Any principal of a construction firm will tell you that cash is king. There is little room for error when it comes to feeding the cash cycle. Why not apply the same focus and fervor to collecting the monies that are owed to your company as you do to installing the building components for which you bill?
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Today’s business environment is very different from six years ago when the pace of economic progress seemed unstoppable. With fewer prospects for growth and expansion, today’s design and construction companies are forced to fact-gather and research their markets, existing and potential customers, as well as competitors, ever-more carefully – failure to pay attention to changes in old markets […]
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While there are no cookie-cutter solutions for ownership transfer, there are some viable strategies to consider when it’s time to successfully hand over your company’s ownership to the next generation.
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Execution is the main reason companies fall short on their promises. It is the gap between what a company’s leaders want to achieve and the ability of their organizations to deliver it. The superlative companies in our industry have linked together three key components—the people, strategy and operating plans—that provide the details of execution.
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In today’s team-based, fast-paced work environments, the ability to communicate effectively over several channels and provide ongoing feedback is key to success. Feedback makes you aware of how you are doing and what you can do to develop and improve. It builds trust in your relationships.
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For many firms, financial regulators, and homeowners, the most recent housing bubble and subsequent Great Recession blindsided their confidence, cutting short an era of unprecedented growth and good fortune. But some people were prepared. Some even sounded the alarm. How was it they saw the downturn coming?
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Trade contractors live and die by their ability to estimate, manage and project labor costs. In most construction firms, few things are as misunderstood or as poorly managed as accurate projections of costs to complete (CTC)—particularly when it comes to understanding how to estimate the remaining labor costs on a labor-intensive project.
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Driven in part by regulatory pressure, ethics programs are gaining prominence within firms whose leadership have made it a priority, and further throughout the industry, supported by associations like the Construction Industry Ethics and Compliance Initiative (CIECI) and the Associated General Contractors of America (AGC).
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Whether they are large public businesses or small, family-owned startups, successful construction companies have strong, positive cultures. These cultural roots typically start with a founder who has a vision of the type of company he or she wants to build.
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When companies go looking for a new CEO, they either turn to professional search firms or develop their best candidates within the organization. The company — often the board of directors and major shareholders — is looking for a very special individual who will not only have the capabilities to perform certain responsibilities, but will also fit the specific needs and culture of the […]
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