American actor Jeremy Renner said, “Building is about getting around the obstacles that are presented to you.” And this thought perfectly fits the current way of life of everyone.
While the pandemic continues to leave its mark across businesses there are short and long-term consequences to the economic shutdown induced by COVID. The way leaders in different industries respond to this crisis will shape the future of their business and industry. A company that moves fast and makes changes in compliance with the existing norms will recover faster. And that’s where BricknBolt stands apart from its peer competitors.
The construction industry has been hit hard which has led to the complete shutdown of sites in many places. New protocols are set in place which limits productivity. Supplies of building materials remain disrupted and demand for construction companies has taken a hit.
Fear of the unseen has led to fewer demands of construction by customers. The economic downturn has led to heavy losses. This means that the financial confidences of customers are low. It has resulted in diminished activities in the industry.
The good news is, with or without COVID, the construction industry is poised for growth. This means that some long-overdue changes in the construction industry are in the offing. In such volatile times, changes in investments and diversification of portfolios are needed. Productivity and cost reduction are areas that will be looked at to optimize profit. We, at BricknBolt with its improved business process, are excited for serving customers at the optimal level.
What kind of action plans we have incorporated to emerge as a Top Construction Company?
- Optimize digitization: Designers can collaboratively use tools such as 4D simulation to facilitate remote work productivity. Remote progress tracking and digital workflow management can help with managing manpower remotely. Remote collaborations between all stakeholders are crucial to a business. Automation of back-office processes is a long-overdue business move. Physical interactions, contract handling, customer relationship management, supply chain management, and sales can be done off-site and online.
- Invest in the up-skilling workforce: Cross-training in different processes, training on new tools, and technologies are the way forward. There is unrest in the minds of workers, talk to them; ease their anxiety, stress on work-life balance. Every employer should invest in upskilling their employees. This has proven to be instrumental in the long-term improvement of the company’s health. An employer that cares for their employees’ well-being is the hallmark of strong, compassionate leadership.
- Central monitoring point: Resources are scarce and time is precious, identifying and tracking resources show astute business acumen. Some resources might need to be reallocated within a short duration of time. Excess resources can be unitized elsewhere. A central monitoring point will ensure an increase in productivity and profit.
- The new approach to off-site construction: Manufacturers should look at production assemblies that cut down the on-site job. Suppliers and contractors must identify elements in the building materials that can be assembled offsite
- Re-think supply chain management: Identify gaps in assembly lines and products and address them. Constructions businesses are often fragmented and have many sub-contractors. Identifying them and doing away with these steps will fortify the business.
- Think sustainable designs: There is demand for everything natural and organic. This translates to demand for sustainable housing. Healthier options in terms of building materials, reduced carbon emission, and, increased energy efficiency. There is a rise in the use of recycled and sustainable materials. Air pollution is on the rise rapidly, can the design and production of building bricks and materials target this area of concern?
- Capital and resource management: COVID has presented the construction industry with an opportunity to selectively invest in segments of the industry and in cutting costs. It also means companies must make a strategic exit from bleeding businesses.
- Understanding customers: Online retail, healthy living, natural products, going green – customers’ preferences are evolving. The option of remote work has been blown wide open by COVID. Many prefer work from home option over the office. These changes in preferences will be permanent and it leads to changes in the way businesses are conducted. With work from home being the new normal, there will be a change in home office requirements. Be aware of customers’ preferences, and you will not falter.
A healthy and productive construction industry is vital to the economy. Industries will look different post COVID. Some shifts in customer demands are identified and more changes will emerge. Stay in tune with demands and preferences. Being fluid and adapting fast is key to BricknBolt rise as an emerging leader in the construction industry during Coronavirus or any other similar situations.