3 Things No One Tells You About Running a Concrete Pumping Business

After some setbacks during the COVID-19 pandemic, the concrete pumping industry is on the rise again. According to Fortune Business Insights, the global concrete pumping market is expected to rise 4.9% annually over the next 5 years, bringing the total market size to an estimated $6.61 billion by the end of 2028. With demand back on the upswing, now is an excellent time to think about starting or scaling up your concrete pumping business.

But just because there’s opportunity doesn’t mean it’s going to be easy.  Thin margins, a competitive bidding process, and labor shortages can make growing a concrete pumping business especially difficult. 

In this post we’ll bust a few myths about building a concrete pumping business and give you a few pro tips to get you on track towards growth. 

1. It's not a fair playing field. 

Unfortunately, not all concrete pumping businesses play by the same rules. While the most successful companies always follow health and safety regulations, there are plenty of competitors who disregard safety for the sake of saving time or money. 

Concrete pumping businesses that ignore safety regulations can offer extremely low bids on projects because they’re spending less money on training, safety equipment, and paperwork. But this type of behavior needlessly endangers employees who already face hazardous work. 

This can make it tough for teams that follow the proper safety procedures to compete. And even worse, it pushes the market to think more about cost savings than quality.

Pro Tip: You can stand out to your customers by making integrity and quality your core differentiators, not simply being the most affordable option. 

While it’s possible to save a little money by cutting corners, the possibility of injuries or other liabilities will eventually create more financial headaches than it’s worth — not to mention it’s just bad business to put your employees in danger. Promote your company as the more reliable and reputable option by making safety a top priority and you’ll attract the kinds of clients who care about quality, not just cost.

2. Your people are your most important asset.

The success of a concrete pumping business depends largely on its workers' expertise. To keep skilled operators and other key employees, it’s a good idea to explore a few retention strategies. Providing workers with competitive pay, taking their concerns seriously, and offering better benefits can make all the difference.

Pro Tip: Reinvest extra profits directly into your workforce through fair pay, regular performance reviews, and attractive bonuses for those who reach certain milestones. Employees who see that their hard work is recognized and rewarded will be far more likely to stay with the company. 

Here are a few ways you can show appreciation to your crew. They're not all easy, but if everyone did them they wouldn't make your team stand out. Don't be afraid to start small — doing something is always better than doing nothing! 

• Pay at market rate: Paying workers less than the average market rate may encourage them to look elsewhere for work. Take some time to do some research every few months to ensure you’re paying employees fairly according to industry averages and competitor rates.
• Benefits packages: Paying workers a competitive wage is important, but it’s not everything. In fact, one survey found that 80% of workers would choose a job with benefits even if they were offered a much higher salary without benefits somewhere else. To make your compensation package more attractive, think about offering health insurance, PTO, retirement plans, or parental leave.
• Recognition programs: Workers like to know their hard work doesn’t go unnoticed. Start an employee of the month program that recognizes those who go above and beyond. Doing this will keep your team motivated and give them greater satisfaction with the job.
• Feedback: Make it clear to employees that your door is always open so they won’t hesitate to communicate questions, issues, or concerns when they pop up. Asking workers to give their thoughts on what could be improved will also show them that you take their opinions seriously.
• Company events: Another way to show your gratitude to workers is to host get-togethers, holiday parties, or other special events from time to time. These gatherings will help to build teamwork and community by providing a stress-free setting where employees can get to know each other better.
• Professional development: Some workers may begin to feel stuck in their jobs if they have no way of moving forward with their careers. Offering voluntary workshops, seminars, training sessions, or tuition reimbursement for night classes can help prepare them to take on more responsibilities in the future.
• Profit sharing: Offering a profit-sharing plan to employees will make them feel more invested in the work they do. When employees receive a share of the profit, they will also be far more likely to embrace heavy workloads and longer hours.
• Performance bonuses: Giving out bonuses to high-performing employees will encourage them to exceed expectations. Over time, your workers will see each project as a chance to showcase their commitment to excellence, and maybe even make a little extra cash in the process.

3. Your reputation is a close second. 

Right after taking care of your crew, the reputation of your company should be the next major priority. If you don't have a strong track record for providing excellent service, customers will often choose to work with a more experienced competitor instead. Luckily, building and maintaining a great reputation isn't difficult.

Pro Tip: Establishing a strong relationship with customers is crucial for long-term success in the concrete pumping industry. Focusing on service quality, respect, and strong communication can set your company apart from the competition.

Here's how you can stand out to your customers as a top-notch concrete placement team:

• Prioritize service over price: Excellent customer service is more important than always offering the cheapest price. Give your workers a strong sense of professionalism, encouraging them to always treat every customer with kindness and respect. When the project is finished, take a little extra time to thoroughly clean the job site as well.
• Go the extra mile: Don’t be afraid to spend a little extra time, labor, and resources on the details that other companies may overlook. While it may seem like a good idea to finish the project sooner than later, it’s often better to pace things out while keeping safety a number one priority.
• Practice financial responsibility: Make an effort to accurately estimate project quotes to avoid surprising customers with extra charges later on. Send out invoices promptly to help keep things organized.
• Maintain open communication: Whenever unexpected challenges crop up, be sure to communicate these obstacles with customers. Instead of making promises that may be hard to keep, it’s always best to simply be honest. Keep the customer in the loop about any surprises that are impacting the job or any changes to the project timeline.

At RapidWorks, we offer an all-in-one concrete pumping software to manage all your trucks, crew members, and ongoing projects. With our help, you’ll enjoy improved utilization, simplified payroll cycles, and streamlined invoice management that can help your business grow. Ready to learn more about how RapidWorks can maximize your company’s potential? Schedule a demo today!