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By Wayne Rivers, Family Business Institute
There must be 100 different attributes that contribute over time to a construction company’s success. But there are a small handful of fundamentals that all the truly great ones share. To use sports analogies, think of the golf or baseball swings or the service motion in tennis.
There are a few checkpoints along the way that all the great ones hit, and they define the fundamentals. In the tennis serve, it doesn't matter how you address the ball, how you place your feet, or whether you use the platform or step deliveries. None of those things matter as much as that you hit a few key checkpoints, and every great server from Gonzales to Tanner to Sampras to Roddick hits those same marks every time. They’re fundamental, and they’re crucial. If you're not addressing the fundamentals, you are not going to be successful in sports or in the construction business. Here are 6 key ones:
The fundamentals are timeless. If you examine Joe DiMaggio's swing, it probably doesn't look too much different from Mike Trout’s. Bobby Jones' golf swing probably looks very much the same as Tiger Woods'. The fundamentals in business are the same too.
Whether you're running a construction business in the 1990s or the 2020s, the fundamentals don't change. It's all about having a plan and direction, being hungry, focusing on your people, communicating with them, and empowering them. These are the fundamentals every successful construction company employs.
Wayne Rivers is the co-founder and President of The Family Business Institute, Inc. He has authored four books on the subject of business families the latest of which is Our Family Business Crisis and How It Made Us Stronger. Wayne has appeared on the Today Show, CNN, MSNBC, CNBC, "BusinessWeek: WEEKEND" and on the Retirement Living Network. Wayne is a Wall Street Journal Expert Panelist and has also been honored as a Fellow of the Family Firm Institute.