The Infrastructure Investment and Jobs Act created a tidal wave of projects for the construction industry. But when day-to-day business is booming, it’s easy to let other areas of business take a back seat. For example, new business efforts generally get sidelined when you have more work than you can handle.
However, certain matters still warrant attention, no matter how busy your workload gets. A sound strategic plan will help you keep a focus on key action items that will help you function more efficiently and profitably today — and move your company closer to its long-term vision. These include:
1
Personnel and Staffing Issues.
During busy times, your employees have options. Attracting and retaining staff becomes more important than ever. Do you have programs or incentives to keep turnover from ticking upwards? Do you have recruitment programs to draw the manpower needed to take on new projects? Do you have the senior and middle management talent in place to accommodate growth and achieve your longer term objectives? Your strategic plan can put into place the measures you need to make sure you have the people on staff to accommodate growth and tackle the work at hand.
2
Improved Performance and Profitability.
A key part of any effective strategic plan is to benchmark against industry standards in areas that impact costs, risk, profitability and loss. It’s a common dilemma: A busy workload is apt to shift the focus away from these areas — but busy periods are precisely the time when improvements can deliver optimum benefit. A strategic plan can put Key Performance Indicators (KPIs) and metrics in place to track your improvement.
3
Vision and Business Alignment.
Not all projects are equal. When work is plentiful, it’s important to identify and seek out the type of work that is best aligned with your long-term vision. Which types of projects best serve your needs? Which specific clients represent the greatest long-term potential? Which opportunities will help you build the alliances and strategic partnerships that will be valuable in the years ahead?
4
Improved Organizational Focus.
The larger your business grows, the more you rely on managers to handle action items that impact long-term success. A clear strategic plan enables you to assign specific milestones to your team. Follow-up meetings throughout the year enable you to check their progress, so that you can fine-tune and make the necessary adjustment to achieve your goals.
5
Team Morale and Engagement.
It’s been said that “too much work is the best problem you can have.” But it can also take a toll on team morale. Having a broader strategic vision in place can help your managers and employees see beyond the daily grind and understand that they – and the company – are moving toward goals that will give everyone a brighter, more prosperous and more secure future.
Talk to HORNE
When work gets busy, it’s easy to lose sight of the big picture. HORNE helps you continue to make progress in key areas of business by developing a formal strategic plan that spells out your vision — and provides a clear roadmap of goals and objectives for the year ahead.
In addition to strategic planning, HORNE offers construction firms a comprehensive array of services to help improve profitability and performance. As a Top 30 Accounting Firm, we also provide access to the tax, accounting and business consulting services clients need to improve the quality, accuracy and reliability of their financials.
For more information on how HORNE can help you with strategic planning and other areas of business, contact us today.
