I wrote a whitepaper a few months ago titled, “Leveraging Technology to Recession Proof Your Construction Company.” I had no idea it would become so relevant, so quickly.
In the paper I referenced a statement from Warren Buffett referring to the financial crises of 2008-2009, “Only when the tide goes out do you discover who has been swimming naked.” He was talking about Wall Street firms that appeared to be financially sound but lacked internal discipline and operational control to weather an economic downturn.
There are parallels in the construction industry; we have seen before. Strong construction companies get stronger during a downturn, because they embrace it as an opportunity to get off the hamster wheel and figure out better ways to get things done with less.
COVID-19 (coronavirus) is impacting the global construction industry with projects facing labor shortages, supply chain issues, and financing pressures. Now more than ever, this is a time to be proactive, not reactive.
As the we all take a pause in response to the COVID-19, take the time to assess where you are now on projects, and assess how you can move your jobs forward despite a potential disruption in labor and materials in the coming weeks. Most important, use the pause to evaluate tech and be ready to come out the other side stronger.