Now What Do We Do?
surviving the current market and thriving in the future
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In keeping with our professional business and practice management philosophy, this month we continue to offer information and guidance from our allied business colleagues and A/E/LA/C firm representatives who "lead, serve, solve and sell." Donna J Corlew, FSMPS, CPSM, Chief Whatever It Takes (WIT Officer) C*Connect speaks directly to the current state of the economy and yes what does an A/E/LA firm do? Are you taking a "wait and see" position until 2021 or are you focusing on
a "what if" attitude by being proactive now and visualizing the recovery?
Donna advises us on
What To Do Now!
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Architecture, engineering, and construction (AEC) firms across the United States have experienced unprecedented growth for 10 years across most market sectors. Owners have been moving projects forward at rapid speed and many firms were facing dire hiring challenges.
Then the calendar flipped to March 2020, and much of the country vacated offices, cancelled travel, and complied with stay-at-home orders due to the impact of COVID 19.
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Firms immediately shifted to keeping employees and clients safe, and many focused almost entirely on survival. Some furloughed staff and cut expenses, while others implemented offensive and defensive actions for short-term protection and long-term growth.
In the past, United States companies have shifted through major upheavals. One yearlong study was conducted by Ranjay Gulati, Nitin Nohria, and Franza Wohlgezogen following the Great Recession. Published in the
Harvard Business Review in March 2010, the study considered performance data collected for over 4,700 public companies during the 1980 crisis, the 1990 slowdown, and the 2000 bust. The findings shed light on successful companies who not only survived but also thrived in the three years following the downturn.
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By deploying "a specific combination of defensive and offensive moves," these companies had "the highest probability--37%--of breaking away from the pack. These companies reduce costs selectively by focusing more on operational efficiency than their rivals do, even as they invest relatively comprehensively in the future by spending on marketing, R&D, and new assets."
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What offensive actions should an AEC firm take now considering our current economic climate? Three marketing and business development suggestions come to mind: |
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* Scenario instead of strategic planning.
Summer is usually when firms launch strategic and business planning activities. The strategic plan's three to five year view seems daunting given current market conditions.
Instead, firms should pivot to a scenario planning approach, and consider internal and external risks with opportunities to support current and future clients into the Next Normal and beyond. These plans are shorter term -- three, six and twelve months with frequest reviews to assess market changes and implement course corrections that refocus efforts for maximum effectiveness.
* Invest in training.
How companies conduct business changed almost overnight, and most have embraced technology to interact with clients, partners, and colleagues virtually instead of face-to-face. While in-person meetings will eventually return, clients are becoming comfortable using video platforms to conduct project meetings, community input sessions, and interviews for new work. Firms should provide training to help staff effectively and efficiently communicate in a virtual environment; this will not only help them deepen client relationships now, but will also improve communication skills that will bear fruit in the future. |
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* Thought leadership.
As our communities reopen, clients are looking to architects and engineers for solutions to a myriad of challenges. Many relate specifically to the safe, efficient operation of a space, while others are business-oriented. "How do we make money? How do we get patrons back in our store/restaurant/hotel/school?"
What are your clients' problems and who within your organization can lead that conversation? Whether the result is written content (i.e., blogs, email, social media) or talking points for a panel discussion the firm hosts and promotes, the result is enhanced firm and individual credibility that builds client trust.
Each day, the COVID 19 Pandemic is presenting new questions that need proactive solutions. Incorporate offensive activities in your practice today so your firm can reap benefits and profits down the road.
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Carefully studying and implementing a current and post COVID 19 scope of business development strategies specific to your firm size and project categories is paramount to successful short and long-term practice management.
We say...stay the course of due diligence concerning the business operations of your professional practice, too. Are you up-to-date with your continuing education requirements for license renewal even though there may be waivers in place due to COVID 19? Oh, and one more best practice topic, we can help you prepare your corporate reports for the Secretary of State where your firm is registered to practice. Take note: Washington DC has released guidelines as of (7.1.20) for Architecture business licensing.
If you need assistance with managing your
individual credentials and/or have corporate credentials compliance issues, call 913-608-7880 to have your questions answered and/or concerns addressed during a free consultation. Visit AECredentialing.com to explore additional benefits of our service.
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Contact Details:
LS Credentialing Services, WBE Certified, P.O. Box 91, Olathe, KS 66051
Lexi@AECredentialing.com
913-608-7880
Join us in our efforts to go "green". Think before you print.
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Take Note
A Timely Upate
Your jurisdiction license renewal date may be waived due to the COVID 19 pandemic. Your continuing education requirements may also be modified. Please visit your jurisdiction licensing website for current information.
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Architects:
Jurisdiction License Renewal Due Date
07/2020
Arkansas, Connecticut,
North Carolina,
Wisconsin
08/2020
Massachusetts
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Engineers:
Jurisdiction License Renewal Due Date
07/2020
Indiana, Vermont, Wisconsin
08/2020
Washington DC
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Landscape Architects: Jurisdiction License Renewal Due Date
07/2020
Arkansas, Connecticut,
Michigan,
Wisconsin
08/2020
None
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If your license renews on your date of birth this month, or by state requirement when your license origination occurred, or any other jurisdiction imposed requirement, it's time to renew.
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Contact us to receive a custom monthly
credentials report containing:
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*All A/E/LA national and international licensure status with renewal dates
*Professional affiliation membership types with renewal dates
*Current multi-discipline continuing education requirements needed
*Comprehensive recorded history of categorized education credits
Learn more about our innovative and easy-to-use service at: AECredentialing.com.
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Now delivering
Business Credentials Compliance services
Professional legal services for business credentials compliance includes:
* Existing corporate credentials registration compliance review
* Corporate credentials quarterly maintenance
* Corporate credentials documents filing
* Potential new corporate registration legal research with recommendations
Your questions and critical issues will be addressed with quality professional service when you call 913-608-7880.
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