In this episode of Construction Genius Podcast, we explore the ins and outs of strategic planning, where organizations tend to make decisions about their organizational growth and how to get there. We see to it that you understand the importance of owners on clarity, honesty about your financial goals, the flaws of owners that need to be remedied, the balanced relationship between ambition and prudence, and gathering information from all your employees for the process of strategic planning. Join us as we take a deep dive into the secrets of successful strategic planning with Chad Prinkey.

Chad Prinkey is a building industry consultant who helps to create outstanding construction firms and cooperative project teams while advancing the sector overall. He is the owner of Well Built Consulting, a consulting firm with solutions focused on the construction industry. His passion is to fix broken things by identifying their intended function and making the necessary adjustments. He founded Well Built Construction Consulting to establish a community that revolves around this endeavor. He is a firm believer that the building industry is the soul of America and the heartbeat of the economy.

Throughout the conversation, Chad shares his thoughts, knowledge, and experiences on what questions construction owners need to ask themselves to find clarity on their accomplishments, how figuring out your flaws and getting help can push you to be a successful construction owner, and the things you need to be aware of to have a healthy growth pattern. Furthermore, we pay attention to how to balance ambition and prudence when one cannot exist without the other, prior preparations for strategic planning, and the main reason for a strategic plan's failure.

EPISODE HIGHLIGHTS

[04.05] Strategic planning and what it entails.

[08.27] Owners on clarity – The questions construction owners need to ask in the process of strategic planning.

[12.17] Honesty – Why people find it difficult to be honest about their financial goals.

[20.04] The happiest and most successful people in the construction industry are the ones who figure out what their flaws are and how to overcome them.

[26.10] Vision – The importance of having a clearly defined vision.

[30.00] How to have a healthy growth pattern in your business.

[33.34] The balance between ambition and prudence.

[37.16] A checklist of prior preparations for entering the strategic planning process.

[44.16] The importance of gathering information from all the key people for strategic planning.

[54.38] The cause of a strategic plan's downfall.

KEY TAKEAWAYS

1. 'What am I trying to accomplish?' is the first question that construction owners need to ask in the process of strategic planning.

2. Always try to be honest with the financial success you aim to achieve.

3. Figuring out what you're not good at is the first key element of a fundamental change to achieve success.

4. Make sure everything you put into the system is not going to make your system sick when it comes to growth.

5. Don't allow your prudence to keep you from dreaming, don't allow your dreams to force you to make bad choices.

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Is an executive or leader in your company struggling? Reach out to Eric to discuss how his transformative executive approach can help. Schedule a 10 minute call with Eric today to learn more: 10minuteswitheric.youcanbook.me

RESOURCES:

Connect with Chad Prinkey

LinkedIn - linkedin.com/in/chad-prinkey/

Website - wellbuiltconsulting.com/

Podcast - podcasts.apple.com/us/podcast/the-morning-huddle-construction-show/id1629629592

Check out Chad's Book Well Built: How the Top 2% of Construction Contractors Create Superior Value, Profits, and Excellence: www.amazon.com/Well-Built-Construction-Contractors-Excellence/dp/B0CZ5GRLQG