Updated: Jun 23, 2020
Every Monday morning, The Profit Constructors’ social media posts are routinely filled with something akin to an Irish blessing. They vary slightly week to week, but typically they look like this, “May your coffee be strong, your influence be ever-growing, and your week be profitable.”
It is that last portion of the “blessing” we’re discussing today. That part about being profitable – because it never varies. Those are the same words week after week.
Even during the Coronavirus pandemic, we wish profitability on our clients and social media followers. And we mean it! We’re not just sticking with the old words. We haven’t lost our minds.
Profitability wears many hats
One way most look at profitability can be measured in dollars and cents. You know that making more than you spend is how profits come into existence. But there are other ways to measure profitability.
For example, a genuinely profitable week would include personal growth. A week spent in strategic planning could prove to be very beneficial. Adapting to changing conditions while maintaining core values gives you the opportunity to show your customers, your employees, and the community at large your grit – and that is very profitable.
And of course, helping others without thought of gain gives an immeasurable profit.
Following is a six-point list of ways you can work toward profitable endeavors during and after the mayhem surrounding COVID – 19.
Remove “woe is me” thinking
Look around – see the big picture. Yours is not the only construction contracting company affected by the circumstances in which you now find yourself. It isn’t as if you’ve been singled out.
Plus, you may find it useful to look at history. Here is a list of some well-known construction companies that are in existence today that made it through the ten years known as the Great Depression (1929 – 1939) as well as other ups and downs in the economy.
Sundt Construction, Inc. founded in 1890
Bechtel founded in 1898
Fluor Corporation founded in 1912
The Turner Corporation founded in 1902
Peter Kiewit Sons, Inc. founded in 1884
And, check out this list from Mental Floss about other Great Depression success stories.
Use time wisely
Whether your pace has increased or slowed, maximizing the use of your time to accomplish much is imperative. (We know different states have taken different stands on whether or not construction workers are essential.) That means, for some, it may be making sure the crews have the correct PPE and are practicing proper safety measures. For others, it may be taking advantage of your time to create better-documented systems. For still others, it may be time to take an online class or to teach one.
You get the picture. Take the time to determine the best use of your time. Now do it!
Forget about safety – be daring!
Wait! Don’t think for a minute I’m talking about on-site safety. Keeping those guys and gals safe has never been more critical.
I’m talking about stepping out of the norm, being daring in ways you may not have thought of in the past. Things like:
Set up an appointment with a general contractor you may have formerly thought was out of your league.
Pivot – do something differently.
Create a new division that will take on the new opportunities afforded when the crisis is over.
Buy that piece of equipment you know will be necessary for your construction company’s growth in the future – especially when you find a good deal.
Note: I’m not saying that doing any of the daring things in the above list will make you more profitable. I am saying these are the types of things you should consider.
Write a book
Yes really. Do it. Hire a ghostwriter if you need to but write a book about how you not only survived COVID – 19 but how you flourished during and after the crisis. There is nothing wrong with a secondary income stream. And, even if you never see it in print, at least you will have thought of ways to accomplish it.
Get serious about your mailing list. Call your past and present customers. Let them know what you’re doing and how you can help them. Use your social channels to help others. Let everyone (including the general public) know you’re here now and will be in the future.
Work together and help others
There is possibly no better way to create channels of profitability than to help others. Sharing the load, working through a dilemma, and resurging afterward are hallmarks of great business leaders who survive the test of time.
One last thing
May your week be profitable!
We desire to familiarize you with business concepts, which will make it easier for you to be a better commercial construction subcontractor through our blog posts. Some are new ways of looking at things, and others are refreshers. http://www.schulteandschulte.com/blog/
The Profit Constructors Provide Advisory Board Level counsel for small to medium commercial construction subcontractors.
So you can Run With the Big Dogs! Call us 866-629-7735