Construction Benchmarks: Technology for Financial Health May 30, 2012Posted by carolhagen in Construction Industry - Cash Flow Forecasting, Construction Industry - Software.
Tags: benchmarks, CFMA, construction, Construction best practices, metrics
The Construction Financial Management Association (CFMA) has a hidden gem that outsiders are unaware of. It’s the Benchmarking Builder, part of the CFMA’s Annual Financial Survey. This serves as a measurement of how you are doing compared to the “Best In Class” construction firms across the United States and provides your firm with goals to strive for. These financial measurements are critical to success for Construction Owners while they face new challenges as the economic recovery kicks into gear.
In a recent ConstructionBusinessOwner.com article entitled, “Benchmark Your Financials: Gain a Competitive Edge Comparing Metrics“, Glenn Wattum, a partner with Moss Adams LLP points out how important benchmark metrics are to the success of your contracting firm. Measuring against peers offers valuable insight for setting strategic goals. There are metrics for Highway/Heavy, General Contracting and Specialty Trades to compare apples to apples in the CFMA Benchmarker.
Why is this in a technology blog? It’s because the Benchmarking Builder is available on-line at www.financialbenchmarker.com. And once registered, you’ll have access to many options and these specific metrics:
No it’s not free and while I’m a member of the CFMA, I was not solicited or paid to write this post. I wrote this in hopes of helping the construction industry become more successful and promoting the importance of networking with your peers. The CFMA is a great organization, has local chapters across the country and the members will tell you that “Building Profits” Magazine alone is worth the price of membership.
Have you used the benchmarker? Why or why not?
Past articles you may also find of interest: