We’re coming to the end of what’s been a tumultuous year for all industries – construction included.
The Office for National Statistics (ONS) has released figures from the last quarter, and the news isn’t good.
With its weakest performance in four years – volumes of work have fallen 1.1 per cent – the construction sector is slowing down. To make matters worse, we’ve still got Brexit hanging over our heads.
It’s no wonder you’re finding it difficult to feel positive going into 2017 but, tempting as it is, burying your head in the sand won’t help.
Instead, we’re giving you the lowdown on three of the biggest threats to the construction industry so your business can be proactive in fighting for success next year.
#1: addressing the skills shortage
The construction sector’s skills shortage is becoming an increasingly heavy burden for business owners. A survey of Build UK members reveals labour shortages stopped 25 per cent of contractors from bidding for work in the last quarter of 2016 – a six per cent rise on the previous quarter.
It’s an issue the government is aware of and attempting to battle, with new construction-based GCSE’s proposed and further investigations taking place.
But what can you also do to tackle the crisis?
Working with training providers to bring on new apprentices and develop existing employee skills is a good starting point, as is simply being aware of the issue and adding your opinion to ongoing debates.
#2: avoiding legal problems
Finding yourself in trouble with the law will quickly burn through your profits, making it a nightmare situation to avoid at all costs.
And since the construction sector is highly regulated for health and safety reasons, dodging legal problems is something you need to be even more aware of than the average business owner.
There are lots of tech-based solutions to help you make compliance a focus going forward, like equipment and lifting inspection software. It’ll keep you on track for meeting regulations come inspection time and ensure your site is safe for your employees.
#3: keeping up with advancements
Virtual reality, 3D prototypes with building information modelling (BIM), tech-savvy safety equipment – the construction industry is undergoing a digital revolution at the moment.
Staying on top of the latest advancements is key to winning major projects and developing your business. The only issue? The latest solutions and equipment tend to be expensive.
Investment feels scary, especially in our present economy, but it’s the only way to guarantee your future success. Look to investors or the bank for funding and prioritise the changes that’ll most benefit you.
Takeaway
Make sure your construction company doesn’t crumble under current industry pressures and follow our advice – take a proactive approach to fighting the biggest threats coming your way in 2017 and safeguard its future.