The past year has been incredibly uncertain, to put things lightly. Given the stress on the economy, a large number of layoffs, and lowered consumer confidence, many industries may expect to see a slower 2021. The construction industry in particular will likely be hit particularly hard, thanks to supply chain issues and manufacturing plant shutdowns.
Unsurprisingly, the construction sectors likely to be the most affected are commercial and private housing. In terms of the commercial sector, this is greatly due to the coronavirus’ effect on small businesses (as well as the continued trend toward e-commerce). Beyond that, many households are tightening their budgets and putting off home projects until their jobs and savings are more secure.
With all of this in mind, it is critical that you start the new year off focused, giving your company the best chance for success. To help you strategize, take some time to really consider the following questions.
What is the primary goal of 2021?
When planning for a new year, it is easy to come up with a long list that is likely impossible to accomplish and difficult to prioritize. By focusing your efforts on one thing – perhaps revamping your website or targeting a new audience – you are much more likely to see results. Once you have this overarching goal identified, do the legwork to really plan out the execution. What are your biggest threats and opportunities? What materials/skills are needed? What does a realistic timeline and budget look like?
How can communication be continually improved?
It’s hard to come across an article about business and hiring practices that do not at least mention the importance of communication. Many mistakes that cost businesses tons of extra time and money are the result of miscommunication. Beyond that, this is the foundation to any good working relationship and can increase productivity, decrease burnout, and improve retention rates. The start of a new year is a good reminder to make sure that your team meetings and performance reviews are as effective and efficient as possible.
Is there any low-hanging fruit?
So often we get caught up with business as usual that we forget to look around and see if there are any easy opportunities to take advantage of. For example, do any of your star employees have a referral that can fill an open position? Can you follow up with previous clients on the possibility of new work? Keep in mind that there might also be new venues that you are not considering – hold a brainstorming session with your team to discuss.
2021 is following a strange and difficult year for the construction industry (and the country as a whole). The important thing is to take control of the things that you can. The above questions will help you do that.