This post is inspired by our latest webinar.
In today’s competitive business environment, the journey from being a good company to becoming a great one is often marked by strategic focus and disciplined execution. Moving from good to great is like training for a marathon: it requires focus, consistency, and the right kind of fuel. You wouldn’t start a marathon in flip-flops, so let’s lace up those business sneakers and dive into how your AEC firm can excel in project pursuit and growth.
The Hedgehog Concept: Focus on What You Can Be Best At
One of the foundational ideas in moving from good to great is the Hedgehog Concept, introduced by Jim Collins in his book Good to Great. Picture this: a fox knows many tricks, while a hedgehog knows one big thing—rolling into a ball. Despite the fox’s cunning, the hedgehog’s singular focus keeps it safe.
For AEC firms, the lesson is clear: identify what you can be the best at, what drives your economic engine, and what you are deeply passionate about. It’s about honing in on that one big thing you can do better than anyone else.
The Flywheel Effect: Building Momentum
Imagine pushing a massive flywheel (think of that huge wheel on The Price Is Right). At first, it barely budges. But with consistent effort, it starts to move faster and faster. That’s the Flywheel Effect.
Small, consistent efforts in the right direction build momentum, leading to significant growth. For AEC firms, this means focusing on key areas of strength, seeing initial successes, and using those wins to build further momentum. Just remember, Rome wasn’t built in a day, and neither is a great company.
Crafting Your Unique Value Proposition
The first step in mastering project pursuit is to clearly define your unique value proposition (UVP). This is your company’s superpower—the thing that makes clients say, “We need them!”
- Research and Planning: Take a good, hard look at your market. Where do you shine the brightest? Where do clients rave about you? This is your starting point.
- Define and Document: Once you’ve identified your strengths, put them in writing. Think of it like drafting your superhero origin story. This should be plastered everywhere—from your website to your marketing materials.
- Enable and Deploy: Now, make sure everyone on your team knows the UVP by heart. They should be able to recite it in their sleep. Use it in pitches, in client meetings, and casual conversations at the coffee machine. This is your battle cry.
Defining Your Ideal Project Profile
With your UVP in hand, it’s time to define your ideal project profile (IPP). This is like creating a dating profile for your perfect project match. Swipe right on projects that fit these criteria:
- Industry: Identify which industries you serve best. Are you a wizard with healthcare facilities or a magician with municipal buildings?
- Region: Focus on geographical areas where you have a competitive edge. Are you the hometown hero in your city or a regional rockstar?
- Project Size: Determine the project sizes that align with your capabilities and profitability goals. No one wants to bite off more than they can chew.
- Client Needs: Understand the specific needs of your ideal clients and how you can meet them better than anyone else.
Focusing on projects that fit your ideal profile can increase your win rate and ensure higher profitability. Remember, it’s not about chasing every opportunity; it’s about pursuing the right ones.
Pursuing and Landing the Right Projects
With a clear UVP and a defined project profile, you’re ready to pursue and land the right projects. This isn’t just about casting a wide net and hoping for the best. It’s about strategic, disciplined action.
- Detailed Go-To-Market Strategy: Create a target list of prospects that fit your ideal profile. Make sure your messaging is consistent and aligned across all channels. Think of this as your battle plan.
- Scoring System: Implement a scoring system to evaluate potential projects. This helps you quickly identify the best opportunities and focus your efforts where they’ll have the most impact.
- Measure and Report: Continuously track your progress, adjust strategies as needed, and ensure you’re focusing on the most promising opportunities. This is your feedback loop—use it to keep improving.
Tips for Successful Project Pursuit
- Start Small: Focus on a few key areas to demonstrate success before scaling up. Don’t try to boil the ocean—just start with a pot of water.
- Leverage Data: Use past project data to inform your strategies and ensure you’re making data-driven decisions. Data is your secret weapon.
- Stay Committed: Believe in your strategy and remain committed even when results take time to materialize. Remember, good things come to those who wait (and work hard).
- Expand Thoughtfully: Be prepared to look beyond your current geography or client base to find the best opportunities. Sometimes, you have to go where the grass is greener.
A Real-World Example: The Office Move
Let’s put theory into practice with a real-world example. Recently, our team moved into a new building in Charlotte, NC. While we’re not an AEC firm, we can use our office move to illustrate how to build an Ideal Project Profile. Here’s how we applied our own advice:
- Corporate Office: We focused on local and regionally owned businesses for our client type.
- Owner-Occupied Facilities: We targeted projects where clients own and occupy the buildings—understanding their unique needs and challenges.
- Project Size: We focused on projects valued between $2 million and $10 million, with a target profit margin of 10%.
By getting this specific, we created a model Ideal Project Profile, ensuring it was a perfect fit for the types of projects we wanted to pursue. This level of specificity helps any firm effectively align its strengths with market opportunities.
Conclusion
Mastering the art of project pursuit is not about making overnight changes. It’s about strategic focus, disciplined execution, and leveraging your unique strengths to build sustained momentum. By clearly defining your UVP, focusing on ideal project profiles, and pursuing the right projects with a structured approach, your AEC firm can transition from being good to truly great. Remember, it’s about consistent, focused efforts that align with your core strengths and market needs, driving your firm toward long-term success.
So, let’s get out there, find our hedgehog concept, push that flywheel, and start turning our good company into a great one. Because in the end, it’s not just about winning more work—it’s about winning the right work and building a legacy of excellence.
Close the gap between potential and success with TrebleHook, the ultimate CRM solution that transforms project pursuit into a strategic advantage. Let TrebleHook be the fuel that powers your journey from good to great, ensuring every project is the right fit, and every effort drives you closer to your goals.