On this episode of Construction Pals, we continue our conversation with Craig Webb, founder of Webb Analytics. If you missed the first episode with Craig, in which we discussed building a resilient construction business post-pandemic, make sure you tune in to it, too.
Craig discusses the importance of having a healthy cash flow for businesses along the construction supply chain. For contractors, access to cash will enable them to work on numerous projects, have a positive bottom line, and build a business that’s sustainable over time. On the dealer side, he stresses having product availability, meeting customers’ needs and keeping customer service at its best.
Webb also touches on where the most opportunity lies in the industry today. Two of these particularly ripe sectors are remodeling and replacement work. They have the greatest opportunity in part because of the change in behaviors and needs that have emerged during the pandemic, and also because they have the greatest labor shortages.
Thinking back to the 1970s, houses were being built quickly–and not particularly well–to accommodate the needs of baby boomers; a generation that now represents the demographic group with the largest buying power. Today those 1970s-era houses are in need of renovation, and baby boomers want to remain in their homes so that they can be close to children and grandchildrenThey have the money needed to finance that wish.
Webb also discusses the role that technology is playing in the industry. Much of the advances have involved the development of mobile devices that improve productivity and efficiency, enabling better communication and making life easier. Combined with newer technologies like drones and wi-fi enabled vehicles, true portability has become possible, simplifying work and making the job more efficient.
With these current conditions, it is important to ask how the industry can best prepare for the future. Webb recommends online journals, which collect the advice of construction workers and explain trends.
BlueTape is a payment and financing tool designed for the construction industry. It enables building material suppliers to offer extended financing options to their trade customers, streamline their accounts receivable, and get paid fast.