Imperial Journal of Interdisciplinary Research (IJIR)

Vol-2, Issue-12, 2016

ISSN: 2454-1362, [Link]

Strategic Plan to Start a Construction Firm &

Sustain Growth in the Construction Sector
Kamaruddin V.N.
Dept. of project and construction management, MIT college of management, Pune, India.

Abstract: Since the construction market is booming to start a business in the construction market. Now
at this point of time with Narendra Modi as the PM is the time to make move in the construction
in our developing country, one of the most business. The first step to take before starting any
important aspect of starting a business in today’s business venture is to set up a strategic plan which
ever changing market and environment is to set up will guarantee that every aspect has been thought
a strategic plan. A strategic plan is a business plan through. Strategic plan is the best way to be a part
with a specific goal. It documents a vision for what of just about every aspect of the business. Starting
you want your company to achieve and provides a a construction company requires a lot of
road map for how to get there. This paper groundwork, careful planning, advanced
investigates essential strategies through extensive construction knowledge in execution, planning and
study and research on the above-mentioned topic. management, tools for construction, knowledge
As well as information obtained from industry about the current market situation and a whole lot
experts, some of which who have been successful of grease on hand is essential to build a firm right
and from some who have failed. This paper then and maintain it to become stronger and better.
analyses the common business plans and strategies There are three major possible ways to get into the
from the successful contractors who have sustained construction market i.e. as a developer, contractor
their growth in the competitive construction or a project management consultancy (PMC). This
business in India. All the information obtained has paper gives a general idea about steps and
been collaborated and a business strategy has been procedures which are applied by major successful
developed which will help to start a firm and have firms in India. A startup summary and steps to be
sustainable growth in the construction market. followed to lead a successful business are
mentioned as well.
Key words: Strategic plan, business plan, start-up,
sustainable growth, project & construction 2. Advantages of owning a construction
management, financial structure business
1. Introduction Many people dream of owning a business and see it
as a way to control their own destiny. Starting a
In both the developed and developing countries, the
business is an exciting venture that offers many
demand for construction services is ever on the
benefits. However, you should also analyze what it
high. This is due to the increasing demand for
takes to run a successful business. Although no
buildings and structures meant for various
special skills are required, running a successful
purposes, as well as renovation of existing ones. In
company takes determination, patience and an
fact, according to Forbes, the residential building
understanding of business principles. Not fully
construction industry was the number one fastest-
understanding the advantages and disadvantages of
growth industries for small businesses in recent
owning your own company may hinder your path
years (source: Sageworks) [5] thanks to an
toward successful entrepreneurship. [13]
increase in housing demand, lending activity and
real estate values. In addition, six of the 10 fastest- Some of the advantages of owning a construction
growing industries among small businesses are tied business are as follows:
to construction – including contractors, real estate
agents and architects. The IBISWorld [4] predicts • You control your own destiny
that the next five years will see a period of robust • You can find your own work/life balance
growth for commercial construction companies. • You choose the people you work with
Demand for more business office space and the • You take on the risk and reap the rewards
resurge of disposable incomes will also raise the • You can challenge yourself
demand for retail buildings. • You can follow your passion
• You can get things done – faster
This increasing demand opens up opportunities for
young entrepreneurs to invest their time and money • You can connect with your clients

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

• You can give back to your community • In a bid to rehabilitate the slums, provide
• You feel pride in building Something of housing at affordable prices and ensure
your own good quality homes, the government is
focusing on social housing development.
3. Keys to success It launched the Housing for All by 2022
program in 2015, under which it set a
In my experience, too many contractors refuse to target to construct 20.0 million social
let go of their way of doing things regardless of the housing units across the country by 2022.
cost to themselves and their business. They don't • To promote comprehensive urban
want to be confused with new ideas. development and support economic
growth, the government introduced
• Albert Einstein defines insanity as “Doing AMRUT in 2015 to transform the
the same thing over and over again and country's urban areas. The main purpose
expecting to get different results.” Thus, of AMRUT is to provide basic
one should be adaptable and accept new infrastructure services such as water
techniques and technologies. supply, sewerage connection, green
• Secure at least five large scale commercial spaces, parks and transportation facilities.
contracts over the next three years. The program will be implemented in 500
• Expand our customer base through towns and cities. [1]
expansion into other geographic areas to
retain a sufficient level of profitability. In addition, a study on the other companies offering
• Increase marketing expenditures by 15%. similar construction services, how much they
• Using the most updated materials and charge, and what kind of reputation they have
equipment to assure quality construction should be conducted. The community's needs for
construction services should be analyzed by getting
out there and talking to local residents and business
owners. Services which are affordable and
4. Steps to set up a successful business appealing to the community should be given more
in the construction sector. consideration.

