Business knowledge holding back small construction firms

Contractors and small businesses working in the construction industry are suffering from a lack of knowledge about how to run a successful enterprise, it has been claimed.

Director of Business Link Ray Lambe explained that many start-ups do not know where to begin when they set out to build a business, while those already operating are being held back from expanding due to a lack of understanding of how to organise their work.

"It goes right from getting new business through to then managing their cashflow when they are trading," Mr Lambe stated.

A survey carried out by Wickes Tradebuilder earlier this month found that many organisations in the construction sector are failing due to inadequate knowledge about areas such as finance, purchasing, managing employees and production.

Contractors and other small firms may find construction software designed specifically for such businesses is of use in the day-to-day running of their affairs.

Mr Lambe pointed out that there are online resources that can be of assistance to people who want some advice about how to expand or run their company successfully.

Small building firms and contractors may find Sage 50 Construction software can help deal with contract costs, budgets and subcontractor insurance, among other things.

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