Engineering Inc. - March/April 2008 - (Page 21)

A daily one-sheet report can contain the latest project expenditures, billing status and other key details. A project manager immediately knows where things stand and what areas need special attention. Jeff DaGGeTT WH PacIfIc, Inc. ment to the table,” he says. “ACEC’s CEO Roundtables are another valuable forum for learning about the latest trends and asking questions in a confidential, nonthreatening environment.” Benchmarking also is a helpful practice for improving financial management practices. Daggett recommends making comparisons to the top-performing quartile of A/E firms. “That way, you’re always challenging yourself at a high level,” he says. “It’s a very constructive process.” The biggest obstacle to good financial management may well be the instinct to keep traditionally sensitive information close to the vest. “Firms fear that their employees will perform differently, and I agree—they’ll do better by knowing how they contribute to the bottom line,” Isaacs says. “If you maintain the attitude that financial information is a black box, you won’t succeed.” Though many A/E senior managers might see it differently, Isaacs says, their firm’s success hinges on its ability to see the broader picture. “Younger generations that are now in the workplace have higher expectations about having information,” he explains. “They want to know what’s going on, how they contribute and what rewards they’ll receive in return. There are ways to safely share key financial information, and firms need to commit themselves to doing it.” n Jim Parsons is a freelance business writer living in Bristol, Va. scope creep,” he says. “By participating in developing of the scope, staffing levels and budget, project managers have the information to effectively manage the project from the outset.” “You need to know how to deal with clients because it all affects your bottom line,” says Ross. “Smarter negotiating allows you to be more selective about the clients and projects you take on, which make you a more financially sound firm overall.” Share the Knowledge                     Whether an A/E firm sees the need to tweak its existing financial management processes or craft an entirely new information management infrastructure, Ross advises to avoid taking a piecemeal approach, citing her own firm’s experience as an example. “As we’ve upgraded our corporate information systems, we’ve come to realize how one section affects the others,” she says. “Because we got behind technologically, it became difficult to share information throughout the organization.” Daggett strongly recommends that ACEC members take advantage of the Council’s Organizational Peer Review program. “You get the benefit of an objective examination of your firm’s operations and practices from CEOs of other A/E firms, who bring the latest knowledge of manage-              LET Engineering Inc. With an ad in Engineering Inc. you can: • Reach your clients and colleagues. • Enhance business prospects. • Thank those important to your success. INC. Work For You INC. Contact ACEC Assistant Director of Advertising & Sales Nina S. Goldman at 202-347-7474 or by email at ngoldman@acec.org, or visit the website at www.acec.org/directories/advertise.cfm. MARCH / APRIL 2008 ENGINEERING INC. 21 http://www.designmaster.biz http://www.acec.org/directories/advertise.cfm

Table of Contents Feed for the Digital Edition of Engineering Inc. - March/April 2008

Engineering Inc. - March/April 2008 Table of Contents From ACEC to You News & Notes Market Watch Legislative Action Election Preview BIM Bottom-Line Strategies From the Ground UP 2008 Annual Convention Primer Across the Federation Business Insights 2007 ACEC/PAC Honor Roll Membrs in the News

Engineering Inc. - March/April 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.