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Given the multitude of words offered by economic commentators and pundits, there must be little doubt that we are in recession. The 'we' is an inclusive plural, in that the downturn is not isolated, with all of the world's established economies being battered. It is difficult to find analogies that have relevance to this economic situation, other than that market conditions have combined to deliver a form of 'perfect storm' from which, for most businesses, there is no convenient haven or place of safety. In these conditions, some will consider their businesses as hostages to fortune and follow the general trend - shedding staff, reducing business space and cutting costs generally - hoping for the best and repairing the damage when/if they get through. Others will see this as a storm that has to be steered through and, in so doing, to have their businesses in the best possible shape, not only to get through the turbulence, but to be as competitive as possible when their markets begin to calm.
In such conditions it is easy to aggressively chop at all elements of business cost, whilst not considering the potential value (that may only be achieved by investment) which helps maintain reputation and competitive edge. It can be reasonably argued that, even in the toughest of times, those businesses that judiciously invest in growing their knowledge, and in developing their intellectual property, will be those that are best equipped to compete when market demand begins to grow again. This strategic investment in research, which is passed on to clients, is a positive step in maintaining or improving client service during the downturn. Thus investment in research programmes of organisations such as CTBUH - which offer tangible value, in return for real involvement - is an area from which many construction professionals could draw increased value for their clients.
Let's face it; in busy times many firms and individuals pay lip service to membership organisations, seeing them more as networking or marketing forums than sources of reliable knowledge. However now, when time is more of an available commodity, the years ahead offer a real opportunity to build specialist knowledge from commitment to CTBUH research and development programmes. Many firms will now be slashing their entertainment, exhibition and conference budgets - and much of this cull will be justified - however, where knowledge is gained, organisational involvement can provide for future value which far outweighs current cost. The foregoing is not speculation, but proven fact based upon my own experiences of the recession in the UK in the early 90s. Sure we cut costs where necessary, but we invested in strategic research programmes, developed areas of unique sector specialisation and partnered with knowledge-driven membership organisations. Based on this - and with some pretty sound management factored in - we accelerated out of that recession at a remarkable rate.
The above are views offered from a personal perspective and may not be agreed to by all; however I can say that, by way of pertinent example, every ounce of effort we have put into our CTBUH membership has come back with a multiplier of knowledge and value attached.
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