Amid economic disruptions and industry-wide labor shortage pains, it’s more important than ever for you to evolve your approaches to leadership and overall business strategy. Construction is shifting every day, in the office and the field, and it’s vital to stay ahead of the game to survive. We’ve provided you with five steps to stay agile and innovative to start 2024 ahead of your competition.
1. Get a Strong Hold on Your Finances
Meticulous financial foresight will be the locking pin for your success in 2024. You’ll want to:
- Determine average costs for certain jobs and locations using real-time regional cost data in your preconstruction process.
- Reevaluate overhead costs and fine-tune the balance between investment and yield.
- Prepare for market swings with a financing app like Billd to access funds that meet the immediate needs of your business.
- Review 2023 estimates vs actuals for insights into patterns of strengths and weaknesses to reassess how you’re bidding work.
2. Adopt the Right Technology Right Now
Finding the right technology for your business should be your number one, immediate priority. With increased pressure on bottom lines, there is little wiggle room when it comes to unplanned expenses. Contractors need to look long and hard at areas that can be improved – and that starts with tech. Don’t wait until hell breaks loose to evaluate your tech stack. Leverage your digital assets to give your teams the right tools to do more with less. The right tech will increase collaboration, streamline processes, and should integrate with your existing workflows and business systems to ensure data integrity and increase productivity.
3. Know When To Hold ‘Em: Top-Notch Employee Retention Efforts
See Step 3. Retention truly starts with a great leader. But it also comes with organizational standards and career advancement opportunities. What do you have in place for ongoing success and growth for employees within your company? The next generation of the workforce is already prepared for the jobsite of tomorrow – aka a tech-stacked company. Be prepared with the right tools for them to maximize efficiency and productivity – from the office to the field