The Q3 looks bright for the construction industry. According to the latest Industry Construction Outlook forecasts for 2016, analysts predict a 9{7ec620ac96511918f658223dfb856756fbd4b5e5e5a3e4b63487e7338affcd12} increase in construction starts in 2016-2017. The anticipated expansion will be more broad­ based in 2016, with support coming from more sectors. Strong double-digit growth in the dollar value of single­ family housing and commercial buildings are anticipated, while manufacturing plant construction and electrical utilities will settle down following huge increases reported over the last 3 years. Overall, growth will be slow, but steady.

If you’re heaving a sigh of relief right now, you’re not alone. The recession forced many GCs to leave the industry, join forces with other firms or be gobbled up by bigger players. Even large GCs who came into the recession with cash, a strong line of credit and a backlog of profitable work began to see their surpluses shrink and the burdens of debt, real estate investment and overhead expenses erode their financial strength.

Diversification and geographical expansion were two keys to survival. So while the recession ultimately reduced the number of firms participating in the industry, it also changed the playing field. Firms you never competed against before the recession are now vying for business in your market. As the industry transitions out of the recession, some markets will lag and remain very competitive, while others will begin to show signs of over demand. Now is the time to make sure you position your firm correctly and expand relationships with firms that may soon begin experiencing complications getting their existing contractors to cover their work. Using technology, getting details faster and working smarter and more efficiently is the name of the new game to building your construction pipeline.

Here are four tips to get ahead of the competition and drive new business for your firm. From sizing your market and identifying strategic relationships, to bidding to win and expanding your business overseas, you’ll learn how to find and seize the right opportunities in 2016-2017.

1: Start with what you know, not what’s out there

Where should your firm focus its next efforts? Strong firms start by sizing the marketplace-getting some measure of where their particular industry is going. Armed with a strong forecasting tool that gives you deep insight into construction activity and trends, you can access where certain geographies and structure types are headed. You can then anticipate demand and determine if there is a hole you need to fill or if there are opportunities you need to go after because a marketplace is exploding.

Next, you need to know your strengths. With the scale and cost of many construction projects rising, contracts and subcontracts are now more often awarded to companies with expertise in a particular specialty. Do you have a strong project portfolio in higher education, or is healthcare your firm’s wheelhouse? Believe it or

not, successfully identifying your firm’s strengths and focusing your efforts on the opportunities best suited to your firm-rather than going after everything that is in your area-often results in you competing less for new business.

Armed with an understanding of what types of projects you should pursue, it’s time to begin your search for relevant projects. The most efficient and effective way to identify projects and get the most up-to­ date information, including details on coveted private projects, is with a leading database service specific to the construction industry. Armed with complete information you can easily search and sort, you are better prepared to strategically plan, evaluate performance, assess risk, and prepare objective forecasts for your firm.

Another critical piece to forecasting new business is relationships. In today’s construction climate, it’s often who you know rather than what you know. Access to information on owners and firms that are likely to build, what projects they’ve worked on, what they spent, and who they’ve worked with helps you reach out and start building relationships.

Let’s say you have a strong track record with athletic facility construction. One approach would be to focus on educational institutions that are putting money into their sports programs. Find out who owns the project and is involved with the development. Another approach is to identify firms and architects that have worked on projects in the educational sector-chances are good they have more work coming. You can use a business intelligence tool such as Dodge or Construction Data News to dive into a firm’s project history and uncover who they’ve worked with- it could be someone you know who can get you brought into a project.

You should also look closely at your personal and professional networks for connections to the firms you want to target. Networking, the process of connecting with people, sharing information and building relationships, is a very powerful and cost-effective approach to generate new business that many GCs have lost touch with. Thanks to technology it’s easier than ever to make connections. Linkedln, the leading online business networking website, makes it easy to locate people you are connected to that might be able to make worthwhile introductions. You can also visit the websites of owners, A/E’s and other firms to learn what associations they may be involved with and how to connect with them through social media, e.g., Linkedln, Twitter and Facebook.

2: Build upon your relationships

Getting the leg up on the competition for a project often comes from building strong relationships with owners and A/E firms. The easiest place to start is with your past clients.

