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5 Reasons Construction Companies Should Improve Their Forecasting

3/18/2013 at 10:04 am by

Gaining full visibility into your construction company requires a solid understanding of what has happened (reporting), what is happening now (monitoring), and why it has happened (analysis). I already wrote about these three critical types of business visibility in past blog posts. Today, I’ll explore why predicting what will happen is becoming increasingly important to contractors in order to better manage their projects and business.

Rear-view management is no longer good enough with today’s competitive pressures and complex business environment. Proactive contractors are looking at business and project performance trends, considering the impact of outside factors, and forecasting best case and worst case scenarios. 

Here are five reasons why improved forecasting is a bonus for your construction business:  

  1. Establishes the best roadmap for your company.
  2. Protects and improves your bonding and credit.
  3. Helps you manage your business more confidently.
  4. Allows you to course correct quickly when things don’t go according to plan.
  5. Provides a better understanding of what you can control and what you can’t

For more information about how to improve you construction business and project forecast, download the predicting edition of The Construction Executive’s Interactive Guide to Business Visibility. In this e-book, you’ll get tips, best practices, and basic steps to develop more informed forecasts and what-if scenarios.  You’ll also learn about scenario planning and how it takes into account external factors that can impact your organization.

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About the Author

Deb Carpenter-Beck is a writer and marketer with more than 25 years of experience in the construction and real estate industries. She often writes about technology and best practices and is passionate about helping contractors and real estate professionals achieve their business goals. You can follow her on Twitter @SageDebCB.

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