Change is the only constant thing in our life, and this is also true for business. It doesn’t matter whether the change may seem bad or good at the time it was occurring, at the end of the day, it will teach you something.
Although, it is natural for people to think that change is a bad thing for businesses, it isn’t. And it can be an anxiety-ridden situation that removes us from our comfort zones but that feeling of fear and anxiety won’t last forever.
Business changes can lead to positive results that would help increase your competitive edge within your respective industry. Change encourages the development of innovation, skills and it can improve your staff’s overall morale.
But change can happen to different key elements of your business. In this blog, we will talk about making a change in specific sectors of your company. These changes are namely; time, feedback, constraints, diversification, value stream, and your business mindset.
Let’s jump in.
Time
Time is a valuable resource for any business, and this is especially true for the construction industry. As a business owner in this sector, you can’t afford to stop or slow down. And in this industry, it is more conducive and profitable for your business to complete your projects ahead of time or at the very least on time.
Time management is an integral part of construction operations. It is the process of managing and organizing activities or events within the specified and agreed timeframe between the business and the client. It involves several skilled people and professionals for your business to complete a project. And these workers are normally paid by the hour which is one of the biggest costs for your client’s project. This then would lead your client to feel the need for assurance that the resources his project requires are properly managed and utilized.
Changing your business processes to enable your operations to focus on the management of your time and the project, is a vital element that your business would need. It is more than just a tool for success, it is a necessary change that should be naturally integrated into your day to day business to encourage efficiency and success for your organization.
Feedback
Feedback is the process of interaction between systems and their surroundings. Feedback can be positive and negative. But either way, they are both effects from the system output that is then being fed back as an input.
If we use feedback as a process to implement improvements and change in our construction projects, it can increase our efficiency and profitability. It can be approached cautiously to make sure that the improvements applied from the feedback results are effective.
We must understand that the clients of today are seeking documentation or evidence of quality enhancements, that will sweep away all their anxieties and doubts within the project. And by applying the feedback you receive you are giving your business the competitive edge it needs to improve faster than its competitors.
This means that cultivating the feedback culture and implementing it to your operations, aftersales and other departments would be beneficial to the changes that your business would need for it to grow.
You can check this blog post that I wrote about how to apply feedback to your everyday business.
Constraints
Every industry will experience its very own type of constraint (blog 16) and this is true for the construction sector as well. A constraint is a condition that would limit the progress or process towards a goal within a given environment. It can lead to undesirable effects that wouldn’t support the goals of your business.
Understanding what constraints are and the type of constraints the construction industry experiences can help your business, plan, and prepare for a workaround. In this link, I explain the common types of constraints are, that the construction sector experiences. From, environmental, to technical, to managerial, and a few more.
Diversification
Diversification is defined as a strategy to increase the profits of your business. But there is more than one way for your business to diversify. In this blog post, I list different types of diversification strategies.
This strategy is just one way to grow an additional revenue stream for your business. It has a high potential for a substantial pay-off of profits, but the risk is also just as high. Especially, if the entire strategy is not properly thought out and executed well. So, your company needs to identify and determine the type of diversification your business will take from your core values, plan, and execute it accordingly.
Business Model
Before you start diving into applying all the changes that you think you want and need for your business. You and your team must sit down and create a business model canvass. This is so, you and your organization can fully comprehend the needed changes in your value proposition.
Do not assume what value you offer to your clients. Map out and analyze all the components that your business provides, from the supply chain to the day to day operations to even the after-sales. You can gain a competitive edge for your business if you can objectively assess the status of your company and reduce all unnecessary components that don’t add value to your business and your clients.
Mindset
Your mindset is defined as how you see challenges, tasks, and obstacles in your life. The same definition can be applied in business. How you look at the speed bumps in your company can affect the outcome to either be a successful endeavor or not.
Although it is challenging to establish the parameters that can affect your business because of your mindset, nonetheless, it is clear that there are still effects. Getting stuck in your old ways, and not budging to possible changes for your company can be extremely detrimental to your business’s growth. Internal and external opportunities can also be affected by how we see things. In this older post, I define in more detail how your mindset can greatly affect your business.
Conclusion
There are many ways that change can be applied to your business. From implementing a proper process for time management to applying your client or supplier’s feedback, to possible diversification, to even adjusting or changing your mindset altogether.
Change is always a scary thing for any endeavor however, without it you cannot ensure the application of improvements for the benefit of your business and your clients. So, make “change” a part of your business as usual routine and cultivate it within your company’s culture. To ensure a conducive environment for development and growth for your business.
Shivendra helps construction companies and contractors win more projects and grow profitably. Regarded as a master of practical implementation, Shivendra has guided organizations such as Downer and Siemens as well as smaller contractors to achieve double-digit improvements to their bottom line. Underpinning his extensive industry experience are qualifications in engineering and a Ph.D. focused on rapid cost improvement techniques. He is the author of two books, The Competitive Contractor and From Paper to Profit, host of the Competitive Contractor podcast, and the founder of Shivendra & Co and The Constructors Network. You can find more about Shivendra & Co on www.shivendra.com.