3.1. Market research.

Before starting a business, understanding the
market and current situation in the construction
industry is of utmost importance. An investigation
was carried out to determine the potential
profitability of a construction business in
Bangalore, India. According to key highlights of
the report “Construction in India - Key Trends
and Opportunities to 2020” [1]

• India's construction industry will continue

to expand over the forecast period (2016– Figure 1. Real estate clusters [7]
2020), with investments in residential,
infrastructure and energy projects
continuing to drive growth.
• Due to industrialization, urbanization, a
rise in disposable income and population
growth the demand for construction
services is set to rise.
• The construction industry will be
supported by the government's plan to
transform urban India. Under the 100
Smart Cities Mission, the government
aims to provide a more sustainable and
clean environment by 2020. In total,
Figure 2. Break up of city level investment of real
INR480.0 billion (US$7.6 billion) has
estate capital market [6]
been allocated.

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

3.2. Talk to professionals 3.3.1. Executive Summary

Attend building and construction industry trade
The executive summary is the first thing someone
shows, join the related organizations and
will read when they start making their way through
associations, network with peers, suppliers, and
the business plan which makes it vitally important.
yes, even competitors. Every conversation will
This is usually the first page of your plan after the
teach you something. Interviews were conducted
title page and essentially is your first pitch to a
with professionals who are successful in the
lender, an investor, or a potential employee. [2]
construction and with those who have tried and
failed. The knowledge and data obtained from said
people has been implemented into this paper in 3.3.2. Company description
various sections.
This section generally includes all the details
3.3. Business plan regarding the company such as, name of the
company, business structure, ownership, location,
A full set of blueprints are required to start a
history of the company, mission and vision
building project, similarly a company shouldn’t be
statement, products or services provided, target
started without the business equivalent, which is a
market, and objectives.
Business Plan or the strategic plan. A step by step
explanation of what to cover and why it is
important has been put together in this paper. 3.3.3. Organization and management

Many lenders won’t invest unless they know you This section, Organization and Management, is
have a well-thought out strategy for where you’re where you’ll explain exactly how you’re set up to
going and how you’ll get there. Even if you’re make your ideas happen, plus you’ll introduce the
approaching friends and family for money who players on your team.
won’t require you to have a plan, it will be helpful
to write one. Simply by going through all the
It is recommended to break this section into two
necessary steps to put one together, you’ll wind up
segments i.e. an organizational structure describing
with a clearer idea of what you’re trying to
the way in which the company is set up to run and
accomplish and many of the challenges you might
a management sector introducing the people
face along the way. A formal business plan is
involved.
certainly required to approach a bank or other
government backed lenders for some financial help
in getting started. Potential investors will also want 3.3.4. Products and services
to see the strategy and financial projections.
In this part of the business plan description of the
There are various types of business plans some of specific products or services going to offered has to
which are a miniplan, internal working plan, a be mentioned. The concept of proposed business
formal presentation plan, E-plan etc. has to be explained, along with all aspects of
purchasing, manufacturing, packaging, and
Elements of a Business Plan
distribution.
A formal plan should include all of the following
items, and less formal plans, like mini or working 3.3.5. Market analysis
plans, should include most of them. A brief
explanation for each element of the plan has been This is the part of the business plan where you
given. really get to shine and show off the awesome ideas.
Executiv
e
Of course, your product or service is the best! Now,
summary Company let’s talk about how you know it’s a hit. Be
Appendix descripti
on prepared to show you know your market AND that
it’s big enough for you to build a sustainable,
Funding orgnl. &
request
Busine
mangt. successful business.
ss plan

Financial
Products In writing up your market analysis, you’ll get to
&
income
services demonstrate the knowledge you’ve gained about
Sales &
market
the industry, the target market you’re planning to
marketin
analysis
g sell to, your competition, and how you plan to
make yourself stand out.
Figure 3. elements of a business plan

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

3.3.6. Sales and marketing 3.3.9. Appendix

In this section of the plan, you’re actually going to The appendix will be the final section of your
spell out how you’ll market your idea, along with business plan. This is optional, but would be the
the specifics of how you’ll get business. Sales and place to include information like the resumes of
marketing are what will drive your business and your key management team, reference letters,
help you achieve success. product photos, copies of major contracts and other
pertinent legal documents. [2]

