The impact of the Coronavirus pandemic has been far-reaching for many businesses across the country. A lot of businesses have been forced to close for good, and sadly, these include businesses within the construction industry. Lockdown measures have halted work for many, and for those that have survived, there has been a considerable knock to their finances.
There have been challenges for businesses that have managed to remain open over these last few months. Supply chains have been disrupted and COVID risks have limited daily operations, so life hasn’t been easy.
Still, with vaccinations beings carried out across the country, and with many companies now resuming work, there is still hope for the future.
Construction businesses should:
#1: Create a safer workplace
Health and safety has always been of prime concern in the construction industry, but COVID has brought about its own challenges. With social distancing and the need to focus on hygiene, new steps will need to be put in place to ensure a safer workplace. This will make employees feel more comfortable about returning to work, and it will reduce the risk of downtime due to COIVD-related absences. The CDC has created guidelines for the construction industry so these should be followed to prevent further problems.
#2: Rebuild lost funds
Many construction businesses are struggling to cope after losing money over this last year, so now is the time to manage cash flow again. Businesses need to make a concerted effort to seek out funding if cash flow is low, and they need to find ways to make savings too. With regards the latter, they could shop around for the best prices, spread out costs using low-interest financing options, and be more mindful when it comes to conserving supplies. For some, there will be a need to make money quickly. They can do this by selling any supplies or machinery they no longer need, utilizing the lowest UPS shipping quotes to cut down on spending. They can also concentrate on their marketing to secure more clients in the short-term. We discuss this below.
#3: Step up marketing
Now is the time for construction owners to let old and new clients know that they are once again open for business. By targeting the people most likely to use their services, there should hopefully be an influx of work again. They can send out emails, post messages and ads on social media, and invest in lead generation services. Outsourcing shouldn’t be ignored, as the professional assistance of a marketing team can go a long way when it comes to reaching new clients. With a great marketing strategy in place, the tide will turn for constriction owners. They will then be able to build revenue again and regain trust in clients they may have lost during COVID.
Life isn’t easy for any of us right now, but things will get easier. For the construction industry, action will need to be taken. By putting the right things in place, the future will be less like a precarious game of Jenga and safer and more secure instead.