Have you wondered why many 2023 construction business predictions seem to conflict? Reputable sources say this year in construction should be better. Others say it may be worse and many say it will be about the same as last year.
No, you don’t need new reading glasses. For this year, you may need bifocals.
Construction financial and project management go-to Greg Schoppman likens it to an iffy weather forecast. Do you take an umbrella or take your chances?
What’s Your Answer to These Construction Business Questions?
These questions can reveal planning strategies that will prove beneficial this year, rain or shine.
Construction Business Development
- Are you surprised by who is your best customer?
- Are you the last firm people turn to?
- Do you chase projects or customers?
- Do you find yourself often saying, “There’s no way” other companies can survive with underbidding projects…but they continue to thrive?
- Do you have strong business development activity?
- Have you actively examined your distribution of work across niches/customers?
Innovation
- How have you encouraged your team to experiment/try new things when times were good?
- What was the last new thing you rolled out within your construction business?
Project Execution
- Are you good at optimizing resources like equipment and materials?
- Are you strategizing, or are you checking boxes?
- Do you prioritize collecting receivables?
- Do you see margin erosion, but you’re still making money?
- Do you suspect your business has developed some bad habits?
- Do your projects look like idle construction equipment auction sites?
Talent Development
- Do you actively work successions and fill gaps as people retire?
- If you didn’t have time to develop team talent when you were busy, how will you do it when there’s no work?
- In an economic crisis, how would you prioritize your team members?
- What’s company morale in a good economic climate?
If you answer honestly, there are no right or wrong answers. Every construction business has seen years in which they needed to make business adjustments for continuing growth. This year will be no different.
Schoppman concludes, “This a call to action…to not just prepare a cut-and-paste business plan, but, rather, challenge the entire strategic direction of the firm for the long term.”
No Question About the Ultimate Lead Source: Construction Monitor
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