Making a profit in the surveying/engineering business year after year has always been an elusive proposition. And when a surveying/engineering business becomes unprofitable, it’s easy to blame the economy.
I recently received an e-mail from a young surveyor who wanted to know if most surveying companies had a problem collecting money for work performed. He specifically asked if it was a common problem for companies to keep accounts receivable up to date. The young surveyor was particularly concerned because he felt he was in line to one day take over the company where he was working.
This is the fourth and final installment of my series on company planning. We’ve reviewed business concepts and types of business structures (September 2007), management of the firm (October 2007) and new technology (February 2008). Now we will look at how and when to exit a firm.
By now I am sure most of you in business know we are going through a downturn in the building and real estate market. If you are unaffected by this downturn, consider yourself lucky or smart enough to practice in different market segments.
I have written numerous times about the importance of company planning. With the many changes in our profession, we need to take a more in-depth look at the importance of charting out the future of our careers and our companies.