The impact of the COVID-19 pandemic on the construction industry has been unprecedented, with job sites around the world shut down or limited in scope for weeks on end as authorities worked to contain the virus’ spread. As companies are looking to rebound from that downturn in productivity, experts say there are a few steps they can take to bolster their company’s success in a post-coronavirus economy.
An article in Construction Business Owner details six steps that should strengthen a company while the industry works to right itself. The most obvious but perhaps least practiced step among them is to revisit your business plan, author Jacquelyn Grinder says. “The path your company takes relies upon your plan and mission, so it pays to revisit it from time to time,” she writes. “However, many companies have not looked at these things since they were a startup. You can use the extra time created by the slowdown to revisit these foundational ideas to see if you need to adjust either your practices or your plan. If you find areas of opportunity, you can create a new path forward that incorporates new vision and direction.”
Also, looking for ways to streamline can help a company weather a financial storm and also instill efficiencies that will have a long-term effect even when the marketplace is normalized again. Along that same line of thinking, the article says, is revamping processes, whether payroll, inventory management, project management, or other procedures in place for operation. By evaluating processes and perhaps upgrading software or steps, a company can streamline itself for the better.
With downtime created during a work slowdown, reconnecting with your network can be another valuable step, the article says. Whether it’s sending out emails to past or potential clients or reaching out to associations to connect with peers, strengthening relationships can be a powerful tool for moving out of stagnation. Reconnecting with employees can be equally valuable, and it can mean the difference of whether a company has the workers in place it needs or not once jobs fire back up again post-pandemic.
And lastly, Grinder says, is for companies to remember to market themselves even more vigorously than before, as if there is less work to go around, good marketing can keep a construction firm top of mind for those prized jobs.
Together, those steps can result in an organization that not only weathers the economic storm but emerges from it stronger all the way around.