FMI, the largest provider of management consulting and investment banking to the engineering and construction industry, releases its newest study "Adjust, Adapt, Act: Winning Stories From the Post-2007 Construction Industry."
The paper explores several case studies, including Sun Country Builders, Huen, BakerTriangle, Consigli, Skender Construction and Flatiron, and distills the key factors that make these companies unique and successful. The article also summarizes thoughts and insight from senior FMI strategy experts on success strategies that have become crucial in running a profitable construction business, as well as common mistakes, which can lead to failure in today's cutthroat environment.
Select success strategies discussed in the paper include:
- Get into the heads of your clients – early
- Reinvent yourself and innovate. Find what makes you unique
- Be smart about diversifying your portfolio
- Be nimble and flexible, yet disciplined. Never get complacent
- Understand "incremental economics" – revenue, margin, overhead – more than ever
- Bring creative financing solutions to the table
- Build contingency plans into all corporate strategy discussions and never stop looking ahead.
Key highlights include:
- Case studies on successful companies
- Business imperatives for a volatile economy – thoughts and insight from FMI consultants and study participants
- Common mistakes – summary of most frequent strategic mistakes witnessed by FMI consultants
- Conclusion and recommendations
To download a copy of the full report, click here. For reprint permission or to schedule an interview with the author, please contact Sarah Vizard at 919.785.9221. BD+C
Related Stories
Giants 400 | Jan 23, 2024
Top 110 Medical Office Building Architecture Firms for 2023
SmithGroup, CannonDesign, E4H Environments for Health Architecture, and Perkins Eastman top BD+C's ranking of the nation's largest medical office building architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report.
Giants 400 | Jan 22, 2024
Top 100 Outpatient Facility Architecture Firms for 2023
HDR, CannonDesign, Stantec, Perkins&Will, and ZGF top BD+C's ranking of the nation's largest outpatient facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report. Note: This ranking includes design revenue for work related to outpatient medical buildings, including cancer centers, heart centers, urgent care facilities, and other medical centers.
Construction Costs | Jan 22, 2024
Construction material prices continue to normalize despite ongoing challenges
Gordian’s most recent Quarterly Construction Cost Insights Report for Q4 2023 describes an industry still attempting to recover from the impact of COVID. This was complicated by inflation, weather, and geopolitical factors that resulted in widespread pricing adjustments throughout the construction materials industries.
Transit Facilities | Jan 22, 2024
Top 40 Transit Facility Architecture Firms for 2023
Perkins&Will, HDR, Gensler, Skidmore, Owings & Merrill, and HNTB top BD+C's ranking of the nation's largest transit facility architecture and architecture engineering (AE) firms for 2023, as reported in the 2023 Giants 400 Report. Note: This ranking includes design revenue for work related to bus terminals, rail terminals, and transit stations.
Hotel Facilities | Jan 22, 2024
U.S. hotel construction is booming, with a record-high 5,964 projects in the pipeline
The hotel construction pipeline hit record project counts at Q4, with the addition of 260 projects and 21,287 rooms over last quarter, according to Lodging Econometrics.
Modular Building | Jan 19, 2024
Virginia is first state to adopt ICC/MBI offsite construction standards
Virginia recently became the first state to adopt International Code Council/Modular Building Institute off-site construction standards.
Office Buildings | Jan 19, 2024
How to strengthen office design as employees return to work
Adam James, AIA, Senior Architect, Design Collaborative, shares office design tips for the increasingly dynamic workplace.
Modular Building | Jan 19, 2024
Building with shipping containers not as eco-friendly as it seems
With millions of shipping containers lying empty at ports around the world, it may seem like repurposing them to construct buildings would be a clear environmental winner. The reality of building with shipping containers is complicated, though, and in many cases isn’t a net-positive for the environment, critics charge, according to a report by NPR's Chloe Veltman.
Adaptive Reuse | Jan 18, 2024
Coca-Cola packaging warehouse transformed into mixed-use complex
The 250,000-sf structure is located along a now defunct railroad line that forms the footprint for the city’s multi-phase Beltline pedestrian/bike path that will eventually loop around the city.
Sponsored | BD+C University Course | Jan 17, 2024
Waterproofing deep foundations for new construction
This continuing education course, by Walter P Moore's Amos Chan, P.E., BECxP, CxA+BE, covers design considerations for below-grade waterproofing for new construction, the types of below-grade systems available, and specific concerns associated with waterproofing deep foundations.