To survive and prosper in today’s marketplace it is imperative you, as the owner or top management, spend time evaluating your company and the marketplace. Below are some high level questions you might want to ponder.
- Do you have clearly defined goals for your company and a vision you can articulate to your employees and the marketplace?
- Have your revenues decreased or increased significantly in the last 24 months? Have you prepared budgets and plans to address possible financial shortfalls or issues created by large volume increases? Are you capable of implementing the plans?
- Have you reviewed and adjusted your General Conditions and fixed operating costs to align with your current revenue stream and work program?
- Have you reviewed you employee roster and made any adjustments to align workforce requirements and employee expenses with your current revenue stream and work program?
- Have you reviewed your entire organization and workflow process to assure it is streamlined and aligns with your goals, visions and work program?
- Do you have sound accounting principles in place and run a true job cost accounting program? Do you review your WIP schedule weekly? Do you know your True Labor Burden Costs?
- Do you have written policy, procedures and safety manuals? Does each employee have a copy? Do you provide training and orientations for new employees? Do you perform weekly safety training? Do you hold ongoing training programs for all employees?
- Do you have written employment agreements for key employees and buy sell agreements in place for all shareholders? Do you have a method to measure success of processes, goals, employee and job performance?
This list is in no way intended to be a complete inventory of items necessary to evaluate a company but very basic principles that must be addressed regularly. From time to time, every company should engage an outside set of construction industry eyes and ears for an overall evaluation of a company’s goals, processes and financials. This can be accomplished via a formal or informal board of directors or more simply by retaining a Trusted Advisor and industry professional to lead you through an organized evaluation process.
At the FlatRock Group we help companies grow their businesses by clearly defining their Value Proposition, training their leaders and developing effective business development / marketing programs that align with the company vision, goals and structure. Call us today and start growing your business.
Kent Leighton firstname.lastname@example.org 830-201-0678
©The FlatRock Group 2014