It may seem like a premature question while the construction sector is still languishing, but sowing some seeds for the future will help you reap benefits down the road. In my last post, we compared economic recessions to hurricanes. In this post, we’ll look at surviving the third and final phase and the paradoxes of the industry moving forward.
The protracted construction recession will continue to thin the herd, leaving fewer contractors and precasters. Logically, this would mean competition will be down but the reality is competition will be up. That’s because the survivors have learned the importance of diversification. They’re not specializing like their fathers or grandfathers, but generalizing by manufacturing new products, bidding projects father from home and staying hungry for new work.
With fewer plants in the mix it may also seem like good employees will be easy to find, but they’ll be harder than ever to find. Unfortunately, many talented and experienced people have found places in other industries. This means you’re going to have to search harder, and will be expected to provide an increased level of value and reward. Attracting top talent will be more important than ever, as you’ll see below.
Lastly, as meaningful recovery begins, pent-up demand will involve public works opportunities, right? In a perfect world, yes, but in our world the need is great but the ability to fund this pent-up demand is challenged by a government whose citizens are fed up with deficit spending.
When they do spend, private and public construction buyers are going to want increased quality, better performance and proven sustainability benefits. Thanks to the internet and the way it’s opening the door to information, they are going to be more demanding and educated than ever. You need to educate buyers on the benefits of precast wherever they choose to go for information. If you haven’t done this type of marketing before, checkout the resources we offer to educate and train your employees, stay on top of industry trends, and to make the case for precast concrete.
Like a hurricane bearing down on the coast, change is inevitable and can’t be stopped. But you can embrace the post-recession economy by adapting.
What do you think about the future of this industry? Please feel free to agree, disagree or provide your opinion in the comments section below.