Entrepreneurial Blueprint: Navigating Financial Success in Your New Construction Business
Gold Seal: 4 Credits * BC Housing: 12 CPD Points
Description
Navigating a new construction business demands a blend of industry experience, unwavering commitment, foresight, continual learning, and determination. As an entrepreneur, you'll face many challenges: from fierce competition and navigating contract negotiations to meeting client expectations, maintaining cost controls, mitigating labor shortages, managing financial issues, and ensuring successful project completions.
From shaping your business model to securing funding, assembling a competent team, and delivering high-quality projects, every stage is critical to ensuring your success. By walking through these crucial steps, this course ensures you will acquire the essential knowledge and tools to grow a profitable construction company.
The course is structured to provide entrepreneurs with the knowledge and skills necessary for effective teamwork with various stakeholders such as owners, lenders, estimators, project managers, accountants, and production staff. The goal is to facilitate efficient teamwork to achieve the best possible project results.
Learning Outcomes:
- Focus on productivity losses by implementing advanced training methods, technology upgrades, streamlined workflows and effective productivity metrics.
- Improve employee retention by offering competitive compensation packages, fostering a supportive corporate structure, and providing growth opportunities within the company.
- Implement rigorous cost controls, conduct frequent project cost and performance assessments, and utilize historical data for precise cost forecasting.
- Forecast revenue to sufficiently cover overhead costs and achieve planned profits.
- Guarantee the reliability of financial reports by accurately reflecting contract terms, recognizing earned revenue, accruing costs accurately, and analyzing variances.
- Calculate vital financial ratios such as the current ratio, return on equity, and accounts receivable turnover to assess the financial strength and stability of the company.
- Navigate cash flow fluctuations by optimizing cash surpluses and mitigating cash shortfalls.
- Evaluate and enhance start-up processes, operational procedures, workforce dynamics, and financial strategies.
Benefits of Attending:
- Flexibility and Control: You will have the freedom to set your own schedule, make decisions about your company’s direction, and implement your vision and strategies.
- Growth Opportunities: The industry boasts far-reaching growth through 2030, allowing your company to scale up for larger projects, enter new markets, and offer additional services.
- Financial Potential: As an entrepreneur, you have the potential to generate significant revenue from various successful ventures
Delivery Method: Virtual Session – Zoom Meetings
Course Fee Includes: Access to the course, course materials, and a digital certificate upon completion.
This course is delivered in partnership with local and provincial construction associations across Canada. You will be participating with a group of industry peers from multiple regions.
Sharing a single registration between two or more individuals is not permitted. Please register each person that will be in attendance.
Prerequisites
There are no prerequisites for this course.
Who Should Attend
This course is designed for aspiring entrepreneurs looking to enter the construction industry. Whether you're starting from scratch or seeking to enhance your existing business, this guide provides comprehensive insights and practical strategies to navigate the challenges and opportunities in construction entrepreneurship.
Technical Requirements
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Computer or laptop
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This course will involve on-screen interaction with your instructor and classmates, reading/viewing on-screen content (slides or videos), and interacting via typing with questions or responses. For this reason, cellphones may not be adequate.
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Windows 10 or Mac iOS.
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Webcam (Mandatory)– in order to engage and collaborate, participants will be expected to have their webcams on for the duration of the class
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Microphone (Mandatory)
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Internet connection- For best results, you will want to ensure you have an internet connection with an upload/download speed of 3-5 Mbps. You can test your internet speed here. The minimum recommended speed is 1.5 Mbps, but anything below 3 Mbps may result in loss of quality or buffering. Ideally hardwired connection versus wireless for stability - connect your computer directly to your router using an ethernet cable, rather than using your home wi-fi.
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A quiet space with minimal distractions –The microphone will be engaged for interactive sessions. Please plan to be fully engaged in the class and clear your work schedule just as you would for the in-class program.
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Comfortable chair
Course Credit Information
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The course is eligible for 2 CCA Gold Seal education credits and 12 BC Housing CPD credits upon completion.
Registrants seeking BC Housing CPD credits for this course must complete all course components before a certificate showing BC Housing CPD credits earned will be issued.
Registrants seeking gold seal credits for this course will be required to complete an assessment during the course to qualify to have the gold seal credit endorsement appear on their certificate of completion.