8 Tips For a Construction Company During a Recession
Construction companies are experiencing a global recession brought about by the coronavirus pandemic.
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Adopt Resilient Plans
The time is now for the construction industry to adopt resilient plans to weather the financial storm.
Cash on Hand
Property development companies should always have a surplus of cash on hand to help cover overheads such as rentals and salaries.
Focus on Income-Earning Strategies
Focus on income-earning strategies rather than relying on backlogs which could be cancelled when the work situation returns to normal.
Focus on Niche Areas
Strategies should include focussing on niche areas. Offer clients more by expanding on current offerings.
When times get tough, think twice about retrenching experienced members of your labour force. They bring quality to the table.
Experience Pays
For property developers in South Africa to survive the inevitable recession that will follow the Covid-19 pandemic, offer incentives and a competitive wage to keep the best of your labour teams.
Offer Incentives
Eliminate unnecessary overheads. By cutting costs and tightening cash-flow, construction companies can stay afloat during these difficult times.