TZL 1526 (web)

February 26, 2024, Issue 1526 WWW.ZWEIGGROUP.COM

TRENDLINES

AI investments

0% 10% 20% 30% 40% 50% 60%

Zweig Group’s 2024 Salary Reports show a 6.6 percent average salary increase. AEC compensation trends

FIRM INDEX Bowman Consulting Group Ltd.................6 CFA, Inc........................................................................6 Coleman Engineering ........................................2 EEA Consulting Engineers ............................. 8 Geosyntec Consultants ....................................4 IRWIN Engineers, Inc.......................................10 Pennoni...................................................................... 10 Sanderson Bellecci ..............................................2 Westwood ................................................................ 10 MORE ARTICLES n JAVIER SUAREZ: Getting personal with AI Page 3 n MARK ZWEIG: The urge to merge? Page 5 n MORGAN STINSON: Speed of trust Page 7 n MALLORY LINDGREN: Learn your business Page 9 The integration of artificial intelligence technologies presents unprecedented opportunity for innovation in the AEC industry, offering new horizons for operational enhancement and industry-wide progress – but we’re only at the beginning of this technological revolution. Most survey respondents in Zweig Group’s 2023 Information Technology Report of AEC Firms are making limited investments in AI (41 percent) or none at all (49 percent).

Z weig Group’s recently released 2024 Salary Reports of AEC Firms are the most up-to-date compensation survey reports for AEC firms operating in any region of the U.S. These reports are based on a comprehensive salary survey of hundreds of industry individuals and firms, and are presented in three separate regional editions: North and

South Atlantic, Central, and Pacific and Mountain. Here are some key findings from the reports:

Keith Sequeira

■ Salaries have increased across the board. On average, firms raised salaries by approximately 6.6 percent. Zweig Group observed significant salary growth for professionals with more than 15 years of experience, particularly in the construction sector, where there was an 11.9 percent rise. Experienced non-licensed technical roles also experienced a significant increase with senior level civil engineering technicians seeing a 12.7 percent increase. Throughout 2023, firms consistently applied their 2022 strategies, emphasizing talent attraction and retention. Additionally, it was highlighted that senior roles, including those of firm principals, CEOs, managing partners, and department managers saw higher than average increases in base salaries. ■ Regional differences. Firms in the Central U.S. only raised salaries by 3.75 percent, while firms in the Eastern U.S. and Mountain- Pacific regions increased salaries by 6.7 percent and 6 percent respectively. The average project manager in the Mountain-Pacific region had 17 years of experience and made $125,000. For the same role in the Central region we found the average project manager had 15 years of experience and made $111,000. In the Eastern region it was 14 years and $122,000. Engineering firms with more than 500 employees saw the highest year-over-year increase in base compensation – 8.7 percent versus 3.7 percent for firms with fewer than 500 employees. ■ A focus on architecture and interior design. Observations from the 2024 Salary Report highlight increases in salaries for architecture and interior design. Architects in project manager roles have seen their salaries increase by 9.4 percent to $116,000, while interior designers in associate or department manager roles have seen an 11 percent increase with base salaries now at $110,000. This rise in compensation corresponds with industry shifts toward sustainable

See KEITH SEQUEIRA, page 2

THE VOICE OF REASON FOR THE AEC INDUSTRY

TRANSACTIONS COLEMAN ENGINEERING MERGES WITH SANDERSON BELLECCI Sanderson Bellecci has merged with Coleman Engineering of Roseville, California. Sanderson Bellecci was formed by the recent mergers of Sanderson Stewart, Bellecci, and Summit Engineering. The new partnership with Coleman Engineering adds strength in water and wastewater utilities design and contract operations, to Sanderson Bellecci’s already comprehensive multi-disciplined services, which include civil infrastructure, geotechnical and environmental engineering, community planning, construction management, surveying and mapping, landscape architecture, and communications and visualization services for public and private clients and communities across the West. Coleman Engineering will continue to operate under its current brand name but will function as a single enterprise under the leadership of Sanderson Bellecci’s CEO Michael Sanderson and the rest of the firm’s current local owner/principals. “We are so excited to add Coleman Engineering to the Sanderson Bellecci family of companies,” said Michael Sanderson, CEO. “This merger with Coleman continues our expansion of services for our clients, allowing us to offer world-class water and wastewater expertise and positions us to better

