No matter how long you have been a financial professional, if you haven’t worked in the construction industry then you will most likely be taking on multiple functions that you haven’t encountered before. The construction industry faces multiple unique challenges that aren’t necessarily present in others such as surety and bonding, safety and risk management, IT, legal, and succession planning. As specialty contractors, we find ourselves diving deeper into these topics and being more involved with our limited resources in staffing and in budget.
Even if you have someone or a department designated to focus on one of these roles such as IT or a safety manager, they are all intertwined and will still need your input. Every specialty trade is different and will have unique needs and challenges based on their trade. General contractors and construction management firms can certainly understand and face these challenges. However, these organizations are typically much larger so there are more resources available. Many construction financial professionals (CFPs) that come from other industries can find it overwhelming to have to take on subjects that they never dreamed that they would need to be a part in with their accounting background.
Luckily, if you are reading this, you have found the CFMA. This is the only association that understands the unique challenges that CFPs face on a daily basis. There is a plethora of information out there through the association from webinars to “The Book” — but one of the most beneficial resources is your peers. Not only can you learn tricks of the trade from each other but sometimes just the peace of mind knowing that you aren’t alone is helpful. The experience of more veteran professionals along with those who are newer to the industry, each brings their unique perspective.
If you are attending the 2024 Annual Conference & Exhibition in Grapevine, TX, be sure to attend the panel discussion “The Many Hats of the Specialty Trade Financial Manager.” You’ll hear from a panel of your peers regarding all the non-accounting functions that they perform. They’ll share lessons learned, their experiences, resources they found useful, and what surprised them when entering the industry.
In addition to this panel discussion be sure to take advantage of all of the networking available to you at the conference. There won’t be another time that you will be surrounded by professionals that have an intimate knowledge of what you face day to day.