Now that the holidays have wrapped up and we’re all getting back into the fill swing of things, we want to make sure that we are preparing for the next decade properly. Given the economic and labor challenges of the past decade, planning for the future may seem like a daunting task – but it doesn’t have to be. Here are 5 tips to prepare your construction business for 2020 and beyond.
1. Prepare a plan for growth.
There are simple steps you can take to help build your 2020 roadmap. For starters, take a moment to contemplate your organization’s hits and misses for the current year. What worked? What didn’t work so well? Dive into the data by analyzing numbers, reviewing goals and taking note of milestones. It’s also important to identify and learn from missed opportunities. This is the perfect time to review your business plan, renew licenses, and review contracts and permits. Taking the time to reflect on 2019 will help you build a successful plan for the future.
2. Look for proactive ways to cut costs.
Industry experts advise entering into 2020 with cautious optimism. A broad overview of the U.S. economy indicates consumers are still spending despite a decrease in industrial production. Richard Branch, chief economist at Dodge Data & Analytics, reported that while there is an estimated 4% decrease in construction predicted for 2020 – there is also growth expected in the public works sector, as well as in education and healthcare construction. Staying on top of economic trends will help you with budget planning and management during leaner times. Invest in learning exactly where and how your money is being spent. Utilize budgeting and project management software to analyze expenditures, and keep track of tools, equipment and billable time.
3. Boost your construction business’ digital marketing and social media presence.
There’s no denying that social media is a fundamental part of any marketing strategy. Consumers and local audiences are heavily engaged with brands and businesses via their webpages and social networks. Sites like Facebook, Twitter, Instagram, YouTube and Yelp continue to be the modern word-of-mouth that consumers rely on to recommend brands and businesses.
Leveraging the power of social media to connect with your customers is actually quite simple once you’ve created your pages and profiles. Determine who your audience is and provide them with conversations and content relevant to their tags, questions and needs. Images and videos increase engagement, so ensure that your content is personalized and visually engaging. In fact, over 100 million hours of video are watched per day on Facebook. Digital tools such as TrueLook’s construction cameras make it easy to showcase a live video stream or time-lapse video on your social media channels, and help drive site traffic, brand awareness and consumer engagement.
4. Attend industry conferences and networking events.
Successful entrepreneurs and business owners know the value of relationships. Industry conferences and networking events are the perfect way to cultivate positive relationships with vendors, consultants and peers. Choose events strategically by ensuring they align with your business goals.
Some events to consider attending are trade shows, city-sponsored local business mixers and national conferences. When networking, the key is to get outside of your comfort zone and engage with others. This is the perfect opportunity to hone your leadership and listening skills. Take good notes in conference sessions and try to connect with successful professionals in your field who may have wisdom to share.
5. Increase Sustainability Awareness.
For many years and across various industries, regulations surrounding environmental impact and sustainability have been increasing. Sustainability ensures natural resources are being used efficiently without compromising the environmental, social and economic future of generations.
Construction, transportation, energy, healthcare and manufacturing are just some of the industries leading the charge in sustainability innovation. Many businesses have made sustainability part of their culture, increasing employee productivity, happiness and health. Meanwhile in the construction industry, beginning in 2020, California will require that all newly built homes be solar-powered. What was once an option will now become a rule that developers must adhere to while trying not to increase costs.
Increasing awareness of regulations and innovations in sustainability will ensure your company is responsible and compliant. Additionally, be sure you maintain adequate documentation to prove compliance to sustainability-related regulations, when necessary.
As you prepare for 2020, remember that industries are constantly evolving. The best way to remain competitive is to be prepared, informed and engaged. Watch a demo of TrueLook construction cameras to see how our solutions can help keep all project stakeholders in the loop for better communication, collaboration and decision-making.