The AEC Profitability Summit is an event developed specifically to help architecture and engineering firm leaders increase profits by focusing on implementing business management best practices.
2019 was our third Profitability Summit and this year we returned to Tysons Corner, Virginia. According to return attendees, the event was our best to-date. Attendees enthusiastically looked for and found lost dollars and shared ideas and proven solutions in an interactive environment.
Focus on Higher Profits and Happier Employees
This year’s Summit helped A&E firm executives work on developing new approaches by looking at how they can help employees to be more productive and effective. Topics covered included:
- What Are Your Employees Thinking? Four Years of Business Management Assessment Data
- Transform the Employee Experience
- Disrupt Your Firm and Be the Best in Your Field
- Developing High Performing Employees & Future Leaders
- Ensuring High Profits in 2020 and Beyond – Develop Your Profitability Plan
Many firms had multiple leaders attend which enabled them to work together with their colleagues on their firm’s most challenging areas. As attendees identified opportunities for improvement in their business, they were encouraged to assign a dollar value to the impact of implementing a solution.
The leaders returned to their offices motivated to implement solutions and to communicate the financial benefits to increase staff buy-in.
Over $39,000,000 of Potential Profit Found
After each session, the Summit attendees summarized their key takeaways and the monetary value of addressing them, yielding over $39 Million lost dollars found as a result of working on solutions at the Summit.
Some of the areas identified by the attendees where lost dollars were found included:
- Helping Seller-Doers to be more successful.
- New pricing options to differentiate.
- Implementing formal mentoring programs.
- Developing written and organized process documents.
- Having a structured accountability plan.
- Business management training for all employees (Find the Lost Dollars Program).
- Train staff to eliminate “over design” to stay on schedule/budget.
- Develop procedures to eliminate scope creep.
- Improved onboarding experience.
- Assess current business processes, procedures and systems (Business Management Assessment Tool).
- Better client communication.
- Sharing more financial information with staff
- And many more!
Our attendees made a lot of progress at the Summit. They left Virginia recharged, motivated, and with a plan in hand to get to work solving some of their firms’ biggest challenges.
The Summit also provided the opportunity for great networking. A&E executives shared ideas during the working sessions, meals, and the evening reception!
Overall the AEC Profitability Summit was a great success! The attending firms are well on their way to substantial increases in profits by a collective 39 Million dollars in 2020 and beyond.
Just a Few of the Takeaways
“I learned that we should document our processes, if they aren’t written they aren’t really a process at all.”
“It was great to bring a couple of our technical staff members so they could see the vision of the business outside of their professional roles.”
“The Summit gave me ideas on how detailed processes can help employees be better focused on their work.”
“The interaction with others in the industry was invaluable.”
“It was great spending time identifying what our priorities are for 2020.”
“ I Identified so many areas of lost dollars that will enable us to grow and survive the next recession.”
“The Summit helped reinforce many ideas by hearing data results and similar scenarios from other firms. A great way to remind/refresh me of things I know our company needs to address.”
“I enjoyed hearing ideas from everyone and challenges others are facing. And the importance of communication.”
Your A&E firm doesn’t have to struggle to get employees to follow best practices. We help you train employees so they are happy and productive so you can Find the Lost dollars to grow your business. Visit https://aecbusiness.com or call us at 877-356-9420 to learn how!
Cash is King Webinar
Managing Cash Flow in a Down Economy
Date: Wednesday, August 19th, 12:00pm ET
The average days to collect cash in the AEC industry is between 60 to 120 days. In this web training we will examine the complete project lifecycle to understand how cash flow can be increased when the economy is uncertain. Participants will gain valuable tips to improve cash flow by improving timesheet practices, reducing the billing cycle, and improving client relationships and collection practices.
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