#37: What to Do When Nothing’s Working...

Read time: 7 minutes

Welcome to the 37th issue of the Punchline Memo, specifically tailored for leaders in construction and the built environment!

Emre here, breaking down the tough truth about facing hard times in the business world. We often show off our big project wins or expansion plans, but how about the long nights and uphill battles? Especially during tough economic times, many businesses in our field hit roadblocks. Projects stop, deals fall through, and sadly, some businesses close.

Reflecting on these challenges taught us crucial lessons. Here's how to handle tough times in our industry:

Face the Facts

Accept the reality of the situation. Many struggled during the last slowdown because their plans didn’t change with the market. Embrace where you are now instead of clinging to past wins. Understanding and accepting your current position allows you to make better decisions moving forward.

Ask Better Questions

Shift focus from asking "Why us?" to "What can we change right now?" Consider how you can adjust your current work to fit the new market and keep going when new starts aren't possible. Questions like "What immediate changes can help us align with the new economic conditions?" and "How can we make the most of our resources now?" lead to actionable steps.

Trust the Numbers

When uncertain, stick to data. Make decisions based on facts, not feelings. Those who focused on data found ways to save costs and keep their business running smoothly. Metrics related to project timelines, cost estimates, and resource allocations can provide a clear path forward and prevent emotional decisions from clouding judgment.

Know What Works

Learn what’s making a positive impact in your business. Identify which parts of your work add value and focus on those. Putting effort where it counts the most helps in streamlining operations and improving efficiency. Knowing the effectiveness of your strategies allows you to double down on what’s working and let go of what isn’t.

Expanding Further…

Lean on Data

When things get difficult, emotions can run high. Under stress, your brain releases epinephrine and cortisol, which are powerful chemicals. It's essential to lean on data. When facing challenges, having a repeatable, reliable process for converting attention into money is crucial. If you don't have this, “at best, you have an expensive hobby. At worst, you're facing a liability that's about to pull you under.”

Reaching Out and Asking for Help

It's also important to seek help. “It’s not 2008 anymore. The world is literally at your fingertips via the world wide web... you’re holding a resource right here that has immediate and direct connection to our entire team.” The modern business landscape offers numerous resources and networks that weren’t previously available. Utilise these tools and connect with experts who can provide guidance and support.

Biological Response to Stress

Recognize the common biological response to stress, where our body can react as if we are facing a life-threatening situation. Understanding this can help you manage stress better, prevent making hasty decisions during these times, and focus on data-driven strategies to guide your steps forward.

Build Resilience

In challenging times, building resilience is key. Adaptability and a willingness to learn are crucial traits for survival. Stay open to feedback, be ready to pivot, and continuously seek ways to improve your business processes. Create a culture within your team that values resilience and flexibility.

Strengthen Your Network

During tough periods, a strong network can be an invaluable asset. Collaborate with industry peers, share insights, and support each other. Engaging with others in the industry can provide new perspectives, potential partnerships, and moral support. Strengthen your connections to build a supportive community that can weather the storm together.

Final Thoughts

The UK's construction sector knows about challenges. But with the right moves, we can bounce back stronger. Remember these lessons - lean on data, have a repeatable process, and seek help. Each test, even losing a business, teaches lessons that can rebuild and fortify the base for future wins. The journey may be difficult, but through resilience, better decision-making, and strong networks, we can overcome obstacles and emerge more robust than ever.

All the best,

Emre

Whenever you're ready, there are 3 ways I can help you:

1. Promote Your Business: Promote your brand to over 8,000+ industry professionals by sponsoring the next issue of Punchline Memo.

2. Property Build Collective (Free Online Community): a dedicated community for Property & Construction Professionals, focused on growing your business through effective scaling, operational independence, and optimised team structures. Scale with Confidence

3. Partner with us at Gurler Mae to adopt proven growth strategies tailored to your requirements, aiming for exceptional results.

Stay tuned for more insights, updates, and a dash of humour in our upcoming issues. Until then, keep noticing, keep learning, and keep building!