All construction companies experience a “slow” period at some point throughout the year. For most Australian builders, this downtime may occur during the winter months of June-August. But even with this prediction, planning ahead for downtime period is still challenging, which if not addressed ahead could lead to loss of productivity and profit of the business.
What many construction companies fail to realise is that downtime is just another term for opportunity to catch-up on other aspects of their business that they weren’t able to during their busy days.
In this infographic, we share five aspects which are very important for your construction business, but often get overlooked throughout the year in favor of more hard-hitting revenue generation tasks. When you have a downtime in your construction business, consider turning your attention to any of these:
Evaluate the Performance of Your Equipment and Vehicles
Using your asset management software, you can gain valuable insights of how your high-value construction equipment such as trucks and excavators performed and delivered value to your business for the past months of operations vs. the annual costs of operating them. You can also identify if you have any assets that are being over-utilised or just sitting in the inventory unused.
Using this software, you should also check if any of your equipment are already due for maintenance service or repairs. By doing so, you can prevent any potential equipment breakdown from happening once your construction business operations get hectic again.
Update Your Critical In-House Computer Systems
A reliable, up-to-date in-house software is not only critical to keep your business competitive and efficient, it’s also important to enable your employees collaborate better, to ensure the security of your business, and to maintain compliance with the ever-changing standards and regulations.
If you are still using the old version of your in-house business systems then this downtime period is the perfect time to update them so that you won’t miss out any new features and security patches that will keep your business secure and productive once the projects start pouring again.
Evaluate Your Customer Base By Gathering Feedback Through Social Media
Social media is not only an effective platform to win new clients for your construction business, but also an effective channel for reaching out to your existing and past clients.
During your downtime, you can use social media to gather feedback regarding your service, which you can use as the basis for improving your operations before new projects come up. Also, using social media to reach out to your past clients will allow you to offer simple construction services like replacing doors or roofs, and other simple services that you may be able to offer.
Conduct Safety For Your Workers
Your business downtime is also the perfect time to have your workers undergo a training course in health and safety. This is especially critical if you have diversified your services, you have added new machinery and equipment, or extended the working hours of your workers.
When conducting a safety training program for your construction workers, make sure that you meet the minimum requirements of the Work, Health and Safety Acts, and ensure that your program includes trainings specific that are specific to the roles and tasks your workers fulfill.
Study Business Management
Continuing education in business management is important for any business owners as it could help you innovate your business or implement new practices and ideas that could take your organisation to a whole new level. Not only that but studying business management will also help you gain outside perspective from your peers whom themselves have plenty of advice to offer when it comes to running a business.
To learn more about how Bizprac can help your building business succeed in today’s competitive market, visit our website at www.bizprac.com or send an email to [email protected]. Read this infographic to learn more about construction accounting software and asset building system.