The 2020 pandemic severely hit businesses worldwide. Some streamlined their operations while others completely closed shop. Food outlets either adopted the rotation plans for their employees or laid off even their most loyal workers. Some studies revealed how much the coronavirus negatively impacted the economy:
- 114 million lost their jobs in 2020
- Lost working hours in the United States were equivalent to 255 million full-time jobs, which translate to $3.7 trillion in lost labor income
- Half of the American adults who lost their job due to COVID19 remain unemployed after six months.
The construction industry was not spared. It contributed $900 billion to the US economy during the Q1 of 2020, the highest since the 2008 Great Recession until the pandemic hit. Here are the statistics to prove how the construction industry was severely affected by the pandemic. The data revealed that two years of GDP gains and four years of job gains were lost.
- Over a million jobs were reduced between February and April.
- 600,000 workers returned during summer
- $61 billion in GDP because of Covid 19 was lost
- The industry reduced over a million jobs between February and April
- Ranks were reduced from 7.64 million workers to approximately 6.5 million.
- Out of 730,000 Covid tests done, construction workers had the highest positivity rate for asymptomatic cases of any occupation.
- A COVID test done on 730,000 persons found that construction workers registered the highest positivity rates for asymptomatic cases of any occupation.
Any business enterprise should be proactive. You could not afford to wait until things return to normal. It is important to stay on top of your game amidst the pandemic. Interestingly, there are ways on how you could stay afloat by doing the following.
1. Stay ahead of the curve or set it
This means anticipating the innovations, trends, and changes in your industry before your competitor does. Being the first to innovate or offer new products or services could be your unique selling point.
However, if staying ahead of the curve is not feasible, staying informed of the current trends will also be beneficial. But the best way to be ahead of the curve is to set it. Be the trendsetter.
2. Build a great team
Your people are your greatest asset. They are the heart of any business. Look for people who are knowledgeable, dependable, and skilled. Of course, your team could be a mix of professionals. Thus, hiring a surety agent, an attorney, and a CPA is recommended aside from the foreman, supervisors, and the laborers.
A great team could make or break any business. But some contractors are focused mainly on building buildings, forgetting to build their team too. Well-planned team-building activities held at least quarterly would result in a more harmonious and collaborative relationship.
3. Use technology to your advantage
If you are still accomplishing your paper tasks manually or if monitoring your project is limited to the grounds, it is time to think of technology. Technology is a very powerful leveling tool.
It enables you to compete with big players in the industry. The use of AI (Artificial Intelligence) and Robotics is one way. AI and Robotics make tasks more accurate, faster, and powerful than an ordinary worker. They make construction sites safer, reducing accidents.
4. Focus on the customer
Business is all about relationships. Customer satisfaction is the end goal of every business, not profit. For satisfied customers means more profit with less work on your part. They are the best advertisement for your business.
You could achieve that thru
Delivering your promise
Delays in construction projects are inevitable due to unforeseen events. But a reliable contractor would find ways to finish the project at the agreed time. For instance, a forklift bogged down. Resorting to electric forklift rental could offset the delay.
Communicating with your clients regularly shows your concern for their needs. Updating them on the progress and stage of your project will delight them. Doing the extra mile means extra points for you.
Make your service personal
Your customers are not interested in how your business had grown. Nor how they contributed to the growth of your business. What they care about most is the quality of service you will deliver.
5. Expand your network
Even brick and mortar businesses were hit by the pandemic. Going online and making a strong social media visibility saved most of them from bankruptcy. Here are other ways to leverage social media
- Hire a professional digital marketer to manage your social media accounts
- Post updates on your projects, completed projects, new services, and products.
Staying on top of any game is a gargantuan task. Nobody could predict who will be tomorrow’s key players. But being ahead and updated on the trends, prioritizing your customers, leveraging on technology, and having a dependable team, assure you of a safe place in the game.