Tag Archives: Growth

Review of strategy is important for the growth of a construction company

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We often consider planning to be one of the most important components towards the growth of a business but there is something that is equally important and that is reviewing those plans. It makes absolutely no sense to prepare a plan if we do not take care to review it. Things may go haywire and we will not even get to know about it as long as we do not sit to check the ground reality. This is why reviewing the plans is very crucial for the growth of any company. It becomes all the more important when one is take care of his construction business. This form of the business has too many ups and downs in it and one has to go through a lot of hardships to put everything in place. To set things right, a lot of people have to get involved in various sets of planning and knowing the nature of the business which is pretty dynamic and where anything can happen at any moment, one needs to make sure that he keeps on checking if the actual are in sync with the proposed plan and if not take corrective measures to set it right.

Involving all the head of departments for setting the plan:-

When you are building a plan, it is essential that you involve the heads of all the departments so that they can all give their inputs pertaining to the cause of the plan. You can have deep insights from them about how the department can perform and if there will be any requirement of additional workforce in the due span. You can rely on their advices and then go about framing the plan. In this way, they all will be aware of your goals and then it just will not be your goal but will become the goal of the company. It is not just you who will be working hard to realize the goals but your entire team will be with you.

Have a quarterly meeting with all of them to check the actual:-

Reviewing of plans should be conducted once in 3 months. This lets us know the real picture from the proposed one and what needs to be done to get things back on track if at all it is out of place. It also ensures that things do not completely out of hand which is possible if you take up the same meeting after a year. You will probably find that the damage has become irreparable and may have to start all over. That will be a sad part for the management also a question on your leadership quality.

Check area of opportunities and eliminate threats:-

It is only during the review that you get to know the possible threats that exist and can act as a big danger to the project. You can’t get to know the threats while you chalk out the plan. In the same way, while you start working on a plan you also come to know if there are any more opportunities that you can explore. Pick up all the opportunities and try and eliminate the threats.

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Growth of the construction industry is co-related to the economic prosperity of a country

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The growth of any business is directly related to the amount of effort one puts in his business to make it big. However, it is also co-related to the economy of the country. If the economy is sluggish, you can’t really expect much from the business, no matter how hard you work to develop it. You have to wait for the economy to gather some speed so that things work for you and you start doing well. It has also been witnessed that the economy is doing great. However, it is just few specific industries that are not performing due to certain policies of the governing body. This also plays a vital role when it comes to the development of the business. If you are also a part of the industry that is affected by the policies of the governing body then it may cause harm to your business as well. You may suffer hardships till the time the policies are not amended for the betterment of the industry.

Things are quite similar when it comes down to the construction industry. This industry does really well and favors everybody who is associated with it when the policies are favoring it or when the economy in a whole is doing well. But when we check the flip side of the coin where the policies are against the construction industry or the economy is in a pathetic state, the same industry that was booming and was favoring a whole lot of people can turn upside down for everybody. This however does not imply that one should shut shops when the industry is not doing well. It is also not practically possible to close the construction business at the time when things are not going your way and to pick it up from where you left when things are back in shape.

The recommended option would be to go slow when the tide is against and ask the investors to hold on with their investments for some years (if you are associated with constructing condos). You can also take up small works/projects that come your way. When things are not working out for you, it is better that you stick to projects that do not have a good profit margin. That will at least help you to keep the company floating and you may not have to look for any cost cutting measures.

Just in case, you fall in the category where you are unable to get any business neither big nor small, it is prudent that you cut short on your costs by either renting your heavy equipment or if you feel necessary then selling the one off that you feel you may not need them any longer. If things does not become any better after taking these measures, then the last resort to keep your company floating would be to sack employees who are not so experienced but still have a good package. That will help a bit to cut down the cost and you can expect things to move on for few more months.