In Macquarie’s first industry benchmarking study for the built environment, they wanted to gain a deeper understanding of how businesses in this sector operate; what makes them successful, how do they approach challenges, and what is their outlook?
Macquarie’s pulse check is based on a focused online Survey of 276 engineers, surveyors and architects across Australia, conducted in August 2019.
The results showed that some businesses are already focused on investing in their culture, people and technology, and prioritising a clear strategy for the future. This is paying off in higher revenue, profits and expectations of further growth. These higher performing businesses are well-positioned to adapt to change, are more positive about the future outlook, and less worried about issues like competition, commoditisation of skills, or changing regulations. Also, their focus on people and agreement that investing in culture to attract and maintain staff sets them apart from their peers.
Macquarie asked respondents to tell them about the most significant challenges their business is facing over the next two years. More than half (55%) of respondents cited external forces, including the economic cycle, skill commoditisation and changing regulation.
In terms of challenges that businesses in the built environment face, significant concerns were fee or margin pressure (39% of respondents), acquisition of key staff (37% of respondents), and appropriately charging for variations (30% of respondents).
The research sees new opportunities emerging through changes in the macroeconomic environment. For all businesses in this sector, understanding how others are building resilience into their business can help you develop your own strategy for the future.
If you are interested in Macquarie’s pulse check report, please contact Danny Chung on firstname.lastname@example.org or 0438 223 765.
Planned Cover is proud to work closely and align ourselves with Macquarie Bank in specialising in the servicing needs of Built Design professionals.
Macquarie Bank does not warrant the accuracy of any information collected in the Survey, and you should obtain financial, legal and taxation advice before relying on this information. © Macquarie Bank Limited