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Business Management in Residential Construction
15 Hours
Course Outline: Business Management in Residential Construction
Course Description:
This intensive course is designed to equip professionals with the advanced skills and knowledge necessary to manage a successful residential construction business. Focus areas include leadership through change, effective communication, goal-setting, benchmarking, and production standards. Participants will enhance their expertise in customer service, accounting, sales, and marketing to drive profitability and business growth.
Course Objectives:
Develop and implement a clear business vision, objectives, and goals.
Establish a comprehensive code of ethics and define company values.
Align business strategies with financial planning to ensure long-term success.
Master financial management practices including income statements, balance sheets, and cash flow analysis.
Create and execute effective marketing and sales strategies.
Understand various business structures and their implications.
Implement robust management control systems.
Lead organizational change and enhance communication skills.
Course Modules:
Module 1: Business Vision, Objectives, and Goals
Company Rationale, Values, Directions, and Risks: Define the core values, strategic direction, and risk factors of your business.
Statement of Ethics: Establish and adhere to a comprehensive code of ethics.
Products and Services: Develop and refine the offerings of your business.
Integration with Financial Plan: Align business vision and goals with financial planning strategies.
Module 2: Financial Plan
Income Statements: Analyze and prepare income statements to assess profitability.
Balance Sheets: Understand and create balance sheets to evaluate financial stability.
Cash Flow: Manage cash flow to ensure liquidity and operational efficiency.
Mark-Up: Calculate and apply mark-up strategies to maintain profit margins.
Module 3: Marketing Plan
Market Research Methods and Terms: Conduct thorough market research to inform business decisions.
Elements of Marketing Planning: Develop comprehensive marketing plans covering:
oMarket Environment
oTarget Market
oPositioning
oPricing Strategy
oSales Strategy
Module 4: Operating Plan
Business Structures: Understand the nuances of various business structures, including:
oSole Proprietorships
oPartnerships
oCorporations
oLimited Partnerships
oPartnerships of Corporations
Major Functions of a Residential Business: Identify and manage key functions within a residential construction business.
Management Control Systems: Implement control systems to ensure efficient and effective operations.
Business Goals, Objectives, Sales, and Financial Measures: Set realistic and measurable business goals and objectives.
Protecting the Business: Develop strategies to safeguard your business against risks.
Module 5: Managing Change
Lead and Manage Change: Effectively lead and manage change within your organization.
Effective Communication: Enhance communication skills to improve team collaboration and stakeholder engagement.
Examination:
The online course culminates in a comprehensive final exam designed to test participants' mastery of the course material.
Exam Details:
oDuration: 2 hours
oPassing Grade: 70%
oImportant Note: Once started, the exam timer cannot be paused or stopped.
This course prepares participants to strategically manage their residential construction businesses, ensuring sustainable growth and long-term success.