Do not Beware the Ides of March

On March 15th of this year, Marketivity celebrated it’s 10th anniversary. Historically, it is not the most auspicious of dates. But it serves as a reminder that there is never a perfect time to undertake a new enterprise.

I had a business plan; I had developed a marketing plan. But I truly had no idea if this new endeavor would be successful or anyone would want my services. Leaving the security of a good position with a large A/E/C company and a regular paycheck was certainly a risk. But I kept thinking that if I didn’t try it, I would always wonder if I could have been successful. With the knowledge that I could always go back to working for a firm, I forged ahead.

Now ten years later Marketivity is not only still here but also includes Associate Principal Katy Potts Hews plus our two stalwart Associates, Kirsten and Trudy. And I still deeply enjoy what I do and the relationships I have forged with firms all over the country.

My reflections on the risk I took a decade ago started me thinking about the issue of risk and reward in our industry.

Many AEC firms are reluctant to take risks, to try new ideas - it’s understandable in an industry where taking risks can endanger public safety. Particularly when the economic outlook is gloomy as it is now the tendency of AEC firms is to become even more risk-adverse, not to make new investments or engage in new initiatives. However, now can be an optimal time to make judicious investments in your firm’s future. Options to consider are:

Improving the quality of your staff. A slowing economy means that in some geographic markets or market typologies there will be more people available. Decide where you best staff investments may be, and go hunting.

Further investment in your foundation markets, even it means scaling back your activities in secondary markets. Particularly if a foundation market’s outlook is cloudy, you may wish to shift your marketing dollars from a new business development program towards a proactive client maintenance program.

Investing in deepening existing client relationships. Some clients are not so busy and will be able to spend more time with you. Even if they are still busy, your clients have challenges that you can help them with, whether it’s securing funding, reducing energy costs, increasing their facilities’ operational efficiency or leasing up their buildings.

Enhancing or starting an international practice. Though there are many downsides to our current economy, one of the upsides is that with the weak U.S. dollar in many countries the services of U.S.-based A/E/C companies are more economical than those from in-country firms.

Of course, new enterprises and approaches should not be taken on lightly - assess the risk, balance it with the potential reward, develop a plan of action with contingencies and then move forward. Speaking from experience, if you never take risks, you will never know what you could have accomplished.