The top-performing firms in the architecture and engineering industry are not only achieving greater than 35% profit but they are also collecting on their invoices in under 50 days, and they have the lowest overhead rates in the industry.
How have they gotten there? The answer to that question is really not a huge secret. The fact is that many of the most successful firms are consistently benchmarking for performance, a practice that is essential to understanding how firms compare to their peers within the industry.
PSMJ recently announced the 2016 Circle of Excellence, sixty-four exceptional firms that represent the top 20% of the participants in its 2016 A/E Financial Performance Benchmark Survey. This exclusive group includes firms of all sizes, practice areas, and geographic locations – they represent a cross section of the A/E industry today – and they are achieving outstanding success.
PSMJ's has also released Circle of Excellence: 2016 Best Practices Benchmark Summary, a compilation of the results for those firms referred to as the Circle of Excellence. These top-performing firms have raised the bar as a result of top-notch business practices, and now firm leaders can compare their firms financial performance to the best in architecture and engineering.
"Best practices benchmarking takes it to the next level by comparing your firm to the top-performing firms in that industry,” says Kate Allen, P.E., Director of PSMJ’s A/E/C Industry Surveys. “Your passion may be your practice, but in today’s economy top‐notch business practices are critical for sustainability.”
The 22-page report includes data comparisons from the 10th to 90th percentiles for each of the 13 metrics used to determine the Circle of Excellence members, who have demonstrated outstanding achievements in profitability, overhead, cash flow, productivity, business development, staff growth, and turnover.
Circle of Excellence members understand the importance of benchmarking and they have raised the bar as a result of top-notch business practices. These high performing firms will be honored at PSMJ's THRIVE 2016 - The A/E/C Industry Summit, to be held October 12-14, 2016 in Nashville, TN. This cutting edge conference brings together some of the industry's top leaders and most successful firms and will cover timely topics ranging from achieving financial success and improving project performance to thinking big and acting bigger, and fostering a culture of innovation in your organization.