Case Study | 03 October 2024
How a construction company overcame product analysis challenges & achieved targeted growth with the assistance of expert analysts?
Posted by : Parul Atri
A construction company was rapidly falling into backlog after a year of operation. However, the company's profit-loss venture was a never-ending challenge for them, and after trying everything they could to succeed, Research Nester eventually assisted them with the company's enormous growth by using their skill and expertise.
An overview:
- A skilled start-up in the construction industry that was profitable for a year faced losses and backlogs of projects.
- The company managed to focus on the profit rather than the prospects that needed to be investigated.
- Due to the company's constant focus on deliverables and clients, it was unable to focus on functionality and market growth, which resulted in the loss.
- Finally, Research Nester became involved with the company's situation and backlog and proposed solutions.
The Story
In 2020, the business was founded with the intention of developing infrastructure projects. The company initially had a reliable source of income, but as time went on, it began to experience losses and a labor shortage, which delayed projects. They didn't initially worry about it, but as time went on, issues arose while the company's sole focus was on maximizing profits. All of this led to issues with cash flow, revenue generation, and a lack of projects, among other things. The company leadership sought assistance from Research Nester to solve this problem and maintain the company's profit after experiencing losses in the business.
Our Solution:
The company's main issue was poor product analysis, and Research Nester analysts suggested a strategy change. RNPL Consultants presented its product analysis consulting services solution and informed the audience on the benefits and potential future developments. A customized solution was provided by Research Nester in the form of a market study on prefabricated construction. The following strategies were suggested by RNPL analysts-
- In order to achieve growth, the company should concentrate on building its brand and considering marketing strategies
- Inadequate communication can lead to dissatisfaction between the client and the authorities, so it's better to be up front and honest rather than making empty promises.
- Maintaining a budget and keeping labor costs in line with other expenses will help the company resist cash flow problems and prevent a labor shortage. The analyst also advised keeping a pool of backup workers on hand to ensure that the work is never interrupted.
- The company should do proper planning and forecasting before taking on projects so that delays are avoided and a balance is maintained.
Results
After consulting with the RNPL analyst, the company's revenue increased again, and it began to grow as a good name and leading project. However, the company failed to focus on the problems that were present but were not recognized. Research Nester analysts advised them to focus on their cash overruns, labor backups, and a variety of other solutions. This is how the RNPL analyst demonstrated the major factor in the construction company's profit and future growth.
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