Business – The only constant is change

Recently, I was reminded of an old quote that serves as a good reset: “The pace of change has never been this fast, yet it will never be this slow again.” 

This resonates with my experience over the last 18 months, as I transitioned from residential to commercial construction. 

I entered the construction industry in the post-covid era that felt wildly out of control, with cheap money fuelling decisions made without long-term consideration.

Fast forward to now, and it’s clear that the only constant is the cyclical nature of our industry. What’s the opposite of drinking from a fire hydrant? It’s catching drips in a bucket. This is the reality we face as we brace for challenging times ahead, doing more for less and scrapping for whatever work is available. 

A year ago, we realised that there would be no awards for growing the quickest, the fastest, or the biggest. Such growth would only add stress to an already fragile market. Our success today is due to strategic planning and a dedicated team willing to adapt and flex into any role needed. 

Despite the fact that times are undeniably tough, people are still making decisions, spending money, and building new hospitality, retail and service shops in my area. Many believed that labour rates and material costs would never decrease, yet they have. The cost of construction is becoming increasingly competitive. Rates are negotiated, and the sector is no longer dancing to the subcontractor’s drum.

The flipside of this competitive pricing is that established construction companies, or subcontractors with mature relationships and insights, have an edge. They leverage their networks to gain opportunities. The game of winning work is getting dirty, but that is the nature of the beast in our industry. 

In preparing for the difficult times ahead, our strategy remains clear: focus on strong planning, adaptability, and team cohesion. These elements are crucial for navigating the heavy headwinds we anticipate over the next year, testing our ability to survive and thrive in this environment. 

The cyclical nature of our industry will always present both challenges and opportunities, and it is our readiness that will determine our success. 

While the construction industry faces significant challenges, it is also ripe with opportunities for those prepared to navigate it with optimism.