Individual
[PERCEN 3.4. Financial resources
buyers
TAGE]
[PERCEN Every startup has costs associated with it, from
[PERCEN Individual
TAGE] seller legal to operational. A construction business will
TAGE]
also likely need vehicles and basic tools apart from
Real estate materials and manpower, and the money to rent
agents things you might not own. Even if you don’t
prepare a full business plan, cost out everything
you need to get up and running, and make sure
Figure 4. Market segmentation you’ve got enough working capital to keep you
going for at least six months to a year—or possibly
longer.
3.3.7. Financial information
You’ll need funds to be properly licensed in the
There are two parts to the financial component of a areas where you want to work, and you may need a
business plan: historical data and prospective data. background check. Your business will have to have
If you’re a startup, you obviously won’t have any liability insurance, and possibly disability
previous financial information for the company, so insurance. Your workers will need to be covered by
many lenders will want to see your personal worker’s compensation insurance, and you’ll have
financial information, or in addition to, your salaries to pay, along with the cost of marketing,
business financials. advertising, and general overhead.

This includes statements such as: Remember that you’ll also have living expenses
during this time, probably without a salary or other
• Income statements money coming in. If this all sounds daunting, if not
• Balance sheets downright impossible, remember that many start-
• Cash flow statements ups get funding in the form of a loan or money
from investors.
• Tax returns
• Collateral
• Profit and loss statement
3.5. Learn the rules and regulations

One of the most important, yet often overlooked

3.3.8. Funding request steps to take when starting is a business is learning
the rules and regulations that govern the business.
We’ve talked before about the benefits of having a So, you will need to find out about the regulations
business plan for every business, but the truth is, governing the operation of construction companies
most companies don’t put one together until they in your city, state, or country.
want to apply for funding, whether from a bank or
investor. Sometimes, even if you don’t need a full You can start by approaching the appropriate
business plan when applying for a loan, you will be agencies and find out about how to register your
asked for a funding request. business name, how to obtain your business
license, how to obtain your business identification
This should include details such as: number, and other necessary requirements. Also,
you need to find out about the fees for licensure
• A summary of the business and certification.
• Amount of money required
• What the money is being used for In addition, you should approach an attorney or
• Financial information accountant to find out about your tax requirements
as well as the documentations you need to keep on

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

file for deductions and in case of an audit. Aside Businesses and for Women Owned Small
that learning the rules and playing by them will Businesses. Also, check out the National
give you rest of mind, it will also make your Minority Supplier Development Council,
customers feel more comfortable about hiring your the Women’s Business Enterprise National
services. Council, and the National. [3]

3.6. Employees 4. Framing Your Business

Anyone who’s built so much as a treehouse, much Framing is one of the most important steps in
less an actual building, knows you need the right building a structure, it’s also how your business
people to help you. That means employees who are will take shape, and it all starts with you.
proven professionals or a great lineup of Remember that attitude is everything. There may
freelancers and subcontractors—or possibly a be setbacks along the way, but staying positive is
combination of the two. You won’t get far if you key, for you, your customers and your employees.
haven’t assembled a solid team. Building trust and
teamwork amongst all the employees is an essential Working in a business is very different than
factor in the success of any company. All the new owning one, and you will have new skills to learn
employees must be well trained and guided by the and master. Be open to the fact that you won’t
experienced ones. This method of sharing know it all at once, even though you may be quite
information is known as management information accomplished in some areas. Be patient, and
system. understand that sometimes, the only way to learn is
by actually working through a situation and getting
3.7. Build your foundation the experience under your belt.

