Although your construction business may be thriving, the threat of stagnation is always looming. After a few years of success, perhaps you begin to notice profits stagnate, and find yourself not doing much about it. Although this may sustain your business in the short term, the lack of growth and organizational development will eventually catch up to you. To ensure your business avoids stagnating, there are many strategies that you should employ – even if you are experiencing success and growth – to prevent an organizational lull that so many construction companies go through. Whether you are an older, well-established business or are new to the industry, these 5 strategies can help provide your business with that much needed push.
Create a Culture of Creativity
A precursor to stagnation is a mundane work environment, filled with repetitive tasks. Although not all aspects of running a construction company is fun, establishing a culture of creativity can breathe new life in any workplace. One way to breathe new life into a work culture by creating a culture of creativity. This can be done many ways, including weekly or monthly brainstorm sessions where you can discuss new revenue streams, new services you can offer or special seasonal promotions that can encourage business. Furthermore, allowing your staff to be creative and being receptive to their ideas can create a much more positive work culture.
Hold Staff Accountable
Especially among older businesses, with plenty of senior staff, it is easy for your business to continue following the status quo which may actually be disruptive and unproductive. This is not necessarily the fault of your staff members, but instead, your management team’s complacency towards this behavior. If deadlines are not being met, and productivity is at a low, your business may begin stagnating. Holding staff accountable does not necessarily have to result in letting people go, but instead, making sure everyone has a plan they are following and are meeting deadlines you set.
Invest In Top Talent
Another way to combat a stagnating business is to make sure you have the right people in place for success. This might mean having your most effective project managers take on more roles, and get a pay increase. This could also mean getting rid of your weaker sales people and providing your sales team with commission incentives so that they will excel. If you find someone weak in one area, and strong in another, it might be time to realign your business from within. Whatever the case may be, keeping your top talent is key, as they are your best assets.
Strive for a Flexible Workforce
Although construction requires a diverse range of skills and trades, having a flexible workforce will be a benefit to any business. During the hiring process, perhaps having a wide range of skills should be a prerequisite, and this way, you will be attracting top talent from the beginning. Moreover, if there are back office duties that are currently handled by multiple staff, perhaps cross-training workers and investing in a fewer number of flexible staff may be one way to cut costs. By introducing technology to automate typically manual processes leaves you more room to train employees on various roles. Having a flexible and smaller workforce can help your business on the path towards going paperless and environmentally friendly, which will be a long term savings down the line.
Gather and Analyze Feedback
To be successful, open dialogue both internally with staff, and externally with customers, is essential. Feedback, whether positive and negative must taken seriously, and used to improve how you conduct your business. Perhaps there is a customer service issue that you are unaware of, or certain processes that your workers may not find useful. There is no way to gather this information without having open channels of communication. Simple surveys, and focus groups are great ways to gather feedback from clients. Internally, gathering insight on company culture can help owners make the necessary changes to make sure workers feel happy. A happier staff often equates with a more productive staff. Without this communication available, it is difficult to make the necessary changes to improve what you deliver to both clients and staff.