Starting a new year is about more than simply turning a page in the calendar.
A new year provides an opportunity to look toward the future. Not just for weeks and months, but for years to come.
While no one can predict the future with perfect accuracy, there are trends and best practices that will shape the industry. Being ready to adapt and embrace these changes will help you grow your business.
1. Millennial Methods
As the baby-boom generation prepares to retire, the industry will gradually pass from their hands to the millennial generation. Helping to train this new generation for the challenges of the industry will be important for its future success and growth. These younger workers are hungry for mentorship, seek a work/life balance, and are eager to be heard.
This can lead to growing pains and dramatic culture shifts for any construction firm. At the same time, millennials can bring new ideas, new thinking and new enthusiasm to a business.
Creating the right environment for these changes will be crucial for construction businesses as they seek to grow.
Old habits die hard, especially in the construction industry. While strides have been made toward creating a more diverse and inclusive industry, it still remains predominantly white and male. This is a shame because there is enormous potential for talent to come from minority and women contractors.
In order to grow into the future, companies will need to be able to tap these resources and create a culture that is more welcoming to these future employees.
If you work with subcontractors, there is already a growing number of WBEs and MBEs looking to get bonded for future projects. Being able to partner with these firms can help you to stay competitive, and even develop relationships you’ll need to grow into the future.
3. Safety First, Last, and Foremost
As projects become more complicated, labor becomes scarce, and society becomes increasingly litigious, workplace safety is more important than ever.
Creating a safety plan for every project, employing best practices and taking steps to ensure the safest possible work environment will be necessary to protect your team from injury.
Technology is also playing a larger role in improving workplace safety. Getting the right system in place can help you to identify and prevent accidents before they happen.
4. Coverage Counts
In the event that an accident does happen, it’s important that contractors have the right level of insurance coverage. This includes having the right general liability insurance, workers’ compensation, and even commercial auto coverage. But coverage isn’t just about premiums and deductibles. It should be about having coverage that fits the specific needs, size, and scope of your business as it is now, and the business you hope to build.
It’s a good idea to work with an insurance agent who understands construction and can help create a coverage plan that is tailored to fit the needs of your business.
5. Sustainability and Resiliency
This past year we’ve seen the devastating effect that mother nature can have on communities across the U.S. Whether it’s wildfires in California, flooding in Houston and Florida or sheer destruction in Puerto Rico, the industry is coming around to the fact that it isn’t enough to rebuild what was there before.
Instead, contractors need to think in terms of rebuilding for resiliency and sustainability. Whether this includes building with an eye toward being energy efficient or creating structures that are ready to stand up in the face of the next storm, the mantra of good as new is no longer enough. The new mantra needs to be better than new, and ready to face what’s next.
Looking for more ways to grow your business? Ox Bonding can help with services that can help you streamline your back office, improve your cash flow, and align your business to take advantage of present and future opportunities.
Whether you’re looking back or looking forward you can put Ox Bonding’s experience to work for you. Download an enrollment application or call us today at (877) 55-THE-OX.