Successful Benchmarking: 10 Best Practices & 10 Mistakes

We have all heard the term 'benchmarking,' but when it comes to directly learning from other companies, it’s common to get a little fuzzy on the details of how it should work. Understanding the ways in which a benchmarking visit differs from just a tour is critical to making changes that have operational and bottom line impact. To illustrate, here is a typical tour approach to which many of you can relate.

We’re Not Big on Titles

If I had it my way, most of our business cards would not list a job title. Mine never has.

Over the years, I have seen folks get caught up in their name, rank, and serial number for a company, maybe neglecting some important nuances in the process. With all respect to my banking friends, I have never met anyone with a lower rank than vice president listed on their card.

Our project management has a hand in estimating and at times estimating has a hand in project management. It’s just the way we are wired. No silos. Our civil engineering folks are involved with project management, and the list goes on. As business evolves, I think this is becoming true in many other fields. Job descriptions just aren’t as cut and dry as they once were, and a standard business card doesn’t have enough space for an accurate title.

When people first meet us, maybe they need a title to help them get our organization sorted out, but after an introductory conversation, this all seems to smooth out. To me, actions and good work are the best titles.

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When Is Too Much, Too Much?

With each passing year, I think it is easier at times for us to get caught up in the “comparison trap.” I know I have be guilty of this very thing.

A few months ago, I had lunch with an acquaintance, a wealthy individual who had accumulated a substantial amount of wealth during her life. As we talked, she was saying that being blessed with money can actually be a curse. How do you ensure you are a good steward of your funds? What about your children and grandchildren? Will they have good perspective in light of their wealth and work equally hard as she did?

I think the same goes for brains. I have an attorney friend who scored perfect on the LSAT, yet he’s spent his life struggling with depression followed by a bit of addition. I’d argue that somewhere between the extremes of average and excessive might be the sweet spot. If you need to feel perfect for a time, you can always take a trip down to Seaside for the week, which seems to me a lot like Garrison Keillor’s Lake Wobegon, “Where all the women are strong, all the men are good-looking, and all the children are above average.” The regular world will be waiting on you when you return. Hopefully you’ll be feeling glad for what you have and not worrying about what you may not have.

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All About the Bucket Attachment

Bobcat's advice on finding the best bucket attachment to improve productivity and profitability.

Adapt or Die: Assess & Evolve to Change the Construction Industry

“Adapt or Die,” is arguably the most memorable line from the movie version of "Moneyball." The meaning of the quote and how it relates to business and risk management is paramount—we must fight and overcome the current status quo if we want to change the industry. In construction, we continue to encounter challenges, such as shortages of a skilled workforce, fast-paced technology changes, economic impacts, trade partner liabilities, succession issues, and the ability to attract and retain top talent.

4 Ways to Generate More Promising Customer Leads

Read here for 4 ways to generate more promising customer leads while adhering to data-protection regulations, turbocharging your business development.

Accurate Data = Accurate Forecasting

A comparison of the predictive cost and traditional forecast models for construction businesses.

5 Ways to Promote a Culture of Safety at Your Company

Read 5 ways to promote a culture of safety at your company. Here's why prioritizing worker safety makes good business sense

Understanding Cyberrisk & Creating Awareness in Your IT Processes

How to understand cyberrisk and create awareness in your IT processes.

The Construction Industry’s Growth Trajectory

The economic trends in construction & the part they'll play in shaping your success this year.

The Construction Industry’s Growth Trajectory

The economic trends in construction & the part they'll play in shaping your success this year.

IRMI’s 38th Construction Risk Conference

IRMI’s 38th Construction Risk Conference boosted awareness on trends and new issues in the industry. Read more here.

December 2018 Construction Industry Stats

The AIA Architectural Billings Index, U.S. Census Bureau's Annual Value of Construction Put in Place and more here.

The Cost of Not Keeping Up with Technology

Construction businesses need modern internal systems. A cloud-based enterprise resource planning solution could save your bottom line. Find out how here.

5 Questions for Finding the Scissor Lift Your Company Needs

This article list 5 questions to help you decide what type of scissor lift your construction company needs on its jobsites. Additional features beyond height and weight differentiate one machine from another. While all scissor lifts may look similar, they are not the same. Many scissor-lift models allow operators to complete one specific task, but how efficiently and safely that task is accomplished, as well as the serviceability and durability of the machine, are impacted by the model. Find out what aspects you need to pay attention to, such as load-sensing systems, drive systems, and power output, here. 

Healthy, Wealthy and Wise?

This week, I attended the annual year-end dinner and board meeting of the Atlanta Federal Reserve Bank. The Surgeon General of the U.S., along with the president of the sixth district, spoke about a range of common threads affecting both.

Poor health leads to poor economics and good health can lead to good economics. I never thought of this in this way, but it made real sense.

Vice Admiral Adams ranged across several platforms and a call to action, but first he shared that today’s youngest generation of Americans have a lower life expectancy than every other living generation. This is huddled around childhood obesity, adult obesity, hypertension, physical inactivity and diabetes. On top of this, we have a generation or maybe two that will be affected forever by the opioid crisis, which he referred to as a defining moment in our history.

What can be done? It’s simple. We need to start open real discussion among ourselves, not stereotyping individuals suffering from these diseases, and to engage all aspects of the community, from the law to the religious and community leaders and, most importantly I would, say ourselves.

While the Federal Reserve’s system mandate is to maximize employment and work to stabilize prices, to me, there is so much more. Over the last few months, I have observed efforts to create discussions similar to this one, all in an effort to help provide better economics and therefore overall well-being.

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2018 Regulatory Roundup

A recap of all contractor licensing regulations that were enacted or changed in 2018.

How to Pivot in a Slower Economy & Maintain a Healthy Business

A slower economy is inevitable. Here's how to start planning for it now.

3 Areas of Construction Tech Launching the Industry Forward

The 3 technologies that will take your contracting business to the next level in 2019. 

Understanding the True Power of Telematics

According to Occupational Safety and Health Administration (OSHA) statistics, 21 percent of all worker fatalities in 2016 took place in the construction industry—a statistic that must be improved. However, improving safety records has more than the obvious benefits to human safety. Your company’s safety record is also a concern when applying for new contracts. Clients prefer to work with construction companies that have a safety plan in place and maintain a good safety record.

IRMI’s 38th Construction Risk Conference

IRMI’s 38th Construction Risk Conference boosted awareness on trends and new issues in the industry. Read more here.

Why Close-Out Matters to Your Margins

Perfect your close-out/punch-list strategy with these tips from Gregg Schoppman.

Industry Trends You Should Keep an Eye on in 2019

Scott Arias, Ph.D.

Program Coordinator and Assistant Professor, Eastern Kentucky University President, ACE Consulting Company

The Effect of Digitalization on Construction

Technologically speaking, the greatest obstacle to success in construction today is the proliferation of the data silo. Few, if any, companies ever realize the value of all the information created on a single project—data that could be used to improve decision-making, efficiency, quality and safety, as well as reduce liability on that project and all those that follow.

The Era of the Digital Contractor

Tips for approaching digital contracting from Sachse Construction's Andrea Wright and Kathy Sulik. 

Tips for Protecting Your Company’s Data

Tips for Protecting Your Company’s Data from Departing Employees.

November 2018 Construction Industry Stats

The Construction Business Owner team compiles statistics from multiple sources each month, including the American Institute of Architects (AIA) and the United States Census Bureau, to give you a better understanding of the current state of affairs for the construction industry. The statistics featured in each month's print issue are for 3 months prior to the publication of the magazine, based on the data available.