Like a building the larger it will be the stronger the foundation must be. Like a building; if there is weakness in the foundation it will start to show over time. Like a building; a weak foundation is very difficult and expensive to fix. Like a building; a weak foundation can lead to catastrophic failure if ignored - especially in bad conditions.
What does a “foundation” look like for a contracting business?
When you start building a contracting business your #1 priority is simply winning and then building projects. Let’s consider this the “Building” and when you start it is more like a tent requiring zero foundation.
The first layer of the foundation are the workflow processes and technology tools used to directly support your #1 priority. That makes this part of the foundation the most visible. Consider this the slab and if you are building a relative small building that’s all you need but a larger building needs a foundation that goes all the way to bedrock or else you run into massive future problems.
This deeper foundation includes a clear and shared vision, a strategy to get there, the organizational structure with the right talent to support that strategy, a rigorous business planning process and the disciplined operating rhythms to keep those plans on-track. The culture and behaviors of the team must be consistent and support all elements of the foundation - like the strength of the concrete.
How strong is your business foundation?
Are any cracks starting to show like stagnant growth, volatility of profits and excess stress on the team?