The market is riddled with uncertainties at the moment, but that doesn’t mean there is no sign of market growth. In fact, there have been a growing number of commercial projects initiated across the country, with many of them focusing on the development of commercial spaces in anticipation of a market boom following the end of the crisis.
Businesses are thinking two or three steps ahead, which is why all market signs point to a positive future. Experts are already predicting growth in demand in the near future. Companies like Hansteen are starting their projects in anticipation of this forecasted future. There may be a lot of uncertainties, but an upward trend is imminent.
For commercial mechanical contractors, however, the market is more competitive than ever. While the number of projects is growing, there is still a big need for higher efficiency and better business operations in order to maintain a competitive advantage. This is why commercial mechanical contractors need to adopt these five strategies to boost productivity and efficiency at the same time.
1. Invest in Employee Development
One of the first things to do in order to maintain a lead on the market is improving the people supporting the company. Employee development needs to be part of the company’s mission rather than an afterthought. By growing the skill and expertise levels of team members, the company can achieve a higher growth rate in general.
There is no shortage of development programs to accommodate too. Online courses are becoming more common, which means employees can pick up new skills and earn certifications in fields such as HVAC without having to attend physical classes. Online courses are certainly more flexible, and they are perfect for accelerating personal development.
Some courses even go as far as implementing virtual reality (VR) to support its training sessions. VR is a huge step in the right direction for the industry. The technology allows for on-the-job training sessions to be conducted in a safe environment, all without sacrificing the quality of skills developed through the training program.
2. Better Planning Through Technology
Speaking of technology providing a solution to boost efficiency, new technologies are directly improving workflows and processes across the industry. If you are seeking for ways to improve your workflows, the first one to focus on is planning. Project planning ties in closely with project estimating and budgeting, which are both crucial in a competitive market.
Being able to provide potential clients with accurate estimates for an efficient project is the kind of competitive advantage you don’t want to miss. It is also important to have the ability to provide such estimates in a short period of time. This may not seem like an easy challenge to overcome, but the right tools such as a capable electrical estimating software can help you get there faster.
Ensign, a leading name in the field of mechanical estimating software, has the perfect solution for the job. The tool is available as Windows-based software or a cloud-based solution, both of which make digital mechanical estimation more accessible. You should test out this mechanical estimating software to learn more about how the tool can help streamline your planning process significantly.
3. Going Mobile
Sticking with digital tools for handling projects and tasks, another thing you can do to scale up and become more productive is switching to mobile-based applications for certain tasks. Tasks such as job scheduling, monitoring, resource management, and client relationship management are tasks that can be done better – and with greater efficiency – with the help of business solutions.
Most business solutions available today are geared towards users who are accessing the available features using mobile devices. Combined with the availability of industrial-grade mobile devices, there is no doubt that going mobile is a fantastic way to gain an edge over the market. Employees will be able to get the information they need to remain productive, no matter where they are.
That’s actually an important point to keep in mind. For employees to remain productive, you have to make sure that they can access crucial information easily and from any remote device. When on a project site, for instance, being able to access schedules, material lists, and other details is a huge plus that will save a lot of time and energy.
4. Manage Cash Flow
One aspect that often gets neglected when talking about boosting productivity is cash flow. Businesses often forget how important it is to have a healthy cash flow, and how negative cash flow can cause hold-ups, delays, and other issues that lower productivity by a substantial margin. The last thing you want is for a project to be postponed because materials or workers are not paid on time.
Cash flow management is also a crucial part of sustaining business growth. It helps the company remain efficient while growing at a steady rate. Through the principles of cash flow management, deciding when to recruit new specialists, invest in new tools, or pre-order materials for future projects become easier.
It is also worth noting that healthy cash flow allows for the company to be more agile, which also has a positive impact on overall productivity. When a new solution – such as the electrical estimating software we mentioned earlier – is needed, the company can act immediately rather than wait for the cash to become available.
5. Clear Direction
Last but certainly not least, there is a need for clear direction in order to maintain productivity at a high level. Having project specifications changing several times a week, seeing new projects being prioritised over existing ones, and the changing of policies and approaches within the company could negatively impact the productivity of employees.
Security and clear directions, on the other hand, produce a positive impact on the whole organisation. Using the previous example of employee development, a clear policy that gets implemented successfully in this department will not only produce better, more skilled employees but also employees with a higher confidence level in the organisation.
It is up to the leaders of the company to anticipate market changes. It is also up to the leaders to understand where the market is heading and adapt accordingly. After all, as the leader of the business, your job is to make sure that the company can take advantage of market growth and opportunities and grow alongside the market at a healthy pace.
Adapting to Market Changes
With these key elements in mind, defining a strategy that helps the company adapt to market changes should not be difficult. It is only a matter of time before more projects are made available, which means there will be no shortage of opportunities to seize as we go deeper into 2020. Yes, some uncertainties are here to stay, but that doesn’t mean the market is in a bad shape.
By boosting productivity and improving efficiency, you are positioning the business perfect for growth. These elements also enable you to incorporate additional strategies and tools, including automation, digitalisation of more workflows, and the implementation of integrated business solutions across the board. Upon reaching this point, you will find even more ways to boost productivity. The perpetual effect of this process is what leads to significant growth, both in the short run and in the long run.