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Recent Articles
Compensation Planning in Uncertain Times
Construction Industry Round Table: Current Issues Survey Results
How to Manage and Mitigate Subcontractor Default Risks During the COVID-19 Crisis (Part 2)
How Your Board Can Best Respond During Times of Rapid Change
FMI’s Outlook Preview & CIRT Current Issues Survey: Second Quarter 2020
How to Manage and Mitigate Subcontractor Default Risks During the COVID-19 Crisis (Part 1)
Adopting a Proactive Mindset During a Crisis: The Faith Technologies Approach
Looking Beyond the Storm: How to Remain Competitive in the New Era of Construction
2020 CIRT Sentiment Index: Second Quarter Report
Crisis Leadership: The Importance of Leading Oneself
How to Truly Care for Others…in Good Times and Bad
Critical Project Restart Strategies
FMI’s North American Engineering and Construction Outlook: First Quarter 2020 Report
Downright Dangerous Decisions: Developing Strategy Amid Uncertainty
Leadership Communication During a Crisis
Leading Through Business Cycles: Lessons Learned From E&C Executives
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Message from the CEO
3/18/2020
To our clients and industry friends,
What a difference a month makes! Four weeks ago, the U.S. and Canadian economies, including most sectors of our industry, were enjoying an extended ride at the top of the business cycle. Backlogs were full and profits were healthy. Then came the whirlwind – COVID-19. The frenetic pace at which the current environment is changing is forcing all of us to revise operating decisions made only days or even hours earlier. It’s a tough environment in which to lead and manage effectively. And while we will all eventually need to recalibrate our goals and strategies aimed at long-term objectives, what is needed most today is to gain perspective amidst the chaos.
Near-Term Planning
Today, we are all in a ‘fog of war’ dealing with short-term tactical decisions aimed at protecting the health and well-being of our employees, families and society. The events of the next few weeks will likely determine the toll this crisis will have on our economy and individual businesses. Managing your P&L, stress testing your balance sheet, and focusing on cash management are essential steps toward defining your reality and establishing decision gates for the weeks ahead. Nonetheless, there will be major impacts on construction spending and the broader built environment. Our teams are already at work developing scenario models and revising our construction markets forecasts accordingly.
Leverage FMI as a resource
The foundational value upon which FMI was established is our commitment to our clients and the industry. Within the next two to three weeks, we will publish several market updates, forecasts and thought pieces aimed at helping you and your team lead, manage and plan forward. Examples of updated content coming soon include:
- Leading Through Business Cycles – Lessons Learned from E&C Executives
- Leading Through COVID-19, Part 1 – Communicating in a Crisis
- Construction Outlook
- Leading Through COVID-19, Part 2 – Critical Project Restart Strategies
- Scenarios for Weathering COVID-19
- Leading Through COVID-19, Part 3 – Looking Beyond the Storm: How to Remain Competitive in the New Era of Construction
We are also reaching out to our clients and friends to extend whatever assistance we can. To this end, please don’t hesitate to reach out to us for help – even if you just need a sounding board to help calibrate your thinking. If you are not certain who to contact, the contact details for our executive team are listed below. We will connect you with the appropriate resource.
When the whirlwind has passed, our landscapes will no doubt look different. We will get through this by relying on each other and doing whatever is necessary to defeat COVID-19.
Sincerely,
Relevant Articles
What’s Your Strategy When Times Get Tough?
How to Focus on Performance in Any Market Conditions
Positioning Your Organization for the Win
Four Cornerstones of an Adaptive Strategy for E&C Companies
How to Leverage Your Board Ahead of Turbulent Times
Organizational Agility: Creating Enduring Results by Overcoming the Cyclicality Trap