Functioning Out of Fear: 5 Ways FortisOBM Will Sustain and Rebuild Your AEC Firm
In the fields of architecture, engineering, and construction (AEC), the pressure to thrive amidst fierce competition can often lead to functioning out of fear: fear of losing clients, fear of missing deadlines, fear of financial instability—the list goes on.
While fear can be a powerful motivator, it can also hinder growth and innovation within your firm. At FortisOBM, we understand your challenges and are here to help sustain you while rebuilding your confidence and success.
From Paralysis of Fear to Sustaining and Rebuilding
Fear can manifest in many ways within your organization. It might lead to a reluctance to pursue new opportunities, a hesitancy to invest in innovative technologies, or a resistance to change for fear of failure. When fear becomes the driving force behind decision-making, it can result in stagnation rather than progress.
Consider yourself a lighthouse overlooking the Atlantic Ocean. When storms swell, you are there with your light on guiding ships onto shore. When the sky is clear, you’re there to welcome travelers to safety. Regardless of the weather conditions, your business – your brand is the consistency and safety your client has as they navigate uncertainty. As business leaders, one of the many challenges you face is the uncertainty of what weather you may experience. But one thing you can focus on is what’s in your control – your ability to shore up (no pun intended) while staying positively cautious about what’s to come. Your focus on controllable activities deters your clients from losing faith in your ability to serve them.
At FortisOBM, we believe in addressing fear head-on and helping you transform it into fuel for growth with a focus on helping your company be more self-sufficient.
Strategic Planning
We'll work with you to develop a comprehensive strategic plan that aligns with your firm's goals and values, helping you navigate uncertainty with clarity and purpose. Strategic planning increases your organization’s chance of success. Here’s why strategic planning is a big deal:
Companies with written business plans grow 30% faster (Journal of Management Studies). Are you challenged with stagnant energy in your organization and client relationships? Taking a step out of the day-to-day to realize inefficiencies can save your firm thousands if not millions of dollars over time. And even though you may know that’s the solution, you haven’t been able to do so due to the growing number of fires that need your attention.
In a Harvard Business Review report, 95% of employees don’t understand their company’s strategy. Establishing a long-term plan with goals and objectives your company can accomplish gamifies the journey for all involved, building company morale and energizing business development and marketing activities.
In a survey of C-level executives by the Economist, 88% said executing strategic initiatives successfully is “essential” or “very important” for their organizations’ competitiveness over the next three years. Yet of those same executives, 61% acknowledge their firms often struggle to bridge the gap between strategy formulation and its day-to-day implementation.
Many AEC firms know they need to make changes but are unable, for many reasons, to see how to solve an internal problem without support. There may be objections to hiring an outside consultant. We suggest listing your objections and bringing them to your discovery calls with consultants to help find the best fit for your firm.
Leadership Development
Our leadership development programs empower your team to lead with confidence, inspiring trust and collaboration at every level of your organization. Here’s why strategic planning is a big deal:
Based on a report from the Association for Talent Development, 47% of companies believe there will be a shortage of leadership or executive-level skills in the future.
Dynamics are shifting from company to company, with younger leaders making multi-million and -billion-dollar decisions. A systematic leadership development process will help establish your firm’s brand and bring healthy morale to in-office and hybrid working environments.The Development Dimensions International reported that 72% of leaders feel burned out by the end of the day, an increase from 60% in 2020.
Burnout not only affects the well-being and mental health of individuals but also has detrimental effects on workplace productivity, creativity, and decision-making. In the AEC industry, where projects are often complex and demanding, burnout can hinder the ability of leaders to effectively manage teams and deliver results. It can lead to increased absenteeism, turnover, and decreased employee morale, ultimately impacting project timelines and quality.The Development Dimensions International also reported only 40% of leaders rate their organization’s leadership quality as “very good” or “excellent” — down eight percentage points since the pandemic.
Strong leadership is crucial for guiding AEC firms through challenges, fostering innovation, and maintaining client satisfaction. When leaders lack confidence in the quality of their organization's leadership, it can lead to a lack of alignment, unclear direction, and decreased employee engagement. This, in turn, can impede collaboration and hinder the firm's ability to adapt to changing market conditions and client needs.
Burnout among leaders can result in poor decision-making and ineffective project management, leading to delays and cost overruns.
High levels of burnout coupled with a decline in leadership quality can contribute to talent retention challenges. Employees may seek opportunities elsewhere if they feel unsupported or undervalued.
A decline in leadership quality can impact the firm's reputation and client satisfaction. Clients rely on strong leadership to deliver projects on time, within budget, and to their satisfaction. Failure to meet these expectations can damage relationships and hinder future business opportunities.
Market Analysis
By conducting an in-depth market analysis, we'll help you identify new opportunities for growth and differentiation, allowing you to expand your client base and increase profitability. Here’s why market analysis is a big deal:
Statistic: 20% of global market research spending goes to customer relationship management (CRM) and customer satisfaction surveys.
This statistic underscores the importance organizations across various industries, including the AEC sector, place on understanding and improving customer satisfaction. By allocating a significant portion of their market research spending to CRM systems and customer satisfaction surveys, businesses aim to gain insights into customer preferences, needs, and pain points.