serve our clients with additional locations throughout the west.” Chad Coleman, founder of Coleman, shares that enthusiasm, stating “This merger was not required, but once we met the Sanderson Bellecci team and explored the possibilities it was easy to see the benefits and to imagine our professionals thriving together. We anticipate significant benefits to our team members and for our valued clients as this team grows and prospers together.” Sanderson Bellecci was formed from companies that started in 1969 in a garage in Billings, Montana, in a one- room office over TR’s Bar & Grill on Salvio Street in Concord, California in 1983, and in a kitchen in Reno, Nevada in 1978. These humble beginnings didn’t deter the founding partners from envisioning purpose beyond civil engineering and land surveying. Coleman Engineering began in 2010 in a similar fashion, as a civil engineering firm with aspirations to provide water and wastewater infrastructure solutions respectfully and responsibly. Sanderson Bellecci – is a progressive and growing engineering and community design firm focused on building better communities. The new firm is comprised of 180 professionals in 9 offices across the West.

Interested in learning more

about the projects and ideas driving the AEC industry forward? Learn more with Civil+Structural Engineer Media.

KEITH SEQUEIRA, from page 1

PO Box 1528 Fayetteville, AR 72702

design, collaborative project delivery methods, and digital transformation with advanced tools like BIM and VR. Additionally, the industry is adapting to flexible work arrangements, prompting firms to revise compensation and benefits to attract top talent. These changes reflect an evolving landscape where skilled professionals in sustainable practices and digital technologies are increasingly valued. The 2024 Salary Reports include the most comprehensive compensation data for AEC firms operating in any region of the U.S. Based on data gathered between January 2023 and December 2023, from a broad sampling of engineering and architecture firms in the U.S., these reports are an industry standard for firm leaders and human resources directors looking to benchmark their staff’s compensation. Click here for the full report or to learn more . Keith Sequeira is director of data analytics at Zweig Group. Contact him at ksequeira@ zweiggroup.com.

Chad Clinehens | Publisher cclinehens@zweiggroup.com Sara Parkman | Senior Editor & Designer sparkman@zweiggroup.com Liisa Andreassen | Correspondent landreassen@zweiggroup.com Tel: 800-466-6275 Fax: 800-842-1560 Email: info@zweiggroup.com Online: zweiggroup.com/blogs/news Twitter: twitter.com/zweigletter Facebook: facebook.com/Zweig- Group-1030428053722402 Published continuously since 1992 by Zweig Group, Fayetteville, Arkansas, USA. ISSN 1068-1310. Issued weekly (48 issues/year). Free electronic subscription at zweiggroup.com © Copyright 2024, Zweig Group. All rights reserved.

AEC SMALL BUSINESS & ENTREPRENEURSHIP FORUM This new event gathers leaders of small AEC firms to discuss the unique issues of managing and growing a small business today. The one-day event includes keynotes, panel discussions, roundtables, and breakout sessions, all focused on the emerging trends and needs of small businesses. Join us May 21 in Atlanta, Georgia. Click here to learn more!

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

OPINION

Getting personal with AI

AI provides opportunities to bolster our understanding of our intended audiences while supporting our efforts to refine our messages.

W e all long to connect, and I mean the royal “we” as it relates to anything and everything. Humans strive to connect with other humans, with nature, with themselves. A lot of animals gather in packs and create communities. Plants crave sunlight or a breeze or insects. Robots – well, we like to think they desire to experience human feelings and connect; remember the character Data from Star Trek: The Next Generation ?

Javier Suarez

German social psychologist and psychoanalyst Erich Fromm said, “The danger of the past was that men became slaves. The danger of the future is that men may become robots.” Robots and artificial intelligence have been around for a long time, but we are now in an era where these tools are widely available for us mere mortals to use. This reminds me of a phrase commonly associated with Spider- Man: “With great power comes great responsibility.” At this juncture, we must remind ourselves to embrace these tools responsibly, ethically, and as humanely as possible. We need to get personal with AI.

