Management's Focus Areas During Current Business Environment

Topics: Recession, Unemployment Pages: 3 (774 words) Published: February 15, 2011
Arban Gjonbibaj Management’s focus areas during current business environment Construction cutbacks and unemployment across many major U.S. industries has shaken consumer confidence, and has caused many construction-related businesses to flounder. Commercial and residential contractors who have built up their firms through years of hard work are facing the most severe recession in decades. For some, the threat is not only to their present business prospects, but their firms’ very survival. It’s important to remember that resourceful, positive-thinkers have faced hard times in the past and emerged successfully. The current business environment may influence management attention to two focus areas. One is to “Create an Organization Capable of Change". The contractor’s objective must be to keep the company viable and ready to spring back quickly when the economy begins to recover. This may include pursuing work outside of the company’s usual comfort zone. Because of the poor economy several opportunities have presented themselves and we must be ready to adapt to provide such services. -Banks are foreclosing on commercial and residential loans in great numbers. These properties are often in poor condition, requiring repairs and maintenance to prevent further loss of value, and to comply with local codes and ordinances. As they’re not in the business of managing property, banks must rely on outside services since they don’t have maintenance and construction departments. -Real estate agencies know that buyers can be very selective in this market. Properties in less than top condition may be overlooked. Proactive contractors may find repair, improvement, and maintenance work among brokerage firms. -Homeowners who had planned to move up to more expensive homes have in many cases changed or delayed these plans as their current homes have lost value, lenders have imposed stiffer requirements, and buyers have become scarce. Some people are instead upgrading with kitchen and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • the business environment Essay
  • Business Environment Essay
  • Business Environment Essay
  • Business Environment Essay
  • Essay on business environment
  • business environment Essay
  • Essay about Business
  • assignment business environment Research Paper

Become a StudyMode Member

Sign Up - It's Free