Business Development: Many Contractors Still Don't Get It
FMI's 2004-2005 Business Development and Marketing Survey shows that more contractors are discovering the way to achieve strong bottom line results. Others continue to chug along on mediocre profits. The difference is the company's ability to differentiate themselves from the competition.
Differentiation starts in having a solid business development plan, says FMI. Fifty-five percent of contractors responding to the survey said that they had formal business development plans, even though 69 percent of the companies said that their market planning process is strategic and driving the company's future vision. The difference clearly shows there is an opportunity to improve bottom line results.