Once you’re confident in your plan and the Of course, making money is your ultimate goal, but
resources you have available, you’re ready to get it may not happen as quickly as you would like.
going. Here are six steps to take to build your Especially at first, you may have to reinvest much
business. of what you make to continue to build and grow the
business. Give yourself the time you need. With a
a) Incorporate or set up a partnership, limited solid plan and a strong foundation, you can build a
liability corporation, or sole proprietorship. construction business that will be profitable,
Enlist the help of an attorney and/or successful and sustainable.
accountant to figure out which way to go.
b) Take care of all the necessary licensing and 5. Startup summary
paperwork, register with the appropriate
agencies. Consider purchasing industry- Company registration has forever been a major
specific software that will help with budgets, hassle for entrepreneurs looking to set up their
scheduling and estimates, along with businesses in India. It’s no wonder then that India
accounting software to keep the books straight. has been ranked 142nd on the Ease of Doing
c) Open up a business bank account and get a Business Index and 158th on Ease of Starting a
business Credit/Debit card. Business. The newly introduced INC-29, a five-in-
d) Buy a domain name and get a website up and one form introduced by the Ministry of Corporate
running, or at the very least, set up a Facebook Affairs (MCA) in May 2015, will go a long way
page for the business where you can feature toward improving this ranking. [8]
photos of your work and other content to help
promote yourself. An example summary with assumed values,
e) Network, both within the construction industry showing the various steps involved has been listed
and outside. You never know where the next in the following tables: [9]
lead will come from. Tell everyone you know
you are in business for yourself, and you’d Table 1. Startup requirements
appreciate any and all referrals. Be impeccable
Start-up requirements Amount
with your word and your reputation. Word of
(INR)
mouth is particularly powerful in this industry.
Start-up expenses
f) If you are a woman or a minority, get your
Legal 10,000
business certified, which can help you with
Stationary etc. 20,000
financing and special opportunities to bid on
contracts. The Small Business Administration Broachers 5,000
has certification programs for Minority Owned Consultants 10,000
Insurance 0.00

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

Rent 20,000 Total Cost of

80,000 100,000 140,000
Research & development 0.00 Sales
Expensed equipment 0.00 Gross Margin 320,000 400,000 560,000
Others 0.00 Gross Margin % 80% 80% 80%
Total start-up expenses 65,000 Expenses
Start-up Assets
Cash Required 50,000 Payroll 180,000 210,000 252,000
Other Current Assets 0.00 Sales and
Long-term Assets 60,000 Marketing and 20,000 30,000 45,000
Total Assets 110,000 Other Expenses
TOTAL REQUIREMENTS 175,000 Depreciation
18,000 18,000 18,000
(0.3)
Table 2. Start-up funding Leased
0.00 0.00 0.00
Equipment
Amount Utilities 0.00 0.00 0.00
Start-up funding (INR) Insurance 10,000 10,000 10,000
Start-up Expenses to Fund 65,000 License fees and
5,000 5,000 5,000
Start-up Assets to Fund 110,000 association dues
Total Funding Required 175,000 Payroll Taxes 0.00 0.00 0.00
Assets Other 0.00 0.00 0.00
Non-cash Assets from Start-up 60,000 Total Operating
233,000 273,000 330,000
Cash Requirements from Start-up 50,000 Expenses
Additional Cash Raised 65,000 Profit Before
Cash Balance on Starting Date 115,000 Interest and 87,000 127,000 230,000
Total Assets 175,000 Taxes
Liabilities and Capital EBITDA 105,000 145,000 248,000
Liabilities Interest Expense 13,000 13,000 13,000
Current Borrowing 65,000 Taxes Incurred 22,200 34,200 65,100
Long-term Liabilities 0.00 Net Profit 51,800 79,800 151,900
Accounts Payable (Outstanding Bills) 0.00
Other Current Liabilities (interest- Net Profit/Sales 13% 16% 22%
0.00 Table 4. balance sheet (Projected)
free)
Total Liabilities 65,000
Capital Balance sheet (Projected)
Planned Investment
Investor 1 (JOB THOMAS) 110,000 Description Amount (INR)
Investor 2 0.00 Year 1 Year 2 Year 3
Other 0.00 Assets
Additional Investment Requirement 0.00 Current Assets
Total Planned Investment 110,000 Cash 149,800 235,900 304,950
Loss at Start-up (Start-up Expenses) (65,000) Other Current
60,000 90,000 120,000
Total Capital 45,000 Assets
Total Capital and Liabilities 110,000 Total Current
209,800 325,900 424,950
Total Funding 175,000 Assets
Long-term Assets
Table 3. Profit & loss statement (Projected) Long-term Assets 60,000 60,000 60,000
Accumulated
Profit & loss statement (Projected) 18,000 36,000 54,000
Depreciation
Amount (INR) Total Long-term
Description 42,000 24,000 6,000
Year 1 Year 2 Year 3 Assets
Sales/Consulting Total Assets 191,800 259,900 310,950
400,000 500,000 700,000
fee Liabilities and
Direct Cost of Capital
80,000 100,000 140,000
Sales (0.2)
Other Production Current
0.00 0.00 0.00 Liabilities
Expenses

