For a long time, experts in the construction business have been making efforts to deal with volatility, uncertainty, complexity and ambiguity commonly known as “VUCA”. Actually, VUCA is now part of this industry, just like high risk credit card processing is. However, leaders in this industry still have a lot to do if they want to keep up with the rapid changes and fast speed of data flow which is currently transforming the global market.
The Construction Business has particularly experienced high failure rates linked to untried, ignorant decision-making which has pushed top executives to think outside the box and develop faster, more flexible and creative ways of identifying and dealing with risks, and solving problems. Regrettably, most construction leaders are not adequately equipped to deal with their multifaceted business and are now making effort to sharpen their leadership skills.
To counter this challenge, a large number of construction companies are implementing experimental learning programs that provide a good platform for leaders to master the art of responding to different simulations of actual events in real-time. Business simulations, for example, allow participants tackle everyday tasks and issues within a stipulated period and in a safe environment. At the same time, simulations enhance team-building as executives work together and participate in groups, while coming up with new solutions.
According to Andy Patron, senior consultant at FMI’s Simulation Program famous as “Construction ProfitAbility”, a single poor decision can cost your firm thousands or even millions of dollars. He added that construction is particularly challenging because risks are high, while margins are low, and still, the industry is competitive. Through FMI’s simulation program, executives understand the business perspective of running a construction company. A participant is said to have successfully gone through the course if they can reflect on a problem more strategically and make more informed decisions.
Below are a few examples of business challenges simulations can prepare you for:
- Improve your understanding of incremental economics i.e. revenues, overhead and margin
- Boost up you strategic thinking abilities resulting to better decision making
- Helps you develop better risk management strategies and contingency plans
- Improves your ability to cope and react swiftly to any changes
Perfection comes with consistent practice and simulations provide individuals with a platform to sharpen their leadership skills. It also encourages a team-working culture as most of the exercises are done in groups.
Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No.1 high risk credit card processing Company serving both traditional and high-risk merchants.