Preparing for the economic recovery: strategies to help contractors succeed in a changed business environment

Published in National Insulation Association’s August 2020 issue of Insulation Outlook magazine.

The COVID-19 pandemic has affected many industries across the United States. Even though construction was deemed an essential business in many states, most contractors found that business was anything but normal. Whether dealing with remote employees, documenting pandemic-related harm, or navigating the rapidly changing terms of the Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the last few months have been a period of rapid change. Many organizations are now focused on defining new business practices that are necessary to succeed in a changed business environment.

While there is still a lot of uncertainty about what the economic rebound will look like, focusing today on organizational stability allows contractors to minimize further disruption, protect their workforce, and strategically prepare to succeed in the recovery. There are 6 areas where you can take steps to secure your future.

The six key areas of business that contractors should assess and stabilize today include:

• Operations, profitability, and revenue;
• Client relationships and branding;
• Human capital and succession;
• Financial resilience and business optimization;
• Information technology (IT) infrastructure and cybersecurity; and
• Stabilization of subcontractors and suppliers.

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