Wondering what to do when seasonal slowdown hits?
Winter brings with it frozen ground, sub-freezing temperatures, and shorter days, none of which seems like good news for contractors in the construction industry. Seasonal construction slowdowns are inevitable and can be damaging to your company’s bottom line. Yet, you can’t change the weather or the effects it has on your business. Luckily, there are ways you can use the seasonal slowdown to make changes that could mean the winter season brings you more money instead of less. Take advantage of a market slowdown by focusing internally to determine how to improve your company.
Consider how these actions can help you use your extra time to improve your construction company.
It's time to solve your seasonal issues for good.
When seasonal construction slowdowns make cash tight, it’s time to look at what is hindering your cash flow and team the rest of the year. Flashtract can cut down on your team’s unnecessary expenses, as well as remove barriers to frictionless cash flow. Click the button below to schedule a demo and learn more about how we can help.
Generate New Leads and Revenue Streams
If you’re a growing company, winter can offer opportunities to expand your horizons. In construction, company growth can mean expanding your service area or offering new services. Use the time you have to research building codes outside your area and advertise in new communities. Consider ways to find new leads by researching upcoming construction sites in your area and learning when new project bids will be required.
Focus on Interior Jobs
You know it’s dangerous to spend many hours working outdoors in freezing temperatures. Still, you can find a wealth of work and keep your employees safe by concentrating on work that can be completed indoors. Interior construction like flooring, walls, ceilings, trim, and lighting can be completed safely during the winter months. Whether you complete exterior jobs in anticipation of seasonal slowdowns, or simply make an effort to seek out interior jobs, you are likely to find customers who are happy to find you’re willing to work during winter.
Try Out New Tech During the Seasonal Slowdown
For construction companies, an internal investigation of cash flow issues usually reveals outdated and cumbersome payment and file management processes. Yet, trying to solve these issues during the busy season can lead to frustration and abandonment of potential solutions. By investing in construction technology during the slow season, you can learn more about the benefits of specific products and the best ways to integrate them into your system.
Build Your Brand
In today’s age of technology, you can’t depend on word-of-mouth alone to generate local jobs. If you don’t have an online platform, take advantage of the seasonal slowdown to build one. About 97% of people who use online search look for local businesses. By using seasonal construction slowdowns to create a business website and social media accounts, you can generate new business that will likely pay off in the spring.
Negotiate with Your Suppliers
A seasonal slowdown means that you will be facing several months with a smaller income stream. As a result, it’s hard to put food on the table and tight cash flow can threaten the health of your business. Unfortunately, the bills will continue to arrive whether you have the funds to pay them or not. In many northern states, snowy and icy winters are inevitable. Yet, you know that warmer days will rejuvenate your cash flow. If you find yourself struggling to pay off those fall invoices in winter, it’s time to make new arrangements for the future. Contact your suppliers to see if you can agree on a new arrangement. Payment plans that will allow you to make larger payments on your contracts during busier parts of the year will be easier to manage during seasonal slowdown.
So how do you conquer seasonal construction slowdowns?
Instead of viewing the winter season as a slow time for your business, consider the ways you can use the extra time to grow and advance. Take advantage of the extra time on your hands. This way, you can streamline the way your company works for greater success in the future.
Flashtract can help make your construction projects more efficient. We’re saving tons of contractors time by eliminating errors, cutting down on miscommunication, and improving cash flow. Want to learn how we can help your commercial construction business? Talk to us!