Construction Business Owner shared a great article on construction company strategy. It focuses on making tough decisions which can be hard to make. Tough, but needed, decisions are hard for even the best organizations to make when things are going well. If money is being made, changing the status quo is a bit of a trick. When things are tough because of bad decisions of rough economic times, it's easier to spot the obvious and try to change for the better. The main points that frequently get overlooked during good times and addressed during bad times are:
Payment/Cash Flow - get paid on time and in the full amount.
Hiring - find the right person, not the first person.
Personnel Development - train during good times to make the bad times less severe.
Performance Review - be honest because no one benefits inaccurate assessments and growth plans.
Closeout - finish jobs all the way. Don't let punch list items and general condition costs stay on site. Get done and off site to collect full/final payment.
Lack of Focus on Productivity - things are getting done but are they being done correctly and efficiently.
The article explains how decision making related to these issues can be best addressed by a combination of subjective and objective information. With the right info and ability, construction pros can make the right (best) decision. There's no guarantee that the decisions make will be right but the less we simply maintain the status quo in good times, the less we will suffer during bad times.
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