Memorable quote from the video:
Welcome to the third edition of the 2020 FMI Quarterly. We are publishing this edition during what is arguably the most challenging period of our careers. The global pandemic is affecting every corner of the planet, creating unprecedented levels of change, complexity and uncertainty across industries, including the Built Environment.
With this in mind, the enclosed articles aim to help leaders and managers understand, contextualize and arm themselves with useful tools and new ways of thinking during this time of extraordinary change.
One article discusses the critical importance of developing a strategic framework for making decisions. Such a framework is important in any business environment, but is especially critical during volatile and uncertain times. In most situations, strategic decisions incorporate three key elements: market potential, market position and state of readiness. The authors take an in-depth look at the role that each element plays in developing a good strategic decision-making framework.
Another article delves into the challenges facing the heavy highway and civil markets. With the FAST Act expiring, heavy highway and civil contractors will face new challenges. Working through these issues will require nimble and dynamic strategies. Just what direction these strategies must take will depend upon the course of events related to surface transportation funding at the federal and state levels.
A third article describes the nature and benefits of agile leadership. Has there ever been a time in any of our careers when we, as leaders and managers, needed to be more agile in our thinking, behavior and decision-making? Probably not.
Lastly, we’ve included a timely piece on business differentiation in market cycles where supply versus demand tilts in favor of project owners. In down markets where there is perceived overcapacity, the urge to compete on price (versus adding value) often feels compelling and necessary. From this article, you’ll gain insight into what it means to differentiate your company around demonstrable value that matters to owners (and that they’re willing to pay for), and learn how to compete more effectively through the cycle.
The damage wrought by COVID-19 is winding its way through the general economy and will certainly impact the Built Environment in both anticipated and surprising ways. We believe the biggest challenges for engineering and construction firms are still months away and will be substantial. On behalf of my FMI colleagues, we trust you will find the content of this edition of the Quarterly helpful, and we are ready to connect with you further on these—and any other issues—you and your team are dealing with during this truly extraordinary time.