Construction is Australia’s largest non-service related industry. It contributes approximately 8% (134.2 billion
) of GDP and is one of the fastest growing sectors in the Australian economy. In highly competitive industries like this survival is tough, and businesses need particular strengths and attributes to grow and succeed.
Having supported the Australian construction industry for 130 years and partnered with many construction industry giants (including 9 of the “Top 10
”) Coates Hire has unique insight into what it really means to be built to last
So what sets some brands apart? Why do some businesses thrive where others fail? Like many leaders in the construction industry, Coates Hire sees great value investing in people
– areas that facilitate growth and offer a competitive advantage in our industry.
Investing in people
People are a significant asset to any organisation – therefore investing in attracting
the very best people the industry has to offer makes a lot of sense.
Businesses that invest in people build strong employer brands that attract a loyal and long-serving workforce. Investing in people reduces staff turnover, allowing businesses to provide continuity of service to customers and build long-lasting relationships. Having ‘talent on tap’ also helps businesses to adapt quickly to the needs of the market as they change.
Innovate to dominate
Innovation is another major factor in businesses’ ability to grow and remain competitive. As we have seen countless times, with the right concept or technology start-ups can disrupt entire industries overnight – businesses simply can’t afford not
Internally, innovation allows Coates Hire to achieve operational efficiencies and find better and smarter ways of working. Innovation also allows established businesses like ours to deliver smarter, more efficient and cost-effective products and solutions, helping to retain customers and further grow market share.
A recent example is the roll out of our new national transport management system
(TMS). Already this innovation is helping Coates Hire to improve the efficiency of our transport fleet, enhance customer experience and to better predict and meet market demand.
Innovation needn’t happen in isolation. There are great benefits for businesses, customers and the industry in collaborative innovation. Coates Hire recently partnered with Monash University on the research and development of industry-leading high-grade, lightweight steel. The output of this collaboration likely to dramatically improve the transportation and installation of temporary works solutions – delivering significant cost and safety benefits to our customers and the industry as a whole.
No substitute for experience
It’s a fact that in competitive markets around the world many newer, less experienced businesses will fail. According to the Sydney Morning Herald
, in the last financial year alone:
- Failures of Australian businesses increased 12.7 per cent
- 250,242 entities were deregistered from ASIC
- 86.9 percent of failing businesses employed less than 20 people.
Experience isn’t something that businesses can fast track or fake. Long established businesses bring a depth of experience that start-ups and less mature competitors simply can’t match.
Survival of the biggest
If your business is lucky enough to have endured where others around you have failed, you will know that with length of service often comes size. Coates Hire is not only the longest
-serving equipment hire businesses in Australia, but also the largest
– attributes shared by many other leading construction industry organisations.
If you’re looking for a case study on size and longevity in construction, look no further than the industry giants – all of the Top 10 Construction Companies in Australia
have been around for 30 years or more. Some (like Coates Hire) were founded over a century ago.
Most experienced businesses have enjoyed good times and weathered the bad. They have conquered industry challenges, resolved complex issues and learned a lot along the way. And the longer a business has been around for the more resources it has at its disposal, the more experience it has acquired, and the more expertise it has to offer – further solidifying its place in the market. Businesses like these were simply built to last.
What do you think are the critical elements of a business that is built to last? Please share your thoughts and comments with us on LinkedIn.
Alternatively please contact a member of the Coates Hire team by calling 13 15 52 or submitting an enquiry form below.