Marketers consistently talk about the need to make our initiatives, campaigns, and collateral about “them,” meaning the clients. In the pursuit of overcorrecting the common mistakes of only talking about “ourselves” and flip things on “them,” sometimes we fail to acknowledge that content should really be about “us.” Associations, partnerships, relationships, joint ventures, preferred vendors, you name it, they all come down to connections. In the ongoing conversations about AI and its impact on the AEC space, AI can be leveraged to

See JAVIER SUAREZ, page 4

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

design, and construct have on communities, cities, states, countries, and the world. We are part of the stakeholders; we are part of the “personas.” What moves us probably moves them. Summarizing and synthesizing large datasets are two of the many areas we can excel at with the proper use of AI tools. After figuring out which groups are part of the blended persona you want to target, use AI to come up with the characteristics commonly shared by those stakeholders. “In the ongoing conversations about AI and its impact on the AEC space, we rarely touch on how AI can be leveraged to enhance our marketing and business development efforts by making them ‘personal.’” Yann LeCun, a French computer scientist said, “Our intelligence is what makes us human, and AI is an extension of that quality. Artificial intelligence is extending what we can do with our abilities. In this way, it’s letting us become more human.” Let’s wield these tools to get personal, emphasize empathy, and connect. Javier Suarez is a principal marketing manager with Geosyntec Consultants. Contact him at jsuarez@geosyntec. com.

JAVIER SUAREZ, from page 3

enhance our marketing and business development efforts by making them “personal.” Seeking connections, we must dig into the trenches of the items we are passionate about, passionate for “us” and for “them.” AI provides opportunities to bolster our knowledge and understanding of our intended audiences while also supporting our efforts to refine our messages so they can resonate with a stronger impact. We can utilize these AI tools to learn about the interests, preferences, and behaviors of diverse groups, including personal contacts, current and targeted clients, stakeholders, potential recruits, and current staff. AI is a tool that can be added to our existing well of knowledge, which includes lessons learned from past/current working relationships, interactions with client staff, contacts through professional organizations, friends of friends, etc. We are able to conduct additional research in short amounts of time to fill our well with more information and create “personas” which will inform our messaging and communication processes. Social scientist and business leader David Burkus talks about how purpose resonates stronger when presented in the context of the “who” rather than the “why.” Stipulating the “who” is also an exercise in empathy. I don’t know about you, but one of the things that resonated and influenced my decision to stay in the AEC space as a marketing professional was the impact the projects we develop, analyze, permit,

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

FROM THE FOUNDER

The urge to merge?

T here is a lot of talk about buying and selling AEC firms. We refer to it as the business of “mergers and acquisitions.” While there is plentiful information on buying and selling, there really is very little information out on how two AEC firms can merge. Mergers may be rare in our industry, but they could be the perfect vehicle for two or more firms that want to combine forces and grow.

In fact, mergers in our industry are pretty rare. It’s usually a private equity group buying an AEC firm, or one AEC firm buying another AEC firm. But a true merger? Rarely happens. Yet, a merger may be the perfect vehicle for two or more firms that want to combine forces and grow. Here is one example of a basic deal structure that would allow two like-minded AEC firms to merge – one larger than the other, the smaller of the two having two principals – one of whom is ready to retire: The two companies in our example are an $8 million revenue AEC company and a $2 million revenue AEC company. Let’s say each is valued at 75 percent of revenue. The larger of the two we will call the “acquiring company” and the smaller of the two the “selling company.” The two companies could combine (do a merger) and then an internal buyout of the selling firm principal who wants out could be effected. Mergers are done by agreeing on a value for both the

buying company and selling company. Sometimes an appraisal is done of each company by the same agreed-upon appraiser, and other times this is just a negotiation. Back to our example above, the $8 million revenue acquiring company is valued at $6 million, and the $2 million selling company is valued at $1.5 million. One way to do this merger is for the two companies to combine and form a new company, and the owners of the acquiring firm would now own $6 million/$7.5 million, or 80 percent of the new company, and the owners of the selling company would now own 20 percent of the new company. Another way to handle it would be for the less valuable of the two companies to simply trade their ownership in their current company for a smaller percentage of ownership in the more valuable company, without forming a new entity.

