In this issue devoted to the strategic CFM, I would like to review CFMA’s Strategic Plan, which we spend a considerable amount of time discussing with CFMA’s Executive Committee and Officers, but probably something very few of you have ever seen discussed in detail. Reviewed every 3-4 years, CFMA’s current strategic plan was developed in the fall of 2018 and implemented in fiscal year 2019-20. This plan will be reviewed and revised this fall to implement in fiscal year 2022-23.
Member Value
“Members will regard CFMA as the essential construction financial resource, and CFMs will be viewed as leaders in the construction financial industry and an indispensable part of their company’s leadership team.” When I arrived at CFMA over 10 years ago, one of our goals in this area was to increase the number of CFMA members. Shortly after, CFMA’s leadership made an important course correction to change the goal to increasing CFMA member value, which has in turn increased membership. CFMA has done many things over the years to increase value, such as offer free monthly webinars; opt-in all members to the Connection Café daily digest; dramatically increase educational offerings and convert almost all courses to an online format; create such publications as the State Tax Law Guide; increase the promotion of the CCIFP designation; and significantly increase the number of Financial Benchmarker respondents.
Chapter Relations
“CFMA chapters will be vibrant, growing, and viewed by stakeholders as the best local educational and networking resource for construction financial professionals.” I am particularly proud of what we accomplished this past year in supporting our chapters, as this may have been the most challenging year they have ever had. Specifically, we created a series of online programs to assist them in delivering value to their members virtually including bimonthly chapter leader check-ins (for leaders to share ideas with each other), a session on using virtual platforms, and a series of sessions on running a chapter in a virtual world.
Companies
“Construction companies will recognize the significant value of CFMA education and engagement as an essential investment in their success.” One of our most significant accomplishments in this area is the development of the Peer Group program, which now has about 260 participating members who view it as vital to their company’s success. This year, we also formed the Diversity & Inclusion Committee, with one of its goals being to make the business case for why companies should embrace diversity and inclusion. Finally, we have increased our connections and educational offerings to Canadian members.
External Relations
“CFMA will be the recognized authority in advancing sound financial and accounting practices in the construction industry and the leading resource for education, financial information, and issues that impact the construction industry.” When I first came to CFMA, a friend congratulated me on joining the “sleeping giant of the construction industry.” We are sleeping no more, as associations now approach us to partner with them in a variety of ways, rather than vice versa. Another major initiative under this goal is to promote and support suicide prevention and the Construction Industry Alliance for Suicide Prevention (CIASP). Even though CIASP is now a separate 501(c)(3) organization, CFMA still contributes to, and has several board members involved in, CIASP.
CCIFP
As of April 1, 2021, CFMA and ICCIFP officially merged into one organization. While elements of Certification already exist within our strategic plan, we are working diligently to create a separate goal that will help us focus and prioritize what needs to be accomplished this year to integrate Certification into everything we do.
I hope this brief overview of our strategic plan has given you some idea of the direction your Association is moving toward. I can promise you that we seek to continuously improve in accomplishing the goals of our strategic plan.
Finally, I encourage you to view the next few pages of this issue to learn more about CFMA’s 2021-22 Officers and Executive Committee members who will dedicate countless hours over the coming year to continue to improve your Association.
Copyright © 2021 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in May/June 2021 CFMA Building Profits magazine.