As one year ends and another begins, many of us have more to do as our demands continue to increase. But it’s crucial to carve out time to learn, plan, and prepare for the opportunities and challenges that the new year may bring.
It’s essential to acknowledge the flexibility of our budgets, adapting as new work becomes available to our companies and as the myriad issues impact the industry in the coming year. Many of us are waiting to see if anything shifts with interest rates, when more infrastructure money will be used, and whether any other tax changes will be coming our way.
This issue of CFMA Building Profits delves into different perspectives that can guide us through upcoming challenges and potential changes. Being prepared for the future is a prudent step in ensuring success. And the ability to adapt to emerging trends in technology and the economy will be pivotal for our sustained success.
In October, I saw a great presentation at the AGC/CFMA Construction Financial Management Conference on sustainability in construction. It seems that our industry, both nationally and internationally, will need to factor in sustainable building into our knowledge set.
Benchmarking against industry peers is also a valuable tool to chart our course. CFMA’s Financial Benchmarker results provide real insights into what has been working for other companies, gives us the opportunity to identify areas for improvement within our own companies, and helps us strive toward achieving Best in Class status — if we aren’t there already.
Finally, please make sure to read the article “Diversity Wins: A Jostin Construction Case Study.” Embracing diverse voices is part of improving not only our companies, but also the construction industry as a whole. Sharing one company’s experience can shed light on the positive impact of fostering diversity.
I’m hopeful that you, your families, and your companies will enjoy wonderful holiday celebrations as 2023 comes to an end. I wish you a peaceful season and lots of great times to come in 2024.
Copyright © 2023 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in November/December 2023 CFMA Building Profits magazine.