3 Key Ways To Fortify Your Construction Business in FY23

The forecast for the Australian construction industry shows a strong annual average growth (2.8% from 2023 to 2026). Australia has remained a favorable market but, businesses must prepare for any unforeseen volatility and trajectories.

Here are 3 key ways to fortify your construction business

Dynamic budget estimates

Make budget estimates that are dynamic with a reflection of the price certainty. Construction contracts should be re-considered, with rise-and-fall clauses to protect both the client and contractor.

Maintain strong supply chains?

Global supply chains are still intensifying Australia's existing inflationary pressures. To combat this, understand what's driving your client. If predictability is a priority for your clients, your business should adopt a lean (high volume with low variability) supply chain; if it's flexibility, adopt an agile (low volume with high customization) supply chain?

Be acquainted with initiatives set by key construction stakeholders.

The Australian Constructors Association published the strategic plan for FY23 which now includes environmental sustainability. The NSW government has also announced an investment of $20 million over the next three years. How will your business utilize these initiatives?

If you are unsure of your answer, Smart Mango can help evaluate your plans for 2023.

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