As NECA President, I often think about what it takes to be successful in our industry. Obviously, the requirements continue to change over time, and solutions are constantly evolving. However, there are some constants we, as contractors, need to keep in our management toolbox. One constant is sound financial practices. Statistics clearly show more contractors fail in a rising market than in a declining market. The best contractors in the industry manage daily things such as productivity, efficiency, solid pricing models, and that one giant we all face: cash flow.
Each of us must provide added value back into our organizations, which will prepare us for tomorrow’s industry landscape. Valuable tools include increasing diversity in our workforce, prefabrication, embracing advancing technologies, diversification of our market base, and exploring new markets such as energy projects, integration systems and distributed generation, just to name a few. Successful company leaders learn to be experts at the basics and explore how to adapt to change and drive sustainability to grow.
It’s clear that the years ahead look very promising for our contractors and for NECA. Allow us to help you analyze and implement how the different dynamics can positively impact your firm and your customers.