Typical economic and construction cycles can lead to lower project volume. Some competitors feel they have no choice but to stay in the market and lower prices to cover their cost. Understanding this behavior allows for better decision-making on how best to respond to the situation.
Solution Path
There are two areas that should be considered.
The first is to perform some level of competitor analysis to have the best perspective on their company and decision-making process. The firm should review its own strengths and weaknesses along with those of the competition.
The second area is performing a market assessment to better understand market segment sizes, growth areas, strongest competitors in each segment and areas of opportunity to expand existing services into new clients and/or expand new services into existing clients.
Using templates, a proven process and compiling knowledge already available within the firm allows each of these areas to progress relatively quickly.