Taking your business forward – in all economic conditions

I’ve had the privilege of working in the NZ construction industry as a sales and leadership coach for the past 14 years. Clients include home builders, material importers, and everyone in between.

There have certainly been some boom times during that period, but also some serious recessionary
environments, particularly the Global Financial Crisis. Those experiences revealed the need for ten
strategies for construction businesses to thrive and survive. (This was covered in my session for the NZCB conference, so if you couldn’t attend, you still get all the learning in this article.)

10 strategies to help your construction business weather all economic conditions

Here is a business growth strategy checklist – how many of these do you have a clear “yes” to? Tick the strategies you have in place – and highlight the ones you need to work on:

Vision Purpose Values: Do you have a Vision, Purpose, and Values that are clearly articulated so
every member of your team is aware of them? This is important for motivation and growing your
team culture.

• • Behavioural styles: Have you used Extended DISC behavioural assessments to help create self-
    awareness and communication skills? This significantly improves interactions with clients and
    amongst team members.
• •  Sales process: Do you have a sales process that ensures you can bring in the correct amount of
    revenue for the business? Having a formal, documented, and milestone-driven sales process can
    uplift your sales by up to 20% – and is absolutely critical in a contracting market or recessionary
    environment.
• •  Goal setting: Do you have personal and professional goals written down and a business growth
    plan? People who write goals achieve twice as much in life compared to those who don’t.
• •  Recruitment process: Do you have a recruitment and onboarding process that yields top
    performers? The latest recruitment surveys tell us that this is the number one challenge in NZ
    businesses today, so getting it right is crucial.
• •  Accountability: Do you hold yourself and your team members accountable on achieving your
    agreed weekly activities? Accountability ensures we’re all more effective in completing our roles – no
    more excuses for not getting things done.
• • Measurement: Do you know what the leading indicators in your business are? Leading indicators
    are the leading drivers in your business. Depending on the role, they could be appointments with
    potential clients; getting slabs down; or coaching frequency.
• • Mindset: Does your team have a powerful will to succeed and are you aware of the hidden
    weaknesses that are holding people back? 80% of the success we have in our roles comes from
    mindset. This is just as true for owners of a construction business as it is for the All Blacks, elite
    special force soldiers, or any other high-achieving organisation.
• • Leadership skills: Do you have the management and leadership skills to help grow your team?
    Recent data tells us that management and leadership qualities are in the top five ineffective skill sets
    in New Zealand businesses, so it’s an important area for all business owners to focus on.
• •  Coaching: Do you have a coach, and do you coach your direct reports on a daily or weekly basis,
    and do you know what deeply motivates your team members? Coaching your team is the most
    effective strategy to grow capability, leadership, culture, and performance.

The number of ticks or blanks in your checklist will give you a good indication of what kind of shape your
organisation is in to grow and to weather any economic storms.