Ever pause and wonder where your time on the job is really going? Leadership experts suggest that by allocating 80% of their time to six “high-payoff activities,” construction company owners can experience greater success. Hmm…what are those six high-payoff activities?
Do’s and Don’ts
Nobody can do everything. That’s why, though every company and leader is unique, success is most often achieved through a focus on getting the right things done—aka accomplishing high-payoff activities (HPAs). According to Attainment Inc., 80% of a company leader’s time is best focused on accomplishing some version of these six core HPAs:
- Achieve business financial goals.
- Communicate company vision, values and goals.
- Identify HPAs, key performance indicators, scorecards for employees.
- Provide employee performance feedback and coaching.
- Help employees develop motivation, career plans and training plans.
- Develop, document and improve processes.
Although technical skills and know-how have helped us move into leadership roles, people skills are often what matters most toward the “total team performance” necessary for steady, sustainable growth. Accordingly, experts suggest that while dedicating time to the HPAs that will ultimately drive businesses forward, leaders must strive to avoid these common pitfalls:
- Using the power of the position rather than coaching.
- Reactively putting out fires rather than proactively developing longer-term solutions.
- Making decisions their employees should be making.
- Micromanaging employees rather than helping them develop.
- Not clearly communicating expectations.
- Not holding employees accountable for performance.
- Not providing effective performance feedback and training.
- Assuming what motivates them will motivate their employees.
Focusing on HPAs can be much easier said then done, right? That’s perhaps especially true amidst the chronic labor shortage facing most construction businesses. Let’s face it: growing a construction business is hard work. One thing’s for sure, nobody’s got time to spend scurrying around town in search of bid bonds—certainly the opposite of an HPA, right? Here’s an action step that will help you achieve the financial goals you’ve set for your business: qualify for The Partnership Account for Contractors® from Colonial Surety. Then, you will use our powers of attorney to issue your own bid bond—and you can do so right up to the last moment, incorporating new labor costs, price fluctuations and supply substitutions. With Colonial behind you, you’re also armed with a complete, powerful online surety management system. In addition to issuing your own bid bonds, you can expediently order performance and payment bonds, run management reports, check your current and aggregate limits, view your underwriting profile—and more. Plotting your way to growth—step by step—now that’s a High-Payoff Action: Learn more and pre-qualify for The Partnership Account® here now.
What Sets You Apart?
Experts at Construct Connect remind us of another way in which focused action propels success:
Take a good hard look at your current operations. Are you overextending by taking on too many projects at once?… Are you spending money on things that aren’t directly related to your strategic growth? …What sets your company apart from your competition? Is it the quality of work, your ability to deliver projects on time and within budget, or your expertise in a niche market? Are there certain types of projects or service areas that are more profitable for your company than others? Lean into the type of work that you excel at….
Having the right financial data at your fingertips, also gives you an edge. Gain control of your business with The Partnership Account for Contractors®. With it, you’ll have your own private digital dashboard, providing you with a day to day snapshot of your single and aggregate limits, as well as your current and available bond capacity. As your work in progress decreases, you can even update your work on hand—increasing your aggregate so you can go ahead and move that next bid ahead. After all, you’re the leader. Get started today: Pre-Qualify and Get Free Scores Here.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.