By The Profit Guys
For contractors, no matter what the crisis, no matter what the challenges, there are always opportunities. The goal is to do the right things, in the right way, at the right time, all the time, but in difficult times, sticking to best practices can help you uncover unexpected possibilities.
For many companies, the impact of recent economic and pandemic disruptions has been significant and even catastrophic. Many firms had to focus on surviving. But now it’s time to move to a state of thriving.
So, to make the transition from surviving to thriving, here are some “Best Practices” for contractors and builders to implement:
- Rapidly recover revenue. Right now, it’s all about sales and revenue. Keep the revenue coming in. Without that fuel, the engine won’t run and the wheels will stop turning.
- Rebuild operations. During shutdowns, you may have pared down operations. Those days are over. Whether you are a contractor, builder, or construction manager, or service provider, not only must you produce and deliver your products and/or services, but you must do it in a scaled-up way. One way to do that is to conduct performance improvement initiatives, to help your team function more effectively to meet the additional demand.
- Modify and develop sustainable processes. In life and in business, processes are essential components of a sustainable and consistent business. Without written and clearly communicated processes, delivered consistently, people will underperform. Don’t assume your team knows what to do. Put it in writing, and review processes and expectations with your team.
- Rethink the organization. This is the time to visit the org chart and realistically think about what could be or what should be. Do we have the right people AND are the right people in the right jobs? Aligning prioritized tasks and people with new realities is critically important.
- Accelerate digital adoption and reimagine possibilities. Use technology to drive outcomes. Revisit your technical options and digital tools. But make sure you’re making the best choices for your business. Don’t force your organization to adopt systems and processes that don’t make sense for your business.
- Build new and better plans. Heard the old phrase – “Plan Your Work and Work Your Plan?” Well, that is abundantly important when adapting to the New Normal. Strategic plans and business plans will create a roadmap for success. Start that journey now.
- Establish SMART goals. In order for goals to matter, they must be achieved. Using SMART (Specific, Measurable, Attainable, Relevant, and Timely) goals will make that happen.
- Measure and report results. When properly measured and reported, good and bad outcomes become obvious to individuals, teams, and entire organizations. A dedication to metrics and measuring success is a powerful way to identify and repeat positive outcomes.
- Recognize and reward outcomes. The reporting of the positive outcomes should also include recognition (non-monetary) and reward (monetary). This is a great time to structure, communicate, and celebrate successes.
- Clearly and effectively communicate and lead others to succeed. Yes, transparency is a business buzzword, but that doesn’t mean it’s unimportant. Clear, effective communication holds an organization together. Transparency means that everyone in your organization understands where the business is headed, how it will get there, and the role they will play for the journey toward success.
While many contractors and builders are busier than ever, don’t forget to focus on creating strategies, building plans, and supporting your organization and employees. It’s your job to help them reach their full potential. With a little business planning, you can ensure that the best is yet to come.