The Downside of Construction Boom Times
Everybody loves boom times in construction. We’re all thankful for them, but they come with their own unique set of challenges. I was recently listening to a talk from a local developer. And he was frustrated with the contractors that he’s been working with.
Here’s three reasons why:
- Work Quality
The quality of construction has decreased as people’s workload has increased and that’s obviously something that impacts each one of us as we’re dealing with the project load that is at times overwhelming.
- Strong Start, Weak Finish
Projects start strong, but they peter out towards the end and you kind of limp across the finish line. And that’s reflected in the lack of focus on executing the punch list at the end of the project. You go through so much blood, sweat, and tears getting stuff going and getting stuff off the ground. Finish strong as you get to that line, making sure that things are buttoned up and that punch list is completed in a timely manner.
- Short Term Focus
In boom times, it’s easy to focus on stuff in your pockets with cash and I encourage you to do that, but sometimes you sacrifice relationships in your pursuit of money and profit. Don’t do that. Make sure you’re cultivating those relationships because what you sow in the boom times you will reap in the bust times in many ways in terms of the relationship quality that you have with people.
So, those are 3 things for you to consider as a construction contractor. Make sure your quality is excellent. Come across the finish line on a project in a strong manner; get that punch list finished. Finally, focus on long term as opposed to short term relationships.
For more insight into how to survive the boom in construction without going insane, click this link.