Construction Company Bookkeeping For Contractors All Across The USA Including Alaska And Hawaii

Questions To Ask As Your Construction Business Reopens

Written by Sharie DeHart | Fri, Jul 03, 2020
(Note: Celebrate Independence Day with a coupon code found at the end of this post)
 
As small business owners look to operations after reopening, there are some critical business questions to ask. These questions will help you determine what adaptations you want to keep, whether your construction business model is working, if there are additional changes you want to make to keep your company operational through future economic downturns.
 
It's not always fun to do this sort of examination, but the answers to these questions will help you make the best possible future decisions.
 

 

1. What worked and what didn't work in my construction business model?

Almost all small business owners had to make changes to their business model. Whether it was hosting meetings with clients on Zoom or learning about encryption technology to allow employees access to sensitive information from home, most small businesses adapted in some way.
 
Ask yourself:
  • Did I have to adapt to my construction business model?
  • Did I alter my goods or services in any way?
  • Did I change how my premises are used?
  • Did these adaptations enhance my business in some way?
  • Do these changes highlight gaps in my business model that should be addressed?
  • Should I make some of these adaptations permanent?

Maybe you have many clients who would prefer to have meetings online rather than face-to-face. There may be perfectly good reasons to continue with a revised business model.

2. Do I need to make changes to my construction supply chain?

You have some control over your supply chain, but not a lot. Disruptions happen, and they can drastically affect your business.
Review how the various components in your supply chain reacted to the pandemic and whether they helped your business or hurt it.

Ask yourself:

  • Did the suppliers in my supply chain remain open and transparent with me?
  • Did they reach out to me to discuss revising our agreement?
  • Were they reasonable in their expectations and willing to work with me?
  • Do I need to have alternate arrangements or back-up plans in case there are future supply chain disruptions?

Your supply chain has a massive impact on your business. Trusting your suppliers and knowing you can work with them will allow you to feel secure in the future.

3. How has my construction staff adapted?

Your staff has faced a great deal of stress and uncertainty during COVID-19, due to professional and personal concerns. Team members may have had to transition to new ways of working—at home, on a new schedule, or with new policies and procedures in place.

Ask yourself:
 
  • Are there changes to how my staff works that I could continue to implement?
  • Should I provide additional training for staff?
  • Have I communicated openly with them?
  • How adaptable was my team?

One benefit of having employees work from home more days a week is that such opportunities for working remotely can boost employee morale while saving you money. Now that you've invested in the technology to allow staff to work from home, is it worth it to enable this scenario to continue, even a few days a week?

Final thoughts

In addition to looking at your construction business, take a look at your customers and clients. Were they supportive of your business during this time? Did they turn elsewhere? Did they respect the changes you made to your business or the policies you put in place?

Each of the above questions—about your business model, your supply chain, your staff, and your clients—will help you make informed decisions about the best way to run your business as COVID-19 restrictions are lifted.

Get in touch with me to chat about your construction business.

Happy 4th of July!

Use coupon code FREEDOM30 for 30% OFF EVERYTHING in our
Fast Easy Accounting Store and Construction Accounting Academy
valid until Tuesday, July 7th, 11:59 PM.

About The Author:

Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com

 

OUTSOURCED ACCOUNTING FOR 
THE BUSY CONTRACTOR
IN A MOBILE ENVIRONMENT


Download the Contractors APP today from the App Store or Android Store

Access Code: FEAHEROS

Click here to download the App on Android:

Click here to download the App on iOS:

Simply scan the QR code or search for ‘MyAccountants’ in the App Store and enter the Access code: FEAHEROS to utilize the powerful App features and capabilities, and benefit from having our Construction Accounting App at your fingertips, 24/7."

PS: Even if you are not a Construction Contractor you will find a plenty of benefits in the app so we invite you to download it too! It's Free so why not?

 
View full post