How to build a resilient business in a tough economy

While the New Zealand economy isn’t facing a recession, there’s no doubt there’s a squeeze on. The construction industry is particularly affected by the economic downturn; the housing market is slowing down; prices are slumping; interest rates are climbing; supply shortages are on-going; and the frenzy of new builds has slowed down.

What can construction companies do to build a resilient business?

While the current environment is challenging, there are steps you can take to build a resilient business that’ll not only weather the storm – but come out the other side, thriving. The main thing to do is to work at securing revenue – in other words, bringing on new clients. And it’s also important that you keep your team engaged so you retain your best people. In practical terms, that means working on each of the following: 1. Sales process 2. Vision 3. Goal setting

1. Sales process

Gartner Group conducted research to see what the biggest influences were in buying decisions. Here are the biggest factors: • Price/value 9% • Brand 19% • Product & service delivery 19% • Sales experience 53%

How to give a great sales experience The fact that over half of decisions are made according to the sales experience is noteworthy and important to focus on in your organisation. The key to providing a great sales experience is to have a robust and consistent sales process that’s enjoyable for buyers – and has a high sales conversion rate.

The sales experience begins online Consider the buyer’s digital journey too. In the high price point consumer market – for example, investing in a new house – buyers are already 54% down the buying process by the time they contact you. That means that as well as having a sales process that covers your sales teams’ interactions with buyers; you also need to have an online sales process that creates a positive online sales experience. Do you have this in place? Or do you need to adjust your approach?

2. Company vision

It’s imperative to keep your crew together over these stormy times. Now is not the time for you to have to deal with a key player leaving to work for a competitor. To avoid that scenario, it comes down to motivating and aligning your team. And a key part of that is to have a strong company vision so everyone’s on the same page. The steps to creating a company vision are as follows: • Project five years into the future. • Determine your purpose and position as an organisation. • Describe what success looks like in your organisation. • Consider your company type and structure. • Reference your competitors or create an analogy. 3. Goal setting

Once you’ve defined your company vision, it’s time to set some goals. This helps create team commitment and builds a strong company culture. As well as setting organisational goals, it’s also important to work with every team member to set personal and professional goals – and help them achieve them.

Personal Goals

Goal in Detail Steps/Plan to Achieve it Resources Required Timeline

Summary

While there are likely to be some challenging times ahead, getting ready for them now will help your business become more resilient, more focused, and keep motivated.

Need help? Contact us on 09 215 3378 for a free consultation to see how we can help with your sales process, company vision, and goal setting. © 2021 Executive Coaching and Consulting

Jason Dinan, Executive Coaching & Consulting. With 28 years of leadership experience working in 23 countries, Jason specialises in growing organisations through developing peak performance leaders, teams, sales effectiveness and strategy. He was the project head for a leading home builder, helping grow annual sales from between 47% to 311%.