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Understanding Australian Construction Contractors: A Guide for Emerging Professionals PDF

321 Pages·2022·7.261 MB·English
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‘A book published by seasoned practitioners and not just academics, worth a read because those who have written it have skin in the game.’ – Prof Robert Whittaker, Director of Holdom Whittaker Adjunct at University of Canberra, University of Newcastle Western Sydney University, Australia Understanding Australian Construction Contractors This book will provide emerging construction professionals with insights and information helpful for a successful career in the Australian construction industry. This work fills a critical gap and is written by two authors with decades of experience immersed in current issues. It provides a starting point for the next generation of Australian construction contractors. Beginning with an overview of the industry, the chapters explore winning work, project operations, financial management, people skills and selling a successful business. The authors use case studies to enrich the content and include reviews and commentaries on some of the legendary management books. In addition, readers of the book will find answers to essential industry questions: • Why is construction one of the best industries in Australia? • What is its most significant conflict? • Which are the three most consistently profitable sectors? • What are the essential ten questions to answer for standardising practices? • Is work acquisition more art or science? • Is it a good idea to fire a client? Why? • How to identify and address the office – field conflict? • What is the job cost format for unifying project stakeholder information? • What are the best key performance indicators for a construction contracting firm? • What alignments are needed in general hiring and personnel management processes? • What is the process in identifying and implementing a best practice? • How do you value the market price for a construction firm? This book should be read by anyone entering the built environment sector in Australia. Universities, Colleges and TAFEs can use this book in various construction business and operations management courses. Supporting materials are available through a website. Matt Stevens has a significant background in the construction industry for over four decades and utilises this experience in research, teaching and engagement at Western Sydney University, Australia. His textbooks, Managing a Construction Firm on Just 24 Hours a Day and The Construction MBA, have been adopted by dozens of uni- versities and associations worldwide. His research publications focus on Contractor Operations, Innovation, and Education. Stevens still advises construction contracting firms. In addition, he has coached student teams, recently winning Australia’s Constructathon and reaching the finals of several international competitions. John Smolders AM FAIB is a chartered builder with over forty years of construction experience. Currently a Senior Lecturer of Practice at Western Sydney University, Australia. An active member of the Australian Institute of Building (AIB) and the Master Builders Association (MBA), serving as Past President of the AIB and past Vice President of the MBA (Newcastle). John has formally represented the con- struction industry via advisory panels to government and universities, focusing on emerging constructors. John was awarded an AM (Member of the Order of Australia) for his significant service to the construction industry and higher education. Understanding Australian Construction Contractors A Guide for Emerging Professionals Matt Stevens PhD and John Smolders AM FAIB Cover image: © Getty Images First published 2023 by Routledge 4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2023 Matt Stevens and John Smolders The right of Matt Stevens and John Smolders to be identified as authors of this work has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloguing-in-Publication Data A catalogue record has been requested for this book ISBN: 978-1-032-26948-1 (hbk) ISBN: 978-1-032-26947-4 (pbk) ISBN: 978-1-003-29064-3 (ebk) DOI: 10.1201/9781003290643 Typeset in Times New Roman by MPS Limited, Dehradun This book is dedicated to all Australian construction contracting professionals and their continuous improvement. My colleague, John Smolders has been the personification of this country’s stellar built environment leaders-a sincere commitment to do things better each day and a willingness to share with young people. Matt Stevens PhD Working with Matt Stevens, the principal author of this book, has been an absolute pleasure. Constructors of any age will find this recourse very useful. Practical information contained herein has been designed to be easily digested and understood. A practical learning guide for the young and perhaps not so young constructor. John Smolders AM FAIB Contents Acknowledgements xii Forward xiii Introduction xv 1 The Australian Construction Industry 1 Overall Industry Data 1 One of The Best Industries in Australia 2 Career Advice to Young Constructors 6 The Four Fundamentals to First Master in Our Industry 11 Managing Labour is the New Opportunity 14 Success in Construction 18 Taking Off the Toolbelt: The Transition to Manager 21 The “F” Words Needed to Manage in the Construction Industry 25 2 The Business of Construction Contracting 27 A Basic Profile of a Profitable Construction Contractor 28 Strategic Planning for Construction Contractors 35 12 Critical Areas in Strategic Planning in Construction Contracting 40 The Natural Barriers to Construction Innovation 46 Construction’s Risk–Reward Curve 50 The Supply–Demand Curve of Construction Contracting 53 The Great Misconception: Construction Contracting’s Cost Structure 56 Do You Have a Continuous and Balanced Improvement Culture? 61 Construction’s Overhead Efficiency 66 The First Best Practice for All Construction Contractors 70 Choosing the Next Practices 74 The Power of Adherence to Practices 76 Exploring Key Performance Indicators 78 The Single Measurement Challenge 80

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