Why is iSqFt one of Cincinnati's fastest firms?

Cincinnati-based iSqFt is growing rapidly  here and across the country because it delivers on the Internet's promise to give us a easier, cheaper, and faster way to conduct business It gives commercial building contractors a "that's-what-I-am-talking-about!" way to and through  the industy's 'front door;' its biding process.

Listen to Joan Dunham, a project manager and estimator for Providence Paint in Charlotte, NC says about her experience with iSqFt's Internet Plan Room:  "There is a substantial savings when it comes to printing our own blueprints." Dunham also notes that it "saves a tremendous amount of time doing our takeoffs [determining the material necessary to complete a job]". "Our addendums are never late" Dunham says, and "documents are delivered on time."

The firm's business process improvements, as CEO Dave Conway calls them are delivered through its two primary service products, the Private Construction Office(tm) and the Internet Plan Room(tm), and its software the iSqFt Toolbox.

Many Internet firms promised "more, better, faster, and/or cheaper" but fell flat. CEO Conway notes that "$1.7 billion was raised and lost to 'improve' the construction buiness via the Internet." Conway's iSqFt began in 2000 with 5 people and $250,000 in revenue and today employs 150 and made $10 million this year. He expects to double revenue in the coming year while only adding about 50 more people. They have reached a "critical mass" point beyond which revenue can significantly increase without a corresponding increase in the firm's expenditures. How did iSqFt get to this much-hoped for internet nirvana of near zero cost to deliver more product and service?

Their game or business plan is fairly straight forward with an interesting marketing twist and insignt by iSqFt's leaders:

  1. They listen to their customers -- CEO Conway says that "we would not have survived and grown without listening to them."
  2. Attract capital to grow the business -- Understanding key industry bottlenecks helped them develop their innovative improvement to the bidding process. This customer-led devlopment and a key alliance with a leading industry group enebled iSqFt to attract the venture capital needed to grow their 24/7 web-based bid viewing plan room. "The venture capital we obtained in 2002," Conway says, "gave us the resources we needed to make some small but strategic aquisitions (see EXCLUSIVE REPORTS August 6, 2004 print edition: CST builds blueprint for dominance) and then grow the busienss fast."
  3. Involve customers in growing the business. Conway notes that the Associated General Contractors of America (AGCA) partnership agreement in March 2001, gave iSqFt "instant credibility" in the construction marketplace and with venture capital firms.. AGCA represents 7,500 of America's leading general contractors, and 12,000 specialty-contracting firms. Over 14,000 service providers and suppliers are also associated with AGCA, through a nationwide network of chapters. Allied Construction Industries in Cincinnati notes on its web site that it “has partnered with iSqFt to bring you the Allied Construction Industries Internet Plan Room."

The key to motivated customers to be part of iSqFt's marketing is that AGCA chapters offer iSqFt's Internet Plan Room as a valuable business growth service to its members at a discount and earns a fee for each subscription or one-time use sale they make for iSqFt.

The firm also facilitates general contractor customers "inviting" its  current and prospective sub-contractors to attend one of the 50 to 60 free seminars a month on iSqFt's Internet Plan Room and iSqFt Toolbox. The seminars are offered online or regional AGCA chapter city sites.

The third way it involves customers is by offering general contractors a virtual private network (VPN), the iSqFt Private Construction Office, from which they can securely manage their online bidding process.

Copyright: Ned Hamson 2005
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