| Topic : Real Estate value chain |
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Construction Planning & Management |
Project Management ++ |
Project Management Civil |
11 more ...
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Activity:
115 views;
last activity : 07 06 2010 20:18:09 +0000
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Strong Finance Mangement
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Market and Strategies
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Networking
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A good management system in place
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Quality Conscious & Customer Relations...!!!
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Leadership
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I think contractors must focus on their organization’s finances. They have to make certain adequate capital to support work-on-hand and to withstand bad luck. They should manage billings and receivables, and focus on cash flow, the life-blood of the business. They should understand the incremental economics of their business. They have to control overhead and on areas of cost that have the biggest impact on profit, particularly labor, and constantly look for ways to improve productivity.
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I support this.. Strong management of finance will be essential for contractors to sustain during downturn.
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I feel successful contractors always establish a well-defined market niche and focus their efforts within those niches. When its economic downturn successful contractors possess superior estimating skills and develop systems to leverage those skills. They are selective in the work they bid. They focus on risk and they build it into their pricing. They avoid taking jobs for "no profit" in order to keep their people busy and put underutilized equipment to work. They focus on profits and not on volume. There is a saying in the industry; "profits thrill and volume kills".
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I think their networking will help to survive during recession.Many contractors can work for years in multiple roles without using recruitment agencies at all, as they find many of their roles via contacts they have built up over the years. The first people to know about new contractor requirements on a client site are the people who work there rather than the agents. So, go against the anti-social contractor stereotype, and look up old contractor colleagues and ask around to see if any potential work is on the horizon. Also, keep in touch with your agency contacts - as in life, they're more likely to get in touch with you if you're approachable, friendly and professional. |
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If there is a good and sensitive management system in place which, along with its regular works, prioritises 2 things; 1. Involvement of People and 2. Scientific analysis of the situation before taking decisions, then it may become the key to survival in hard days. |
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Quality Conscious - Tough times like present recessions are testing time for Contractors to be more Quality Conscious, so that they can avoid additional cost due to rework and rectification. Thus intuern aid in gaining Customer's Confidence and build continous relationships for extended orders with better and timely cash inflows. |
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I could say effective leadership is a key ingredient in the success of every business enterprise. Successful construction firms need disciplined, strong and capable leadership to steer their organizations through the turbulence of the industry. Contractors are by nature risk takers and can-do type individuals. They need to keep their instincts in check, develop a clear vision for their organizations, capitalize on their strengths, and stay on course
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- Create a confidential Career Profile and Resume/C.V. online
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