07 Dec There is Always a Way
As I reflect over one of the most unusual years that we have ever had, I am reminded of one fact – ‘there is always a way’. One of our most powerful Core Values at DRB is – “Focus on the Solution, not the Problem. The answer is always in the Solution”. This has and continues to be a core value for the companies I have founded or where I am part of the management team.
When the team believes that the solution will be predictable and will resolve the challenge, it changes everything. I am sure everyone has been around true problem solvers. People who, when faced with a challenge immediately, focus on the solution and not the problem or who to blame. When the team leaders have this focus, issues get resolved faster with notably less conflict.
With the challenge of COVID, this outlook has never been more important.
This simple “solution finding” principle directs the management and the project team’s focus on finding successful outcomes. This core value has enabled our teams to exceed client expectations. We truly believe that no challenge is too difficult to overcome.
When put into use, great accomplishments will happen. Examples include:
- The design and reconstruction of a resort after a hurricane on a Caribbean island – defining the scope of work, obtaining approval for the $58M budget, then implementing the plan to deliver the resort all in 7 months and on budget, in time for the peak season.
- Defining a new City Organization and implementing that structure and process in 45 days, enabling the City to meet the State’s required deadline.
As a nation, we will overcome the COVID Pandemic. The business community has taken steps to address national concerns and find solutions, including developing three vaccines within 8 months. Working with the Federal Government where the focus was on eliminating hurdles without compromising safety has led to, what at first were unimaginable accomplishments.
The Construction industry has demonstrated that they can maintain production while protecting workers, vendors, and subcontractors. Most firms were able to continue to operate during this critical time.
One of the leading indicators for the Construction Industry is design contracts and design billings. Since March, the volume of design inquires, and billings has continued to increase indicating a positive sign for future construction. The following AIA provided chart reflects that design inquiries and billings are again growing (data points above 50% indicate growth).
*Source- Architectural Billings Index October 2020
Hospitality is one of our core market segments. The travel industry continues to be adversely affected by the pandemic, however, there are pockets of success. Hotels located near medical centers and warm vacation areas continue high occupancies. Our casino clients are optimistic for the near term as revenues continue to exceed Pre-COVID returns. We also see some positive data for highway hotels and those located away from urban centers.
Industrial warehouses and land development are two market segments experiencing great growth and lenders are very interested in these projects.
In summary, focusing on the solution will provide a different perspective. The advantage is always in the “Power of Perspective”.