give you competitive advantage.

Management Aspects

Figure out what is the best organizational structure for your company. Once you do that, the next step is to actually figure out what kind of management structure you want. Different companies have varying organization structures and hierarchy, and each comes with its own advantages and disadvantages.

Financial Projections

If you have to find investors, you cannot avoid putting together a financial projection. Without it, you have virtually no chance to find a serious investor. The rule of thumb is to be realistic as investors are almost always professionals who have significant knowledge about the business world. In addition, getting funding with unrealistic projections is a lose-lose situation for both sides.

Marg Kronfeld possesses a deep understanding of professional ventures, and has considerable experience in business development.

Sources:

https://www.sba.gov/starting-business/write-your-business-plan

http://www.inc.com/guides/business-plan-financial-section.html