Every contractor is aware of the uncertainty of the construction industry going in, but the challenges facing contractors today are unprecedented. As a construction company owner, you may feel as if you’re attempting to cross a wide, rushing river, and you have no idea how you’re going to get to the other side – or how long the journey might take.
Success is rarely an accident. A successful adventurer starts out with a clear idea of where he wants to go and a map that shows the best route to get there. Like a physical map that helps you navigate around sand bars and rapids to reach a geographic destination, a strategic plan lays out the path to achieve your business goal.
While strategic planning might seem like a luxury a small business owner can’t afford, the time spent assessing the environment and your organization’s strengths may actually be the highest yielding investment you can make. For contractors who take the time to evaluate where they want to go and how to get there, the rewards are many – not the least of which is the hope it can provide contractors and their employees by giving them a sense of control over their destiny.
To read more about how contractors can benefit from strategic planning, click here. Barnes Dennig Senior Manager Chris Hartle, the team leader for our Construction Client Service Team, wrote a white paper entitled How Contractors Can Navigate Back to Profitability. It includes the four primary areas to address in a strategic plan, four key benefits, and five steps in the process.