The latest data for 2020 predicts a significant drop in construction growth as a result of COVID-19, among other factors. With growth decreasing and significant losses in other industries, it’s important for contractors to understand what they should be focusing on in order to prepare for the economic rebound and protect their financial resilience.
As senior manager, Laura Cataldo states, “The important thing for contractors to focus on is to strategically diversify, complete projects based on prior experience and only take jobs that have the likelihood of profit potential. It’s important to invest in understanding the needs and how to meet the needs of customers post-COVID-19, because all industries have been impacted and if you can understand how your customers’ industries have been impacted, you’ll be well-positioned to be successful as a partner to them moving forward.”
Listen to the entire recording where industry experts share lessons and examples from around the world of companies ensuring profitability, being proactive and challenging competitors.
IFS MindFuel is a series of industry specific, thought-provoking sessions where industry leaders share their perspectives, advice and “how tos” to navigate these turbulent times and build for the future.
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