January 19th, 2011 | Published in Uncategorized
Construction Business Owner magazine recently reported that “2011 presents a glimmer of hope as construction activity will most likely begin a gradual climb … contractors willing to read and research to stay ahead of the curve will have the advantage.”
The article, available here, about the State of the Construction Industry 2011 also shares opinions of industry experts, including George Hedley, business coach and founder of Hard Hat Presentations, who points out that contractors have grown their businesses by adding ongoing service and maintenance work to their offerings. “Contractors who are unwilling to enter these difficult service and value-added arenas will continue to scramble finding private work that is profitable,” he says.
On the subject of how to survive and prosper in the year ahead of us, it seems experts agree that contractors will either adapt or be left behind. Adapting could include reaching into new geographies or niches – but, as the article advises, being successful will demand construction businesses formulate a strategic plan and understand how to execute it.
What are your expectations for 2011? Are you investing in ways to capitalize on opportunities as they return? What are you researching to stay informed? Have you expanded your service offerings?