Lessons from the building industry
2011 has proven to be a tough year for builders in the residential market.
Clients are cautious and not willing to commit due to uncertainty on interest rates, unemployment and the two speed economy still getting over the GFC (Global Financial Crisis).
Experienced builders are surviving these times by:
- Heavily focusing on marketing, and diverting staff into sales roles to sell the business’ services.
- Applying for tenders. The more jobs tendered, the better the chance of a successful winning tender.
- Negotiating with sub-contractors to lower their prices so that they keep their job, and the business wins the tender.
- Coping with a squeeze on margins.
- Staying disciplined when the market recovers; not spending up big in boom times, and always putting something away for the inevitable contraction.
To keep ahead during these difficult times, learn from the building industry. Please contact us about how you can adapt your business to navigate the difficult economic environment.