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

Accounts Payable 30,000 45,000 60,000 foundation – to reduce the risks to the business
Current Borrowing 65,000 65,000 65,000 over time. [10]
Other Current
0.00 0.00 0.00 Far too many companies fail to achieve their
Liabilities
Subtotal Current growth targets in revenue and profitability.
95,000 110,000 125,000 However, the probability of achieving profitable
Liabilities
Long-term growth is heightened whenever an organization has
0.00 0.00 0.00 a clear growth strategy and strong execution
Liabilities
Total Liabilities 95,000 110,000 125,000 infrastructure. One without the other impairs the
Paid-in Capital 110,000 110,000 110,000 probability of success. Some of the strategies of the
Retained Earnings (65,000) (39,900) (75,950) successful contractors in Bangalore are as follows:
Earnings 51,800 79,800 151,900
Total Capital / 6.1. Determine overall company mission,
96,800 149,900 185,950 vision & values
Net worth
Total Liabilities
191,800 259,900 310,950 Sit down with your key managers and take time to
and Capital
discuss why you are in this business and why you
own your own company. This exercise will get you
Table 5. Ratio analysis focused on the real reason you go to work every
day. I often ask business owners why they are in
Ratio analysis business. Their typical answer is to make money
doing whatever they do, such as plumbing or
Financial ratios Year 1 Year 2 Year 3
construction.
Current ratio 2.21 2.96 3.40
You are not in business to do plumbing or
Debt/Net worth 0.98 0.73 0.67 construction. You are in business to maximize your
Return on tangible resources of time, energy and money so you can
0.67 0.62 0.89 get the biggest return in whatever manner you
net worth
desire.
Return on assets 0.34 0.36 0.53

For example, a construction company is a great

Year 1 Year 2 Year 3
start to achieve what you want. It is very
3.50
3.00 rewarding, but demanding, work. But, it is limited
2.50 in net profit margin potential, as it is very cyclical
2.00 with thin margins. In my opinion, owning a
1.50 construction company creates an excellent chance
1.00
0.50 to seek wealth-building opportunities versus just
0.00 building for others. Building for customers allows
you to make some money. When you build for your
own company, it allows for passive income,
freedom and equity growth.

6.2. Buy equipment

It's very important to have the right kind of
Figure 5. Financial ratios equipment to complete the projects you are hired
for. The required equipment will vary greatly
depending on the types of projects you plan on
6. Strategies to win & sustain growth
accepting. Buying used equipment is a great way to
in the construction sector save money, especially when you're just starting
out. Renting might be economical as well for
Every company wants to grow their business, yet equipment that you seldom use
few know how to sustain it for the long-term or
look beyond the next quarterly or yearly report. 6.3. Develop an equipment inventory
Growing a business requires the right intellectual
management system
capital, carefully selected strategic partnerships,
and products and/or services with strong Start by making a complete list of all your tools
marketplace demand. Beyond these fundamentals, and equipment. Next to each piece, write out the
sustaining growth requires a strong operational

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Imperial Journal of Interdisciplinary Research (IJIR)
Vol-2, Issue-12, 2016
ISSN: 2454-1362, [Link]

