RALEIGH, N.C. —The economic climate of the last few years has done more than impact the bottom line of many contractors; it has been the catalyst for changing the industry’s approach to business development. FMI and the Associated General Contractors of America have collaborated to release the “2012 Business Development Survey.”
The report captures how the business development efforts of contractors have changed. Beginning with the recession and continuing through the recent months of slow economic expansion, the report takes a concentrated look at the business development function, as well as firm performance and strategy.
Survey Insights:
- Going forward, business development is becoming more central to the overall business plan of many firms, with some contractors holding firm on business-development spending even as work becomes scarce.
- Providing incentives for customers to maintain loyalty is a strategy being employed by the upper echelon of profitable firms. Margin leaders, looking to extract value from client relationships, are experiencing a correlation between the growth in repeat business and firm profitability.
- Across all contract types, bid-hit rates for mid-sized firm ($100-$500M) are lagging behind industry counterparts. It is also the segment where the largest percentage of respondents, 42 percent, spends less than 1 percent on business development.
For more information, visit www.fminet.com.
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