Have you started building your plan for the recovery? Your roadmap for when the market rebounds? W
Paul McKenna Posts: 62edited October 2021 #2
Everyday brings a new challenge, working in a referral market [construction in Ireland] the "stay at home order" has meant that the design and project management teams that procure our services for their clients are very busy issuing tender documentation and finalising new designs for their clients. The upshot of that is, my team and I are extremely busy. However, it is very difficult to predict which of these projects will be likely to go ahead in this new depressed market we will return to. So I am working on some new projection models, incorporating many of the challenges our client sectors now face and the likelyhood of larger competitors stepping down to our tier to compete with us using much lower margins. Also, there will be an element of 'wait and see' regarding the new construction SOP's incorporating safe work practices for COVID-19 containment and the cost impact of longer programmes/lower site population.
Looking at my scars from 09/10, I expect our core business to pivot to higher volume, lower value works. To do this will require effective and sustained marketing campaigns to produce the MQL's we will need in sales. I don't expect an unfreezing of any budget though, ourselves and operations will start anew, with new business plans and pitches for funding for the projects we determine key to the success of the business.
To answer your questions in short:
- Invest in my team, we've got this!