Mark Zweig

See MARK ZWEIG, page 6

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

TRANSACTIONS BOWMAN ACQUIRES RENO-BASED ENGINEERING FIRM CFA, INC. Bowman Consulting Group Ltd., a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment, announced the acquisition of CFA, Inc., headquartered in Reno, Nevada. Founded in 1981, CFA provides a mix of civil engineering, planning, surveying, mapping, and remote sensing to a mix of public and private sector customers. CFA works on projects involving public works and utility infrastructure, traffic and transportation management, data centers, healthcare facilities, educational institutions, hospitality venues, and recreational complexes. The firm’s staff of approximately 30 professionals includes licensed surveyors, professional engineers, a certified planner, certified survey technicians and FAA Part 107 certified UAS pilots. All CFA employees will join Bowman in connection with the acquisition.

“CFA’s team of professionals will be a terrific addition to Bowman,” said Gary Bowman, chairman and CEO of Bowman. “CFA is one of northern Nevada’s leading engineering, surveying and planning firms with clients, capabilities, and a geographic focus which are all extremely complementary to the core business of Bowman. This acquisition strengthens our presence in Nevada and provides a solid base from which to continue expansion throughout the state and beyond. I am pleased to have everyone from the CFA team join Bowman.” “We have a company that is a tremendous source of pride to everyone who has helped make it what it is today,” said Kevin German, P.L.S, president of CFA. “Our commitment to a client first culture and a workplace that employees value has remained unchanged as we have grown over the past several years. As a result, we have achieved an excellent level of employee and client retention. With Bowman, we have found a company with a compatible culture and approach

to employee engagement and customer service. We are confident that this partnership will create valuable client synergies and professional development opportunities to everyone involved.” Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiple and operating metric ranges and is expected to be immediately accretive. The company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $5 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications. Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment.

is to combine with other companies repeatedly and then go public or sell the larger company at some point in the future, the whole process can be a win-win for everyone. Sure there are plenty of issues and details to work out. Who will be in what role post-merger? What will the new company be called? Who will be on the board of the combined company? What valuation method will be used and what will the buyback terms be for internal sales going forward? What will the policies be for the combined company? What redundant overhead will be cut? And much more… Obviously, if this is something you want to pursue, you need to consult specialized legal and tax advisors. Not just any lawyers or CPAs can properly help you, because besides their need to understand mergers, they also need to understand the peculiarities of our industry. You could probably also benefit from specialized management consultants to help you deal with the integration. That said, a merger is certainly one possible way to grow your company and spend little to no cash doing it. Mark Zweig is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com.

MARK ZWEIG, from page 5

Then the next thing that could happen, if needed, is the combined company immediately embarks on a buyout of the selling company owner(s) who want to retire, using whatever terms are spelled out in their new mutually agreed upon shareholder agreement. This deal works because the selling company owner(s) couldn’t get out before the merger. They didn’t have the financial resources to buy out the principal and they didn’t have the people inside their company wanting to take over who also had sufficient financial resources to pull that off. But the bigger combined company can easily do it. I have seen companies in our business use mergers to grow to 20 times their original size. The owners of smaller companies just kept trading out their ownership in their firms for a smaller percentage of the larger firm. There are many reasons to do it. Strength in numbers, for example. The larger firm valuation gets a premium for a faster growth rate. The smaller firm doesn’t have the capital to do an internal transition. There are more opportunities for their people in a larger company. They can get clients they couldn’t get because they have a larger geographic footprint and more services to offer. And if the goal

ZWEIG GROUP’S MERGERS & ACQUISITIONS ADVISORY SERVICES Whether you’re on the buy- or sell-side of a deal, Zweig Group’s full-scale Mergers & Acquisitions advisory team can help you find and evaluate candidates and then structure the transaction – managing the complicated process from conception to the closing table. Our team of M&A advisors are industry leaders. We approach each project as a cross-functional team consisting of professionals with different expertise working toward a common goal. We blend industry and sector knowledge with experience across the M&A lifecycle to help you capture value for shareholders. Click here to learn more!

