April 24th, 2012 | Published in Uncategorized
Are you slouching or standing tall in this economy?
An article recently published in CFMA’s Building Profits magazine asks construction financial managers to consider the posture of their company in this economy: “Is your company on its toes, or its heels? Is the intense competition making your company stronger, or is it in retreat? Are your top leaders setting the right tone, demonstrating the right behaviors, and driving innovation? Or, are they dazed and confused, reacting slowly – or negatively? And, as the financial manager, what are you doing (or not doing) to help your company succeed?”
The author, Thomas W. Emison, believes that today’s successful contractors are on their toes and leaning forward despite the economy. Plus they all have leaders with a corporate culture that encourages innovation and forward-thinking that enables them to prosper and grow in tough economic times.
Emison previously wrote: “Successful contractors know that to win in this climate, they must outwit, outflank, and outperform the competition at every stage of the work.”
He goes on this current article to explain that unlike traditional differences among construction companies based on what they do (e.g., general, mechanical, electrical, structural, etc.), that there are six unique differentiations based on how and why they do it. Each type of company faces the same economic challenges but responds “on their toes” with different strategies.
Take for example, the Technology Thought Leaders. As Emison explains: “They are technology driven, not just technology oriented. They outsmart their competitors with quick adoption of emerging technologies; they got the jump on facsimile transmission more than 25 years ago, e-mail more than 20 years ago, and BIM more than 10 years ago.”
We encourage you to consider: What type of culture does your construction business have? Are you an innovative team employing the latest in technology to get ahead? Do you utilize construction software to manage finances and reporting? Feel free to download this free whitepaper about choosing the right-fit construction accounting software for your business.
To read the Building Profits article, “On Your Toes or On Your Heals?” authored by Thomas W. Emison of Eide Bailly, LLP, in its entirety at the magazine’s web site, click here.