condition, maintenance schedule and rental value. At the same time, you need to remain
Then, assign someone in your company to be in competitive.
charge of managing the process for you. The
ultimate goal is to keep your crews working 6.7. Comprehensive contracts
efficiently so you can make as much money as
possible. Before you start any job, you should always have a
client sign a contract. Be sure to include specifics
6.4. Build a network
regarding the scope of the work to be done, the
It's very important to get out there and engage with costs and payment terms, and the scheduled
the local community if you want to be successful. completion date. You may also want to include
Try joining community organizations to make terms regarding additional work the client requests
connections with people who will be able to help or unforeseen expenses. It's a good idea to talk to a
you grow your business. The more connected you lawyer about the kind of language you should
are to the local community, the easier it will be to include in your contracts in order to best protect
spread the word about your business. your business.
It's just as important to build relationships with
suppliers, subcontractors, building inspectors, and 6.8. SWOT analysis
developers. These people will be instrumental in
helping you complete your projects, and they may SWOT Analysis is a useful technique for
be able to refer new business to you as well. understanding your Strengths and Weaknesses, and
for identifying both the Opportunities open to you
6.5. Establish a marketing campaign. and the Threats you face.
Strengths and weaknesses are often internal to your
Marketing your construction business should be organization, while opportunities and threats
one of your priorities when starting out, so be sure generally relate to external factors. For this reason,
to dedicate the necessary time and money to doing SWOT is sometimes called Internal-External
it right. Analysis and the SWOT Matrix is sometimes
called an IE Matrix.
• It is absolutely essential to have a user-friendly
A useful approach when looking at opportunities is
website that shows up in search engines. A
to look at your strengths and ask yourself whether
strong social media presence is a good idea as
these open up any opportunities. Alternatively,
well. This will allow potential customers to see
look at your weaknesses and ask yourself whether
pictures of your work and read reviews from
you could open up opportunities by eliminating
other customers.
them. [11]
• Invest in good quality printed marketing
materials like flyers, postcards, and business
cards. Make sure you have a professional logo 6.9. Sound Decision Making
that is consistent across all of your marketing
materials. Problem solving is the essence of what leaders
• Don't underestimate the power of word of exist to do. As leaders, the goal is to minimize the
mouth and simple advertising, like putting up occurrence of problems – which means we must be
signs in front of houses you are working on courageous enough to tackle them head-on. We
and on all of your construction vehicles. must be resilient in our quest to create and sustain
momentum for the organization and people we
serve.
6.6. Learn the art of bidding
When an organization has the protocols, the
In order to secure jobs, you will need to be able to
standard operating procedures in place to solve
provide accurate price quotes and deadlines to
problems and make sound decisions, they have
potential customers. A good construction
enabled the ability to anticipate the unexpected to
management software can help you manage this
assure that circumstances don’t force their hand.
process.
• Keep in mind that most customers prefer
It’s difficult to sustain growth when you operate in
fixed-price quotes.
an environment where people are constantly being
• Don't make promises you can't keep! It's much overly reactive, rather than proactive. Sound
better to finish a project earlier than expected decision making is a matter of good judgment and
than to finish it late. the ability to identify good timing and depth – to
• Your prices need to take into account the cost assure that momentum is created and never
of materials and labor, as well as your profit. disrupted. [10]

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ISSN: 2454-1362, [Link]

rapid by application of a good strategic plan.

6.10. Great Leadership With determination, commitment and hard
work, there is no doubt that one can achieve
The most successful leaders are instinctual decision the dream of becoming one of the most
makers and thus have the circular vision to see successful businessmen.
opportunity in everything. Having done it – made
decisions – so many times throughout their careers, “Throw away the box! Think big – not small”
great leaders will become immune to pressure BHAG – Jim Collins.
situations and extremely intuitive about casting
strategic, long-term plans for the future. 8. Acknowledgment
Sustaining business growth demands leadership This paper is an effort from my side to take me one
that can see the glass as half full – even when step closer towards my goal in life to become a
everyone else is seeing it as half empty. successful businessman. I would like to express my
gratitude to all my teachers and friends who put
6.11. Employee training & development their faith in me and urged me to do better.

Training is a program that helps employees learn

specific knowledge or skills to improve
performance in their current roles. Development is References
more expansive and focuses on employee growth
and future performance, rather than an immediate [1] [Link]
job role. releases/construction-in-india---key-trends-and-
[Link]
Good training and development programs help you [2] [Link]
keep the right people and grow profit. As the battle videos/business-plan-section-1-executive-summary
for top talent becomes more competitive, employee [3] [Link]
training and development programs are more [4] [Link]
id=1916
important than ever. Hiring top talent takes time
[5] [Link]
and money, and how you engage and develop that fastest-growing-small-businesses-
talent impacts retention and business growth. [12] sageworks/#437b89e6984c
[6] [Link]
top-story/indian-real-estate-2015-in-review-and-
gazing-into-2016-115121600299_1.html
[7] [Link]
7. Conclusion [8] [Link]
simplified-process
Firm strategies in the ever-changing [9] J. Thomas, business plan-October 2012, Trust
construction sector have been the subject of construction solutuions, Cochin, Kerala, India
research in various areas. This paper aims to 682022
analyze and present the successful firm’s [10] [Link]
common foundations and growth strategies. /top-6-ways-to-sustain-business-
The contribution of this research lies in growth/#102aa8b83d27
highlighting the business plan for a [11] [Link]
_05.htm
construction firm, the startup summary as well [12] [Link]
as winning strategies and strategies for a employee-training-development/
sustained growth in the construction sector. [13] [Link]
Despite its contribution, this subject requires [Link]
more research for several areas. Since this [14] [Link]
research primarily focused on investigating gardens/indias-construction-sector-to-
common foundations and strategic plans of boom/[Link]
successful firms, investigating the conditions
of global or international markets was
restricted.

Construction companies including small and

mi-sized, can adopt strategies which will place
them firmly on the path to success. Success
does not come overnight but can be fairly

Imperial Journal of Interdisciplinary Research (IJIR) Page 1931