I made a change – Technology Solutions for the Construction Industry with Wissam Akra
Are you struggling to meet diversity requirements in your construction projects? The construction industry has faced increasing pressure to include more minority-owned, women-owned, and disadvantaged businesses in their projects. Failure to meet these requirements can result in hefty fines, project disqualifications, and even prison time for executives.
As the founder and CEO of Tough Leaf, Wissam Akra is a trailblazer in the construction industry, pioneering innovative solutions to address the critical challenge of diversity and inclusion. Today, he shares insights on how regulatory changes created market opportunities, the importance of validating solutions through customer feedback and financial commitment, the need for aligning sales and marketing teams around shared goals, and leveraging customer insights to drive product innovation. Tune in to find out more!
Quotes:
“Earlier on, these requirements were more like goals. There was an incentive if you met them, but no real penalty if you didn’t. Often, contractors, developers, and construction management companies couldn’t hit these goals, but there was no significant consequence for missing them.”
“Even if you need to say, ‘Hey, you have 20 bucks in your pocket, give it to me now and I’ll build it.’ Just take something—don’t build something for free.”
“If you’re only getting one bid from a diverse or small subcontractor, then you’re going to have to accept that bid to comply, even if it’s 50% more expensive.”
Takeaways:
Continuously monitor regulatory changes in your industry and identify potential business opportunities that may arise from shifting requirements.
Validate product ideas and solutions through direct customer engagement, and be willing to pivot based on customer feedback and willingness to pay.
Foster cross-functional alignment between sales, marketing, and other revenue-generating teams by establishing shared goals, regular communication, and a unified approach to the customer.
Leverage customer insights to drive innovation and develop new products or services that address evolving market needs, even if they represent a departure from your initial offering.
Explore how technology can be leveraged to create competitive advantages, streamline operations, and better serve your customers – don’t be afraid to disrupt your own business model.
Conclusion:
Staying attuned to market shifts and validating solutions through customer engagement are key to success. Fostering cross-functional alignment and leveraging customer insights can drive innovation, while utilizing technology helps create a competitive edge. Together, these strategies position businesses to adapt and thrive in a rapidly changing landscape.
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