Marcum's 2023 Northeast Ohio Construction Survey

16 THE 2023 MARCUM NORTHEAST OHIO CONSTRUCTION SURVEY

The Importance of Planning Given the macroeconomic volatility, the increasing pace of change and the general unpredictability of the construction industry, more respondents are devoting time and energy into planning and strategy at their businesses. In fact, organizational planning was a top priority for 60% of respondents this year, a record high. Another 54% said strategic planning was a top priority. And a further 62% cited planning to cope with a potential recession. Coupled with a sizable proportion of respondents increasing their focus on managing capital and cash flow, strategy is clearly becoming more of a focus for those running a construction enterprise. All this planning ties in to overarching concerns seen throughout the survey, with one respondent noting, “Material pricing, lead times, and availability are challenging. Lead times are significantly extended, causing delays, inefficiencies, and complicating planning.”

You can take your planning to the next level by going through the detailed process of succession planning. Whether you are looking to exit your business soon or simply want to be prepared for anything, a careful succession plan will deliver more than peace of mind. The process not only puts a value on your business, but also helps explain how to maximize value, thus improving the company fundamentally. Be sure to read our succession planning sidebar article to learn how to leverage this powerful process.

In the next 3 years in your region, do you see your business having?

Right now, we seem to have ample growth opportunities. We are trying to stay involved in emerging sectors of our core business. – SURVEY RESPONDENT “

37%

36%

More opportunities

26%

29%

Fewer opportunities

37%

35%

Same amount of opportunities

National Survey NEO Survey