Our New eBook is out! More than 15 pages filled with Marketing, Accounting, and Production tips, checklists, and best practices that you can use year-round for your construction business success.
Free Download here.

FEA Randal And Train
Call Us At 1-800-361-1770
Bookkeeping Trial Test Drive
Outsourced Accounting
Contractor Bookkeeping Templates For QuickBooks And Xero
Construction Accounting Academy
  • There are no suggestions because the search field is empty.

Tips For Getting Your Construction Business Through Tough Times

Posted by Sharie DeHart on Fri, Mar 13, 2020

If you're a small business owner whose construction company hasn't gone through hard times, that's great, but it's likely to happen at some point. As much as we dream about being brilliant enough in this industry that we'll never face slow times, there are many things beyond our control that can negatively affect our organization.
Here are six tips for getting your business through difficult periods so you can look forward to many more years of construction business ownership:
1. Take care of your employees
Workdays lost to sickness are a considerable cost to the company and a threat to productivity. Regardless of health threats and virus spread, the workplace itself is a source of infection, and you can reduce the risk of causing absence in your employees by implementing control measures to ensure the environment is clean and safe.

A sick man lying on the sofa in the living room


Introduce a culture that dictates employees take responsibility for their cleanliness at work; provide hand sanitizer to encourage hand washing. If employees share desks, they need to understand the impact on their colleagues of not cleaning equipment after use. Show that the business is committed to a healthy workplace by carrying out regular deep cleaning of carpets and any areas likely to be a high infection risk.

2. Minimize stress

Any number of factors can contribute to stress in the workplace. The most common are workload, environmental conditions, and personal circumstances outside work. Managers should have regular one to one meetings with all workers and be trained to understand the symptoms of stress and early warning signs that someone may be suffering. Another way to monitor stress levels in your business is to undertake an employee survey.

It is a worthwhile investment for any business to provide support mechanisms for employees experiencing stress, even if not caused directly by the workplace. An independent employee assistance scheme can advise on a wide range of issues, such as financial matters or personal relationships. Absence due to stress can be long-term and recurring, so it is always preferable to deal with underlying causes, rather than be left dealing with the symptoms when it's too late to prevent them.

3. Focus on your existing clients

When construction companies go through tough times, many owners turn their focus to bringing in new business. The downside is that existing clients are often forgotten, but those are the most efficient people to make sales to. You don't need to stop marketing yourself to new customers, but make sure you give extra focus to the clients you already have, to ensure they remain loyal. Find out what their current needs are, how successful you are at meeting them, and what you can do to maintain an ongoing relationship. Communicate with them and always provide exceptional customer service. 

4. Reach out to others

Chances are, you aren't the first person in your trade to experience tough times. Talk to other people who have been in similar situations to learn how they navigated those challenges. Ask them what did and didn't work for them, and what they learned from the experience. Some—if not all—of their answers could apply to your business, or could at least inspire a solution. 

5. Examine your marketing plan

Your marketing plan brings in new clients. Now is the time to consider fresh marketing ideas to bring in new revenue. Is there an area of your construction business you haven't promoted before but could bring in clients? Is there a new way to market yourself you haven't tried? 

Examine previous marketing efforts to determine how successful they were. If they weren't successful, stop wasting your valuable time and money on them. Use your efforts on something new.  

6. Improve your cash flow

Analyze your construction company's financial health to see if there are ways to improve cash flow. Can you charge clients a deposit or encourage payment upfront to increase cash flow? Are there products you sell or services you provide that bring in revenue more quickly than others? Are there ways to save money that won't hurt your business in the long run? 

It can be tempting to eliminate staff, but when things are good, you'll need to hire employees again. Doing so costs time and money. See if you can find small ways to save money that won't negatively affect your construction business when it starts booming. Cutting over time, for example, can save you money without losing staff. 

Make sure you can account for every dollar your business spends. Don't hide from creditors, communicate with them to find out if you can restructure your debt or extend your terms. Free up as much money as you can without setting yourself up for failure when things turn around.

Final thoughts

Chances are your construction business will go through tough times at least once. It's crucial you take action to help get you through it, rather than crossing your fingers and hoping the difficulties pass. Look after your employees and they will look after you. The steps you take during these challenging periods will help you, but they can also help set you up for increased success in later years.

About The Author:

Sharie_DeHart_President_Fast_Easy_Accounting_Serving_Contractors_All_Across_The_USA_Including_Alaska_And_Hawaii-1Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com



Bookkeeping Trial Test Drive Contractor Bookkeeping Templates For QuickBooks And Xero
Outsourced Accounting 1-800-361-1770

Download the Contractors APP today
 from the 
App Store or Android Store

Access Code: FEAHEROS

Click here to download the App on Android:

Click here to download the App on iOS:

Simply scan the QR code or search for ‘MyAccountants’ in the App Store and enter the Access code: FEAHEROS to utilize the powerful App features and capabilities, and benefit from having our Construction Accounting App at your fingertips, 24/7."

PS: Even if you are not a Construction Contractor you will find a plenty of benefits in the app so we invite you to download it too! It's Free so why not?


Topics: Construction Accounting, Contractor Challenges, Contractor, Contractor Tips, Contractor Operating Tips

QuickBooks Setup And Chart of Accounts For DIY Contractors
Download Our Free App For Construction Contractors

click to download the Contractors APP now from the App Storeclick to download the Contractors APP now from the Android store

Access Code: FEAHEROS

accounting articles

Subscribe by Email

How Can We Help?

Contractors Bookkeeping And Accounting Services

Who We Help

How We Help

Next Step


Contractors Bookkeeping And Accounting Services

Outsourced Construction Accounting Services For Contractors All Across The U.S.A. By Fast Easy Accounting 206-361-3950

Serving Construction Contractors
Across The U.S.A
Including Alaska
And Hawaii

Podcast On iTunes
Click Here To Listen In iTunes
Contractor  Success M.A.P.
Contractors Bookkeeping And Accounting Services

Remote Access Your QuickBooks  Using Secure Servers

Outsourced Bookkeeping Services For Contractors At Fast Easy Accounting

Highly Recommended by Locals On Alignable

Most Popular Posts

Read the Latest:

Browse by Tag


Blog Suggestion Box

We Remove Contractor's Unique Paperwork Frustrations

Quickbooks certified proadvisor


Financial-Intelligence-And-Performance-Reporting-Tool-Fast-Easy-Accounting Hubdoc-Document-Collection-and-Management-System MBA Member Fast Easy Accounting 206-361-3950
Don't forget, you can hire our services at FastEasyAccounting.com
How To Use Our Services