Integrated planning for construction businesses

Construction companies often struggle to balance planning, budgeting, and forecasting when unforeseen changes such as the pandemic shake the industry. These businesses often have to work with several entities to complete more than one project at a time, each running on a different schedule. This can be challenging to manage, particularly when the industry experiences an event that impacts construction costs, productivity, budgeting, and staffing.

Because of the many challenges affecting the construction industry, these businesses need to incorporate a strategy that helps them manage their finances accurately and efficiently. With the help of cross-company planning, project management teams can remain resilient and succeed regardless of the industry's changes.

How cross-company planning works

While many construction companies may attempt to manage processes individually, adjust their budgets, and plan accordingly during uncertain times, they're less likely to achieve the desired results without a proven process in place. Through cross-company planning, contractors can effectively manage budgeting, forecasting, marketing, sales, HR, and operations using a streamlined process. The cross-company planning methodology can make it easier for companies to manage every aspect of their business and projects with increased efficacy.

The advantages of cross-company planning

There are a few key benefits of cross-company planning that make this methodology worth implementing. These advantages include:

Increased agility and alignment

One of the main ways in which cross-company planning helps contractors is by improving collaboration capabilities across teams. With the help of corporate performance management (CPM) software, this process can keep teams and information connected within the company. If data is continually aligned across teams and departments within a central platform, companies can benefit from increased agility with a dynamic system in place.

Improved planning and budgeting

Cross-company planning also has the ability to streamline forecasting and budgeting. It can achieve this by enabling companies to plan more frequently and making planning more flexible for different individuals, from employees and vendors to customers. Subsequently, companies' financial leaders can determine the best ways to manage construction finances and improve business performance while mitigating risk.

More informed decision making

Often, construction companies must react to changes in the environment that lead to complications. In these cases, by the time the company reacts, they've already seen an impact on construction costs. However, through cross-company planning and CPM solutions, teams can more easily compile and interpret data from every department to gain a complete picture of their situation. This leads to better informed decisions that make companies proactive, as opposed to reactive.

Use cross-company planning to boost your company's performance

Through the integration of cross-company planning and a reliable platform, contractors can maximize their preparedness in the event of unexpected changes. They'll be able to take the appropriate steps to plan ahead and manage budgets as they develop long-term strategies that lead to long-term success. Regardless of the challenges they face ahead, companies incorporating cross-company planning can ensure they're able to adapt accordingly.

Learn how Briq can improve cross-company planning in your construction business with a demo.