Many GCs are building their success with existing clients by working with C-level executives in a more consultative and proactive manner. Helping clients incorporate new trends and mandates, such as greener facilities, as well as identify financing opportunities are new hats being worn by today’s GC. Other ways to nurture and build your relationships include:

• Provide value. Be a good listener. What are they working on? What are they having problems with? Whenever possible give ideas, suggestions and insights that will be valuable to your clients and colleagues, such as information of interest you acquire from projects you’re working on, conferences you attend, etc.
• Get personal. Look for opportunities to reach out to a connection. If he or she has won an award, received an honor, authored an article, had a child or has a child who has accomplished something, these are opportunities to make contact. A simple handwritten note, email or quick phone call about the event or honor can sometimes open a door to further conversation or scheduling a personal call.
• Be gracious. Always thank members of your network for keeping you in mind and sharing information about you with others. What goes around, truly comes around! Acknowledge other people’s contributions. If someone provides you with information, a business referral, a testimonial, etc., make sure you say “thank you.”
• Stay visible. Keep people updated on your situation and needs. If you’ve just finished an important project, let people know. If a client provides a testimonial that demonstrates another area of your expertise, share it with your network, so they can better communicate your value to others.

 3: Use information to get the upper hand

You’ve assessed your core strengths and developed a list of target projects you want to go after. Now it’s time to develop and submit your bids, right? Wrong.

Submitting bids for every job that meets your criteria means a lot of time spent creating and tracking bids. And doesn’t necessarily mean you will increase your win ratio. A better approach is to do your research, take a more selective approach and understand who you’re up against before you submit your bid. You should:

• Study past projects for the owners and firms whose projects you are interested in. A business intelligence tool like Dodge provides complete access to past projects and project details, what was spent, and who was on the project. Look for patterns and determine what some of their key needs and concerns might be. For example, have they recently begun using more green materials? Did they have any issues on a past project you might be able to capitalize on?
• Use information to help you bid. If your research uncovers that an owner has consistently used a specific window, roofing material or other product you have experience with, play that up in your bid.
• Review historical bid lists to anticipate who you might compete against, and determine how you should position your firm.
• Watch bid lists in real time to see who is interested and how competitive a project will be. If there are other firms bidding that don’t have strong experience in a particular project, and you do, then play that up in your bid or with an addendum.
• Stay on top of project updates. There is nothing worse than getting shut out of a project because you missed an important update and failed to revise your bid. Utilizing a service that alerts you to project updates is a must have for busy GCs.

 4: Seek new opportunities abroad

Faced with stagnant growth domestically, many construction firms have begun expanding their business overseas. With GDP rising in most parts of the world, both short and long-term opportunities have been readily available to construction-related industries. With GDP on the rise in many parts of the world, both short and long-term opportunities have become available to construction-related industries. According to the World Economic Outlook, overall world GDP growth is forecast to reach 3.8{7ec620ac96511918f658223dfb856756fbd4b5e5e5a3e4b63487e7338affcd12} in 2015, up from 3.3{7ec620ac96511918f658223dfb856756fbd4b5e5e5a3e4b63487e7338affcd12} in 2014. Strongest growth will be found in the United Kingdom, Japan, China and India, as well as parts of Europe and Africa.

If you’re feeling ready to make the jump into an overseas project, your first step is no different from improving your U.S. business development efforts­ know your strengths. Hone in on your firm’s key project types and skill sets that will allow you to expand your business abroad. Focusing your efforts on the opportunities best suited to your firm will save you time and increase your success rate.

Access to a comprehensive, global database of construction projects and players will help you uncover general building and engineering construction projects developing around the world. Such data will also enable you to capitalize on trends-such as changes in consumption patterns, population increases, urbanization, and the growth of green-and clarify where the markets are moving so you can evaluate and strategically plan your international approach.

CONCLUSION

The economy, mergers and acquisitions within the industry, technology, and globalization have all made their mark on today’s construction industry. To build their pipelines, today’s GCs have to think and work differently. Using technology, getting details faster and working smarter and more efficiently is the name of the new game to getting ahead, and staying ahead. Using comprehensive, up-to-date information and state-of-the­ art business intelligence is the secret of successful contractors. These tools and strategies help them stay informed and ready to drive new business – and it can help you too!