What’s in a name

“A good reputation is more valuable than money.” Never has this been more applicable to the building industry. With demand for construction on the rise, a strong reputation and track record has become the greatest string to a contractor’s competitive bow.

We wanted to find out how clients of construction services viewed the industry, whether they were satisfied with the service they received and the issues that could hamper future projects.

A good name is the biggest factor that influences purchasing decisions. Price, it turns out, is less critical, with only 12% of clients saying this is an overriding factor.

The main cause for concern was the lack of qualified contractors available. Another issue was fraud. It is vital that firms adopt stringent internal controls to prevent and detect fraud throughout the project lifecycle.

On a brighter note, clients are generally positive about the state of the industry. Most projects are finished on time and on budget, and more than three quarters of respondents would engage the same contractor again.

Benjamin Franklin once said: “Glass, china and reputation are easily cracked, and never well mended.” By tackling some of the issues in our study we can ensure that the reputation of the industry is one we can all feel proud of.