SWOT ANALYSIS OF CONSTRUCTION INDUSTRY IN INDIA


 SWOT ANALYSIS OF CONSTRUCTION INDUSTRY IN INDIA

Construction is the process of building and constructing objects, infrastructure, roads, organisations, homes and industrial facilities. Repair, maintenance and demolition also fall into the category of construction industry. Since the construction industry is a process that combines art and science, it involves mapping, designing, planning, financing, building, repair, maintenance, demolition and demolition.

The construction industry is one of the major businesses. However, it contributes more than 10% to global GDP and provides employment to 7% of the world's population. Architectural infrastructure is the cornerstone to get us from one point to another. It would have been very difficult without it. In the construction company’s SWOT analysis, we discuss strengths and opportunities and how to use them to mitigate threats and vulnerabilities.

STRENGHTS OF CONSTRUCTION INDUSTRY

1) Dynamic: 

Construction companies do not build same kind of houses, companies, industries, roads and neither they offer similar kind of construction. Every house, building, mall, street or company has a different art and architectural design. This is because construction companies work on a variety of projects.



2) Efficient:

 Efficiency is very important in this industry. If the company and its employees are less skilled, this will lead to an increase in the cost level. Simply put, lower efficiency means higher cost, resulting in lower profit and higher cost. Time and efficiency are interrelated variable factors so the project must complete the project on a specific date. If workers are not skilled, it will not only increase cost and expense, but will also make it harder to reach deadlines.

3) Follow Deadlines: 

The timing and duration of the projects are very important. This does not mean you have to compromise on work quality and safety. This means that you follow all standard operating procedures (SOPs) and complete the project in a timely manner. For example, if you do not meet the client's deadline, it can result in the loss of an existing client, rising costs and a bad company reputation. A bad name makes it very difficult for a company to attract the next customer.

4) Variety of Projects: 

Some industries specialize only in one type of niche or category. In the construction industry, all projects are different. Skills and building materials are the same, but each project design, architect and plan are different.


WEAKNESS OF CONSTRUCTION INDUSTRY

1) Relying on one client: 

Some construction companies rely only on one type of client if they continue to do so, then it becomes the death of their business. Therefore, you need to expand your horizons and work with a wide variety of clients. It not only gives you experience but also if an industry leaves the business, you can work with other clients and businesses because you already have experience with it. 

2) Limited New Projects:

 If the construction company focuses only on the construction of houses, it will also have a limit. Soon the market will be filled with competition and the new project will be extinct. Relevant customers cannot sit around and wait for your company to deliver the business to you. Therefore, you must learn to adapt to new trends and work with new customers and businesses.

OPPORTUNITIES OF CONSTRUCTION INDUSTRY

firstpillar.com oppurtnity


1) Notice Trends: The best way to get the job done is to adapt to change and
follow trends. For example, if you see people moving to new places and
building some new types of architects, then you have to jump in and offer
your services. If you see expansion in your area, this is a great opportunity
to find new customers.

2) Smart Houses: Technology has brought many new changes in almost
every field. Now, people want smart homes to be fully equipped with tech
gadgets and the Internet of Things (IoT). If your company and employees
do not learn to deal with new changes and technology, you will not gain
new customers.

THREATS OF CONSTRUCTION INDUSTRY



1) Economic Recession: Companies conduct their business in the national economy and companies have no control over their national economy. Investment in business is declining if the country’s economy is in recession. As a result, people and businesses stop all their investment plans. Construction companies do not receive such items. The economic downturn changes people’s attitudes and they spend their money because of the uncertain economy. Maybe next month they won’t find a job and may need money to live. When spending is lower, businesses close and companies close.

2) COVID-19: The Coronavirus (COVID-19) has quarantined everyone and limit them into their houses. The roads, factories, businesses, and companies are locked because of the fear of being infected. In such circumstances, you can’t buy material or hire anyone to work. The construction companies won’t find new clients and projects to work on.

Location: Delhi, India

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