With the transition from summer to fall, it’s a natural time to reflect, plan, and prepare for the months ahead. This season, many of us are not only anticipating a new school year but also setting the foundation for a successful year in our businesses. A critical component of this planning is assessing and managing risk — within both our organizations and the initiatives we’re eager to launch.
The articles in this issue of CFMA Building Profits will help guide you through key aspects of risk management, whether it’s implementing new technology, combating fraud, or navigating the challenges of the future construction workforce.
Risk management isn’t just about protecting against losses — it’s about positioning your company for strategic growth. By looking inward at your operations and outward at emerging trends, you can anticipate challenges and seize opportunities. As we all know, risks can hide in unexpected places, which is why vigilance and adaptability are key.
Prioritizing Personal Renewal
As leaders, it’s important to remember that risk management begins with personal rejuvenation. Stephen Covey’s principle of “sharpening the saw,” from The 7 Habits of Highly Effective People, is a reminder that to meet the challenges ahead, we need to be physically, emotionally, and mentally ready. Without this renewal, even the most driven individuals can experience burnout. As we focus on our companies’ futures, let’s also take time to invest in our own wellbeing.
Caring for Your Team’s Wellbeing
September marks National Suicide Prevention Month, a sobering reminder that mental health should be at the forefront of our concerns year-round. As leaders, we must remain attuned to the needs of our colleagues and teams. The Construction Industry Alliance for Suicide Prevention (CIASP) offers valuable resources at preventconstructionsuicide.com to support those in the construction industry with addressing mental health and suicide prevention. Let’s continue to build workplaces where people feel safe, valued, and supported.
Embracing Gratitude & Growth
With the change in seasons comes an opportunity to reflect on what brings us joy, both in our personal lives and our professional endeavors. Taking a moment to express gratitude toward others can have a profound impact. As we focus on growth, let’s also appreciate the support systems that help us along the way.
CFMA is here to support you at every step. Whether you’re exploring new ideas, assessing risks, or venturing into uncharted territory, our resources — including the Financial Benchmarker, the Connection Café, the Heavy Equipment Comparator, and more — are designed to assist your journey.
I encourage you to explore the wealth of knowledge, tools, and support available through CFMA as you plan for an even Bigger and Better future!
Copyright © 2024 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in September/October 2024 CFMA Building Profits magazine.