The National Law Review offers this piece of advice for your contracting business: Get it in writing!¹ That’s especially true during the coronavirus pandemic that is threatening our nation’s population and economic health.
Coronavirus vs. Your Contracting Business
This situation is here and now. It changes every day, so if you had an optimistic 5-year plan for your organization, toss it away and get ready to move quickly.
Here are 9 tips to get your contracting business through COVID-19:
- Be proactive – If you’re silent, clients and employees become extra-nervous. Communicate with emails and online how you’re managing this event. Share due diligence efforts and business recovery plans.
- Communicate early – By now you should have reached out to all project stakeholders to review terms of performance, timelines and costs. Strive to keep projects alive and get everything in writing.
- Consider mobility implementations – If administrative and back-office personnel can work from home, consider making the move to a mobile workforce.
- Contract modifications – Every project contract you have in the works needs to return to the table. Try to recover or offset rising costs.
- Coronavirus impact – The time to “wait and see” is past. Your contracts should have included “excusable delays” or “force majeure” clauses. Provide notice to all contract-holders how coronavirus has impacted contract deliverables, including supply chain issues. Cite all time/performance delays, real and predicted.
- Cybersecurity – If administrative people will be working from home, you may need to upgrade cybersecurity and educate them about not compromising confidential information.
- Prepare for new workplace safety requirements – Your employees will need masks and/or gloves to reduce virus cross-contamination.
- Put it in writing – Document every communication, every delay, every challenge… If you weren’t the kind of person to keep a “diary,” you need to start. Others are depending on you to show diligence in trying to salvage work.
- Update policies for paid days off/sick days – This is going to be a tricky area. Employees must not be “punished” for staying home when sick, but your guidelines must also be reasonable. Consult with HR and/or legal professionals to revise employment terms.
Construction Monitor is Here for You
What’s happening now is temporary, but it will change the way we do business forever. Your contracting business can prepare for growth, even while time seemingly stands still. Call 800-925-6085 or contact us to learn more about using construction data reports.
We wish continued good health for you and your company.