Maestro Technologies - Intelligent management software for the construction industry.

Jumping on opportunities during periods of uncertainty

The year 2009 has brought its share of bad surprises on the economic front. The list is extensive: An unprecedented financial crisis, a recession in Canada despite the fact that we should have been saved from it, major concerns about the automobile industry and manufacturing sector in general, increasing costs for raw materials, increasing unemployment, etc. For its part, the construction industry was not spared, particularly in the commercial and residential sectors.

But recent developments are more encouraging. The recession is over, although uncertainty persists. Recent events have left their mark and a certain sluggishness remains in the air. Nevertheless, some entrepreneurs by taking advantage of these difficult times. How are they doing that?

This type of period has its share of opportunities for those who seek them out. Through meetings with our customers, we were witnesses to inspiring approaches used by entrepreneurs who see further than the short-term, and their confidence about their ability to differentiate themselves in spite of adversity. This attitude stimulates positive action, which is obviously preferable to waiting. Without uncovering major secrets, here are some interesting approaches we have observed and that we have in some cases adopted ourselves:

• Quality human resources are becoming available on the market. Many reduce costs when faced with uncertainty. Some companies that were weaker at the beginning of the recession really had no choice. Others profit from the opportunity to acquire more skilled resources. The problem with scarce human resources–which has been a threat with the aging population–will only get worse in coming years. Quality human resources are the foundation of a good organization and such resources are often an investment. They create their own opportunities within an organization.
• The time is right for questioning. Strategic reflection allows us to identify the necessary changes and opportunities made available by an evolving market. The slowdown may make it easier to introduce these changes. Improvements that will have long-term benefits often first have disturbing effects in the short term. This type of exercise, which is difficult to develop in periods of strong growth, can be thought through during slower periods.
• Some examples of the preceding point at the operational level: changes to the organizational structure, review and optimization of procedures, tighter management and better use of information technologies. Many of our customers have contacted us to maximize their use of their maestro* software in the context of an improvement exercise that they could not consider during more prosperous times.
• In the same vein, it is important to invest the time available in training employees to develop strategically required skills.
• An interesting angle is also a catalyst for change: in times of uncertainty, employees and financial partners are more open to ideas. Improvements that were unthinkable or arduous a year ago suddenly become possible. It is important to take advantage of this climate.
• In terms of the market, the recession seriously affected some competitive companies that were not well prepared. Customers are more open to new solutions, even if they are experiencing pressure to reduce their costs. Access to certain customers or related markets may be easier.

In short, be optimistic during these difficult times. The economic environment will improve. We have to avoid the annoying trend of seeing black during periods of recession and pink in times of prosperity. Our results are dependent on our actions. While caution should be used in times of prosperity (because slowdowns are inevitable), vision and action are more useful in periods of uncertainty.

Therefore, as the adage says, the pessimist might be right, but the optimist enjoys the trip.

Pierre Lanteigne