The new year is an important time when many business owners hit the refresh button and look for opportunities to change and improve their company. If you own a construction business, have you thought about what resolutions you will be making in the new year?
According to Research and Markets, the construction industry is expected to grow steadily over the next four quarters. When the pandemic hit, construction firms struggled to find skilled labor. However, the industry now has more workers than before the global pandemic outbreak, according to a 2022 construction industry report from the United States Bureau of Labor.
Given this information, it’s quite possible that your business just finished off a successful year in 2022. However, whether your business achieved success last year or took a step back, the new year is a great time to make resolutions for your company. Here are some resolutions to consider as we begin the new year:
1. REVIEW AND UPDATE YOUR FINANCIAL PLAN
It is essential to continually review your financial situation regardless of whether 2022 was a positive one or not for your business. Where do you see yourself and your business in 5 or 10 years? Are you on the right path toward obtaining these goals? These past few years has allowed us all to reevaluate our business’ needs versus our wants when it comes to our budget. Look at your spending over the course of 2022 and use it as a base to create a budget for the upcoming year.
Continually reviewing your financial situation and updating it where you see fit, is critical to actually achieving these goals.
It is also important to realize that there are financial professionals who can assist you through this process and can construct a financial plan that allows you to implement financial strategies today that will help you reach your goals in the future. Do not hesitate to set up quarterly meetings with these professionals.
2. CARE FOR YOUR PEOPLE
Your employees will be more than willing to speak up for what’s right and support the business’ decisions and initiatives when they know the company cares about them.
One way to show additional care is by reviewing your workplace benefits. Workplace benefits are constantly changing, and the pace of change is quickening. If you haven’t surveyed employees in the last two years, consider doing so now. Find out what they need and where you can help.
3. REMIND YOURSELF THAT CULTURE IS CAUGHT, NOT TAUGHT
Business leaders need to communicate their purpose and goals clearly, and back it all up with action. Words can rally people around a cause. But it is essential that you practice what you preach to your employees.
4. COLLABORATE MORE AND BUILD TRUST
Work even closer with your stakeholders (for example, customers and suppliers) this year. More time spent with your stakeholders will reveal more opportunities for your business to grow, make a further impact, and create more wealth.
5. COMMIT TO CREATE VALUES FOR GENERATIONS IN THE LONG TERM
No matter the business, no matter the industry. Remember, that your business should be part of the solution—and not the problem—for society.
About the Authors:
Andrew Kittelson and Candace Cline are financial advisors at UBS Wealth Management USA. If you would like to learn more about tips for your business in 2023, they can be reached at firstname.lastname@example.org and email@example.com.
Modern Contractor Solutions, March 2023
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