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

OPINION

Speed of trust

I s your firm trapped in a slow-motion saga, dragging its heels on even the most promising initiatives? Does navigating internal politics feel like wading through molasses? If so, you’re not alone. Low trust in workplaces incurs a hidden cost, hindering efficiency, innovation, and collaboration.

Many companies unknowingly pay a hefty “trust tax,” a hidden cost inflicted by low-trust work environments. As Stephen M. R. Covey explains in his excellent book The Speed of Trust , this lack of trust creates friction, grinding down efficiency and innovation. When team members don’t trust each other communication is ineffective, extra process steps are required, and back-channel politics thrive. TRUST DEFINED. Normally when we think of whether we trust someone, we default to an analysis of their character. We often picture smiling faces and firm handshakes. But true trust goes deeper, reaching beyond superficial gestures. It’s about feeling confident in someone’s character, intentions, skills, and track record. With that, it’s important to understand that true trust requires confidence in four primary domains:

1. Integrity. This is probably the easiest to analyze because it’s the default character analysis we’re used to performing. However, even beyond traits like honesty, true integrity requires that your words and deeds are in alignment with each other. Do you walk the talk? Do you have the courage to do the right thing even when it’s difficult? 2. Intent. This is all about motive. Why do you do what you do? For people to trust each other, they need to believe that the other person has their interests and well-being in mind. To foster trust with those around us, we need to start from a place of gracious interpretation to avoid the “fundamental attribution error.” Simply put, the “fundamental attribution error” is when we

Morgan Stinson

See MORGAN STINSON, page 8

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

reduces the friction imposed by the “trust tax,” turning it into a “trust dividend” that pays off with smooth communication, high collaboration, and speedy innovation. ■ Market trust. This is the organization’s reputation out in the world. With a team of people that trust each other and are aligned around the same mission and values, it’s much easier to develop a brand centered around reliability and excellence. ■ Societal trust. This is where we can point to the achievement of a higher purpose. The organization uses its reputation to create value in the community, and truly contribute to the betterment of the world around us. THE TRUST DIVIDEND. Enhancing trust starts internally; we each need to commit to the behaviors and attitudes that will allow others to have confidence in our abilities and intent. When that trust can radiate out to others, our firms will slowly see a decrease in the “trust tax” and can even convert that to a “dividend.” High trust environments can lead to:

MORGAN STINSON, from page 7

excuse our negative behavior because of extenuating circumstances, but we believe the bad behavior of others is due to character flaws. For instance, if I cut you off in traffic it’s because I’m a jerk, but if you cut me off in traffic it’s because you’re late for an important doctor’s appointment. 3. Capabilities. Do you have the skills, knowledge, etc. to get the job done? This is particularly crucial in work environments where we trust others to execute on our behalf. For any project-based team to function, each member has to trust that their counterpart can perform their role. 4. Results. Do you have documented proof that you’ve successfully executed in the past? If someone has the basic capabilities and can show you they’ve used those capabilities successfully in the past, it’s much easier to trust them to perform again. This can be a crucial sticking point when it comes to delegation; it’s hard to take the plunge and trust someone with a task they haven’t done before. However, if we can graciously accept that mistakes will happen along the way and that our teammates will learn and grow, the results will come, and trust can be cemented. “The journey to a high-trust organization starts with each of us. Let’s commit to embodying the qualities we seek in others, extending trust as our default setting, and believing in the potential of our colleagues.” WAVES OF TRUST. Building trust isn’t a solo act; it’s a contagious wave that ripples outward, transforming everything it touches. The four attributes described above are the foundations of interpersonal trust. They provide a lens through which we can view the trustworthiness of others, but more importantly, they inform the behaviors that we need to adopt to make sure that others feel comfortable trusting us. This is the backbone of “self-trust,” allowing each of us to be seen as trustworthy by those around us. Once that foundation is in place, trust can begin to radiate outward to include: between individuals and it’s the bedrock of collaboration. We can think of this as a bank account where our actions make both deposits and withdrawals. If we’re intentional about building trust with those around us and making constant deposits in the account, we have a store of capital to rely on when the inevitable mistakes and slip- ups occur. ■ Relationship trust. This is the interpersonal trust ■ Organizational trust. When our teammates trust each other and the organization, we behave in alignment with the values and mission of the company. This alignment