For AEC firms, maintaining high levels of customer satisfaction is crucial for retaining clients, winning repeat business, and building a positive reputation in the industry. Investing in CRM systems and customer satisfaction surveys allows firms to collect valuable feedback, identify areas for improvement, and tailor their services to better meet client expectations.
Statistic: Customer Surveys have a 33% average response rate.
The average response rate of 33% for customer surveys suggests that a significant portion of clients are willing to provide feedback when solicited by AEC firms. However, it also indicates that there is room for improvement in engaging a larger proportion of clients to participate in surveys.
A higher response rate enables firms to gather more representative and actionable feedback to inform strategic decisions, service improvements, and client relationship management efforts. AEC firms should optimize survey design, timing, and delivery methods to increase response rates and ensure the accuracy and reliability of the data collected.
Statistic: 23% of organizations lack a clear market research strategy.
The statistic revealing that nearly a quarter of organizations lack a clear market research strategy highlights a potential gap in understanding customer needs and market dynamics. Without a well-defined strategy for gathering and analyzing market insights, firms may struggle to stay competitive, innovate, and effectively target their offerings to meet client demands.
By investing in market research capabilities and developing a structured approach to gathering and analyzing data, firms can make informed decisions, mitigate risks, and enhance their competitive positioning.
AEC firms should prioritize understanding client needs and preferences through CRM systems and customer satisfaction surveys.
Adopting a client-centric approach allows AEC firms to tailor their solutions, cultivate deeper connections, and set themselves apart in a competitive marketplace. By actively soliciting and acting upon client feedback, AEC firms can continuously improve their services, processes, and project delivery.
This approach helps firms adapt to evolving client expectations and industry trends, driving long-term success and sustainability.
A clear market research strategy empowers AEC firms to make informed decisions about market positioning, service offerings, and business development initiatives.
By staying attuned to market dynamics and customer insights, firms can capitalize on emerging opportunities and navigate challenges effectively.
Technology Integration
Embracing technology is crucial for staying competitive. Here’s why Technology Integration is important:
“The architecture, engineering, and construction (AEC) industry is undergoing a significant shift from conventional labor-intensive methods to automation through the use of digital technologies (DTs) and has played a significant role in this revolution… With the great emphasis on these technologies in the AEC industry, the assessment of their impact on user behavior is becoming increasingly important as DTs transform the relationship between the construction process and human behavior… They could be used for logistics operations, near-real-time knowledge flows, end-to-end supply chain consistency, and increased human interaction through the application of digital technology, in particular, labor-intensive activities…” (National Institute of Health).
“At $12 trillion, architecture, engineering, and construction (AEC) is one of the biggest industries in the world, but historically it has been among the slowest to digitize and innovate… An estimated $50 billion was invested in AEC tech between 2020 to 2022, 85% higher than the previous three years. During the same period, the number of deals in the industry increased 30% to 1,229” (McKinsey).
Your Path to Success: The First Steps
At FortisOBM, we're committed to helping AEC firms overcome fear and thrive in today's ever-evolving market. Our team of marketing and business development planning and production experts is dedicated to supporting you every step of the way, from sustaining your firm through challenging times to rebuilding it into a stronger, more resilient organization.
Ready to break free from fear and unlock your firm's full potential?
Contact us today to schedule your client journey audit and embark on the path to sustained success. Together, we'll navigate the challenges ahead and emerge stronger than ever before.
Remember, fear may be a natural response to uncertainty, but it doesn't have to dictate your firm's future.
You can overcome fear and achieve greatness with the right support and guidance.
Let's embark on this journey together.
Client Journey Audit
To truly understand the dynamics of your client relationships, FortisOBM offers a comprehensive client journey audit. This process will help you identify pain points, improve communication, and enhance the overall client experience.
Here’s why Client Journey Audits are important:
Typically, 80-89% of revenues for an average AEC firm stem from existing clients, yet maintaining client loyalty poses an increasingly challenging task. This correlates with two commonly observed statistics I've encountered throughout my three decades in the AEC market space.
The 2021 Deltek Clarity Report revealed that, on average, a firm’s top three clients contribute to 37% of annual revenue. (Last year, the same report showed a figure of 42%.)
The development and execution of a Client Experience (CX) program have never been more pivotal for a firm’s business development success, with seller-doers often spearheading this initiative.
FortisOBM specializes in defining the client experience within the AEC disciplines. We explore how firms can seamlessly integrate CX into their culture to attract prospects and foster repeat business.
Understanding CX and its pivotal role in revenue generation, recognizing and mapping out the client journey, and incorporating strategies into marketing, business development, and project delivery are all essential steps for AEC firm success.
FortisOBM is a client-centric, results-driven consultant focused on delivering tailored solutions to meet the diverse needs of businesses in the built environment. At FortisOBM, we're driven by a vision to transform not just businesses, but entire communities. By partnering with us, you're not only investing in your firm's success, but also in the creation of thriving neighborhoods, communities, and cities.
FortisOBM empowers architecture, engineering, construction (AEC), and project management firms to thrive in the next era by revolutionizing their businesses and enhancing their brand impact.
To learn more about our on-demand or retainer services, schedule a complimentary 30-minute consultation today.
