How Strategic Planning Can Address the Different Realities of the Post-COVID World
FMI’s research into previous downturns suggests that some sectors will get a boost and be able to capitalize on new opportunities, while others will be threatened. Pandemics historically force societies to reinvent and innovate, and construction and engineering (E&C) firms will need to do the same to compete and win. Here, we talk about the changes brought by the pandemic and how firms can position themselves to be competitive in 2021 and beyond.
Strategic planning had a direct impact on profitability for E&C firms following the Great Recession of 2008, according to FMI’s research. Construction companies with higher profit margins during the recession prioritized deep, authentic client relationships; diversification of geographies, segments or services as a hedge against risk; and streamlined operations.
A key differentiator was the ability to put strategy into practice. In speaking with more than 150 engineering and construction executives, one of the things FMI heard was that the strategic decisions companies made were mostly the right ones — they just didn’t implement them fast enough.
