Preparing Your Business for the Challenges Ahead - Articles

As a leader in the construction industry, you understand the importance of staying ahead in a rapidly evolving landscape. Today’s challenges — from internal theft, to optimizing cash flow, to safeguarding finances — require proactive and informed strategies. On top of this, we must contend with external factors like interest rates, inflation, and labor market fluctuations as well as the inherent uncertainties in a presidential election year.

Successful construction financial professionals (CFPs) must manage this balancing act of internal business workings and external forces shaping our industry.

Expert Insights to Manage Risk & Thrive

This issue of CFMA Building Profits shares insights specifically tailored to help you understand, mitigate, and manage the risks facing your business. These resources are designed to guide you through the complexities of technology, workforce management, and financial optimization.

With jobsite safety, mental health, and substance misuse as ongoing concerns, ensure you’re prepared with critical information on naloxone and explore its vital role in emergency preparedness as a life-saving medication that can reverse an overdose from opioids.

Meanwhile, as technology integration becomes increasingly necessary, this issue offers the tools and tips needed to seamlessly adopt new technologies into your operations. Additionally, safeguarding your business from internal threats is just as important as external ones, and this issue also shares key strategies to defend your organization and maintain financial security.

Finally, with an eye on benchmarking your company’s financial performance, “CFMA’s 2024 Construction Financial Benchmarker Executive Summary” presents the latest survey results, helping you measure your company’s standing against industry peers and optimize your financial strategies.

Risk management is a critical aspect of the everyday challenges faced by the industry, and each of these topics were carefully selected to address the unique issues you face as a CFP.

Preparing for Success in Uncertain Times

The only certainty we have in a volatile, uncertain, complex, and ambiguous world is change. By staying proactive and informed, your business can not only survive but thrive in these uncertain times.

Your CFMA membership, being part of an inclusive community of CFPs, and access to best-in-class knowledge and practice standards are all part of preparing to succeed.