White Paper: Using a Board of Directors, Peer Groups and Other Resources to Challenge and Enhance Performance: For HVAC and Sheet Metal Contractors

Researcher:
Michael Mangum
Tyler Pare
Philip Warner
FMI Corporation
www.fminet.com

Summary

An area of increasing adoption throughout the construction industry is the use of high-functioning boards of directors, peer groups, and other external resources to provide objective input to enhance performance. Companies are seeking solutions to the many challenges they face in today’s competitive business environment. Leaders are confronted with talent pressures, changing technologies, increased competition, demographic shifts, economic uncertainty, and various other seemingly endless obstacles each day. To find solutions, leaders are considering a long list of options, including re-examining the way they recruit, onboard, train and develop their people; hiring talent with unique skill sets; re-examining their business models; forming new partnerships; and finding ways to cut costs and increase productivity. Through it all, there are powerful assets that are often overlooked or not fully utilized: the board of directors (both internal boards and the use of independent outside directors as members of those boards), peer groups of like-kind non-competing firms, and other resources such as bonding companies, local business alliances, and groups.

This white paper offers advice and suggestions on the effective use of outside resources to improve performance of HVAC and sheet metal contractors.