Tips for surviving tough times in the construction industry

The skills required to survive in business vary widely when there is noticeable change in the business cycle, up or down.

The Queensland construction industry has certainly had its up and down moments over the past decade.

After a number of years of positive growth in the leadup to the GFC, many business owners within the state’s construction industry felt they had cause to be optimistic, committing forward expenditure on equipment, assets or land stock and funding these commitments through various forms of debt.

However, the GFC negatively impacted on many businesses, who found themselves overcommitted with debt or cash outlays due to a sharp reduction in income.

The industry experienced considerable turmoil and restructuring post-GFC and further difficulties after the natural disasters of January 2011.

Many companies had to react with major debt reduction exercises, sale of assets or staff lay-offs to improve cash flow and survive.

The consequence for those who were unable to adjust is that the Queensland construction industry…

Taking Costs Out Of A Business Without Sabotaging It – Part 2

My last blog highlighted a real-life case study to show ways of looking under the covers for the opportunities to improve margins and cash flow. To refresh yourself on the issues we discovered in this business, click here: Taking Costs Out Of A Business Without Sabotaging It. Now, I’d like to step through the corrective [...]

Taking Costs Out Of A Business Without Sabotaging It

The CEO and Board rely on the CFO’s advice and guidance, but this could lead to trouble unless the CFO has proactively reviewed the business processes to ensure the systems they rely on are sound. Here are some basic steps a CFO must take to know and control their business…

The 3 Stages Of Turnaround Management

Turnaround Management is a fairly new concept but the results it achieves in terms of saving troubled companies means many more businesses will become familiar with the concept. Keith Bailey of turnaround specialists Vantage Performance explains the 3 stages of turnaround management.