Project managers are always on the lookout for threats to their business’s success. In the trades, these hazards come in all shapes and sizes. This variety can complicate risk assessment and jeopardize response efforts. Instead of guessing at potential threats, leaders must formalize these risks from the onset. Understanding the biggest threats to your industrial company’s success before breaking ground protects your team, profits, and reputation.
1. Hiring the wrong people
Bringing on the wrong people is a foundational problem. What does “wrong” mean, exactly? It could be anything from an individual with a poor work ethic to a talented craftsman who simply doesn’t have the skills you need. Anyone who fails to meet your company’s standards threatens productivity, communication, punctuality, team cohesion, and the bottom line. Hiring the right people is all about aligning your recruiting strategies with your business’s goals. If you’re short on time or expertise in this area, you might consider outsourcing your hiring needs to turn incoming craftsmen from hazards into assets.
2. Inadequate quality control
Mistakes are inevitable on the job site. Industrial projects have a lot of moving parts in terms of people and equipment. There are plenty of chances for something to go wrong. Your quality control protocol acts as the filter to catch these mistakes before they cause serious issues. If these protective measures aren’t up to snuff, these small hiccups can create massive problems. Project delays, safety hazards, serious injuries, and budget overruns are all possible outcomes from even the most minor incidences.
Suggested Reading: Productivity, Safety, & Quality: How to Balance All Three on the Jobsite
3. Poor supply chain management
Running a tight ship within your organization isn’t enough to steer an industrial company to success. External variables such as supply chains can throw your business off course when not properly managed. The sourcing, organizing, and optimization of raw materials are vital to every project. It determines the quality of the final product, the pace of the work, the cost of the job, and the satisfaction of the client. Proper supply chain management involves identifying the highest-quality materials, striking the best deals, and managing material shortages.
4. Failing to adapt to market changes.
The formula for success isn’t stagnant. It’s constantly evolving to reflect broader market changes. Industrial companies that stick to an old script will get left behind in the ongoing race to the top. The industrial market is dynamic with constantly changing variables including the adoption of new technology, customer expectations, competition, and regulatory requirements. Industrial leaders who adapt to these changes will stay ahead of the pack and optimize their competitiveness. The key is to make small adjustments to reflect minor changes instead of waiting too long and forcing a massive overhaul.
5. Lack of innovation
Success isn’t achieved by adapting to market changes alone. Industrial companies need to find ways to innovate to stand out from the competition. We’re not talking about reinventing the wheel (although that would be huge!). It’s about finding more efficient, cost-effective, and productive ways to satisfy your clients’ needs. Master your niche, focus on what you do best, and listen to your customers. This is the best equation for innovation. After all, nobody can tell you how to do it. That’s the nature of innovation!
6. Falling behind on safety
One of the gravest threats to your industrial company’s success is poor safety standards. It places your most valuable asset at risk: craftsmen. The fallout from subpar safety standards is widespread. It can cause:
- Increased incidences and severity of injuries
- Higher labor and operational costs
- Greater insurance and legal expenses
- Project delays
Your team should be an asset to your success, not a threat. With Madden Industrial Craftsmen, you get top-tier candidates that match your company’s unique needs, culture, and goals. Taking a few minutes to fill out a job order will get you matched with dozens of highly qualified craftsmen.
