Learn and adopt the qualities of successful leaders. Observe the qualities of admired superiors; sometimes the best teachers are the folks who demonstrate how not to accomplish something. Be a Seller-Doer When hiring, construction executives should be looking for leaders, not just managers. A manager is a maintainer of momentum; a leader is a creator of momentum. Pre-recession, volume was such that being a good operations manager was good enough. Truth be told, many people who work in construction are not natural salespeople—but everyone eats lunch, right?
Use lunch hours to build relationships with architects, engineers, subcontractors, owners, developers—the people right in the community who can and will send business if they have a good feeling about the executive and the company. Speaking of capital, make sure that you collect what is owed to your business.
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Collect these funds as soon as possible so that you can put it back into the business. Even if collecting funds means offering a discount on an invoice, having some sort of cash flow is better than nothing. While you should be focused on long-term goals, don't rule out any ways that you can quickly start driving revenue.
For example, consider raising prices, selling more products to your best customers, or looking for customers that would be willing to pay you for developing a product. Request extended terms. Don't hide from creditors. They will often be willing to work with you if you communicate with them -- particularly if they think that the alternative to working with you is that they get paid nothing when you declare bankruptcy.
Startups are designed to grow quickly. But, if you scale too quickly, you'll be heading down the wrong path.
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It's good to drill a sense of fiscal discipline and challenge assumptions about spending on aspects such as sales, marketing, and engineers. I love living and working in Silicon Valley. While it's an excellent location to launch a startup, it's not the only spot in the world to be an entrepreneur. In fact, it may even be in your best interest to start a business somewhere outside of Silicon Valley to avoid the crunch. Depending on your industry, you may want to consider relocating to other markets where competition isn't as stiff, but where there are still plenty of resources and favorable breaks for small businesses.
But, there are also smaller cities like Austin, Nashville, Asheville, Boulder, and Jalisco, Mexico which are also worth consideration. There are numerous ways to be flexible. For example, if your business wasn't originally designed to earn profits over the long-term, and you had wanted to grow quickly, then you may need to reevaluate your business model and transform into a business that grows organically.
Being flexible also means that you adapt to market changes, the needs of your customers, and that you remain open to new ideas. These decisions will ultimately mean that you may have to pivot until you find a business plan that works.
Android originally began as a tech company that created operating systems for cameras, but finally pivoted to a business that focused on mobile handsets. This is a touchy subject, but it's never too early to start planning your startup's exit strategy. And, if all else fails, you may be forced to liquidate all of you assets and close your doors.
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