Robert Zimmerman on LinkedIn: Opinion | The Story Construction Tells About America’s Economy Is… (2024)

Did you know? ConTech edition.-Construction is the 2nd largest market in the world ($10T).-Accounts for more than 10% of global GDP.-Supply chains are 40% of the construction industry spend.-70% of construction projects miss their original budget or schedule goal.-The industry has the 2nd highest suicide rate in the US.-Construction contractors go out of business at the highest rate of any business in the US (along with restaurants). -The industry has some of the highest wages in the US.-Technology penetration is estimated at 5% or less, the least digitized industry.-90% of the largest companies have been around 30 years or more.-40% of the workforce will retire in the next decade and need replacing.-Every non-natural structure in life was once a construction project.DigiBuild Software #builtenvironment #construction

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The best way to predict the future is to create it. Small businesses are the architects of their own destinies.#MarketingStrategy #WebDesign #ShopLocal

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5 things you should do to economize your design!Comment if you have any additional points to add onMany times Engineers are pressurized by clients to hit economy. Economy is only after meeting the code requirement !! However, fact is that engineers are some times not fine tuning the process as much needed to hit the economy!Here is a bloghttps://lnkd.in/g6HhZPb#economy #structuraldesign #civilengineering #consulting #seismicanalysis #siteengineering #project #projecteconomy

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5 Keys to raising your fees in an Architecture Firm.1. Start by just raising your fees. Sounds obvious..? If you’re not raising your fees at the very least in line with inflation each year that’ll be problematic. Set a fee raise target and get into the habit of increasing your fees consistently and incrementally. 2. Learn to be ok with losing a client because you’re too expensive. It will happen when you’re charging properly. Doubling your fees and loosing half your clients is better than where you started - now you can use the extra time to win more high paying work or simply chill.3. Learn to negotiate face to face. Stop the email wrangling and jump on a call. Learn the psychology behind sales communication, and drop the dog & pony shows inherited from academia and our education. Learning proper negotiation skills will be one of the best investments in any business. 4. Communicate your value by understanding what is valuable to your client first not what you think it should be. Meet them where they are first. 5. Make sure you know your hourly billing rate for each individual employee has been calculated and has 30% profit baked into it. If you’re not tracking time data and have good optics this will be difficult at first. However the rule of thirds is a good rule of thumb - where 1/3 of your the billable rate goes to 1) Profit 2) overheads 3) salaries for direct labour. This becomes the building block for setting your fees#profitablepractice #businessofarchitecture #bigmoneyarchitect

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Rapid growth can be both exciting and challenging and without growth, a business won’t survive! Not every client or customer will align with your offerings, and that’s okay! Maximising your growth with MaxGrowth#maxgrowth #rapid #growth #business #client #customer #accountant #bookkeeper #tax #togetherwemakeadifference #advisor #loveourwork

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ANOTHER ONE BITES THE DUST Major #construction company St Hilliers has gone #administration - the company is, or is likely to become #insolvent. This is not about whether the firm is good at #building stuff, its about its #financialmanagement . We will have to wait to see what administrators WLP Restructuring find in their "urgent assessment of the business's financial position and operations." However, one thing is very clear; the financial outcome (cost/revenue/profit/cash flow) expected from St Hilliers #portfolio , is not what has actually occurred. Another reason why we need to use #technology to improve #forecasting accuracy. Better decsions demand better forecasting. For what its worth (and it may not be worth much) we had a look at this. Octant AI would be able to pretty accurately predict the probable financial outcome from the completion of the St Hilliers work in hand.

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Performance specifications are important to get right. Phelps Partner William J. Tinsley explains some important considerations for lawyers to consider.

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What does the autumn statement mean for your business?

Want to turn your construction business into a profit-making machine? Don't make random choices; make calculated moves. Watch this video to learn the secrets of making choices that drive profitability...#ProfitableChoices #BusinessOrganisation #StrategicPlanning #EntrepreneurialGoals #MarketFocus #EfficientBusiness #FutureSuccess #BusinessDecisions #GoalDrivenEntrepreneur #BusinessStrategy101

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