Bouncing back after Covid-19: Give your business a financial health check

With a boom in construction expected over the next 18 months, there’s never been a better time to conduct a financial health check and position your business to be more competitive.

There is no doubt the market has changed as civil and private construction companies have navigated a year of costly Covid-19 lockdowns and the impact of Brexit.

Some companies may now urgently need to adapt their business models to survive the post-Covid economic environment, and that may involve looking to move from purely private to civil construction. But working on public projects has very different demands and requirements.

Is your business fit to eclipse the competition in a post-Covid landscape? Our expert quantity surveying team at ProQS can help with our five-point plan to analyse where you are now and what you need to do:

  1. Conduct a financial analysis of your business – you need an in-depth understanding of your costs and profit margins to be more competitive.
  2. Manage commercial risks right first time – defining and mitigating risks is crucial to your bottom line.
  3. Build your relationships with clients and suppliers – this will help you to find the best solutions for all parties when issues arise and help you to win repeat business.
  4. Carry out a feasibility study before entering new markets – it’s tempting to go all-out after the past year, but make sure you’ve carefully considered workforce implications, resources, materials, costs and risks.
  5. Review management of the commercial team in your business- have you got the right people and the right systems to deal with new challenges and changing markets.

ProQS can carry out a full financial health check, make recommendations for change and, if you require, help you to implement them.

Contact our RICS-regulated QS team now on 01206 654003 or email: info@proqs.co.uk.