Since my first Chairman’s message just a short time ago, the COVID-19 pandemic has altered the daily workings of the construction industry, changed how businesses operate, and shifted our families and neighbors into practicing social distancing to slow the spread of the virus. This issue is about the future of construction and focuses on innovations like modular construction and prefabrication as solutions to the challenges ahead. How does the current pandemic affect the future of construction, and how will our roles as financial leaders change? 

As CFMs, we face new challenges as we work with our organization’s leadership to react swiftly to the ever-changing environment. We have learned how to navigate the financial aspects and implications of the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid Relief and Economic Security Act’s (CARES) Paycheck Protection Program, and other federal and state acts or regulations that will likely be issued by the release of this message. 

We don’t know exactly what the future holds, but we do know that not all businesses will survive the pandemic and the economy will not look anything like it did just a few months ago. We can assume that projects will be delayed, the construction supply chain will be disrupted, and worker shortages will continue. We will have to work harder than ever to manage our cash flow and will be forced to make tough decisions that we haven’t had to make in a long time. Now is the time to demonstrate the value you bring to your organization. 

How can you make sure you are doing everything possible to ensure the success of your organization while simultaneously navigating a brand new landscape? Here are a few thoughts that may help:

• Stay healthy and take care of yourself in order to manage the daily stress, and take care of your team as they need your leadership now more than ever
• Stay close to your leadership team and be available for what they need
• Keep in touch with your CFMA and ICCIFP peers to share ideas and solutions
• Keep strong and healthy relationships with your CPA firm, surety, and bank
• Be creative and look at new ways of operating
• Stay current with CFMA education programs and its COVID-19 Resource Center
• If you don’t already have your CCIFP credential, there has never been a better time to work toward attaining it

As the financial leaders in our organizations, we know that the sound financial principles and practices we deploy each day don’t change during a crisis, but going back to basics helps us manage both conservatively and strategically. This approach will serve us today and into the future.

During this challenging time, my best wishes for safety and good health to everyone in the CFMA/ICCIFP family.

Copyright © 2020 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in May/June 2020 CFMA Building Profits magazine.