Increased value

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Accelerated growth

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Enhanced innovation

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Improved collaboration

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Stronger partnering

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Better execution

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■ Heightened loyalty BECOME A TRUST CATALYST: START WITH YOURSELF. The journey to a high-trust organization starts with each of us. Let’s commit to embodying the qualities we seek in others, extending trust as our default setting, and believing in the potential of our colleagues. As Stephen M. R. Covey eloquently says: “Somewhere along the way, most of us have had some kind of experience where someone believed in us and made an enormous difference in our lives. What’s most exciting is the realization that we can do the same for others! We can believe in them. We can extend trust to them. We can help them rise to the challenge, discover their unseen potential, and make enormous contributions that benefit us all.” Let’s ditch the slow-motion saga and rewrite the story of our organizations. By doing so, we will build a world where trust is the driving force, propelling us toward a future of shared success and positive impact. Morgan Stinson is chief operating officer at EEA Consulting Engineers. Contact him at morganstinson@eeace.com.

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

OPINION

Learn your business

Improve your ability to solve complex problems and better support your colleagues and clients.

G rowth is essential for both businesses and their employees. For many young professionals, the first question when planning their career growth is, “Where do I start?” My top advice is always the same: Learn more about your business. Knowing the ins and outs of your company, even at a basic level, can enhance your ability to support clients, coworkers, and your own professional development.

Mallory Lindgren

While this may appear to be a daunting task, consider the adage “a mile wide and an inch deep” as your initial learning strategy. It is also a great tool for building relationships throughout your firm. Jeroen Kraaijenbrink’s 6M Model from The One-Hour Strategy provides a framework for understanding business strategy, encompassing: 1. Means. These are your company’s resources and skill sets, essentially how your work gets done. I encourage you to develop a basic awareness of your firm’s expertise, deliverables, and key leaders. Start by exploring how your individual contributions are utilized by your peers and clients. Then familiarize yourself with the expertise and deliverables of other departments. Take stock of technologies and procedures integral to your operations. It is also vital to

learn the extent and limitations of your firm’s capabilities. Benefits: Understanding your firm’s “means” can make you a more effective team member. You’re better able to identify potential efficiencies, anticipate the needs of your colleagues and clients, and strengthen your sales acumen. 2. Magic. This is your company’s unique value proposition – the special factor that attracts customers. Once you’re familiar with how your company gets work done, delve into the benefits it provides. Seek to understand the unique way your firm adds value to your customers, making you their preferred choice.

See MALLORY LINDGREN, page 10

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

TRANSACTIONS IRWIN ENGINEERS JOINS PENNONI Pennoni, a multidisciplined engineering firm headquartered in Philadelphia, announced the purchase of assets of IRWIN Engineers, Inc., located in Natick, Massachusetts. The group will work as the Irwin Engineers Division of Pennoni.

“We are thrilled to kick off 2024 with the addition of IRWIN Engineers. This expansion allows Pennoni to bolster our rapidly growing environmental service offerings in the New England region. Irwin’s reputation for stellar client services and hard work aligns closely with Pennoni’s. We look forward to

continuing to assist in the environmental, health and safety needs of our new and existing clients,” says Dave DeLizza, PE, president and CEO at Pennoni. Established in 1996, IRWIN specializes in chemical and environmental engineering services.

Benefits: Awareness of external factors enables you to better harness the prevailing winds of change to your advantage. You are more equipped to anticipate challenges and proactively seize emerging opportunities. 5. Money. This points to your revenue and cost models. Invest time in learning how money flows through your organization. Learn key factors that influence your product pricing and what you receive in return, from whom, how, and when. Spend time understanding goals, budgets, expenses, risk, and cost management. Which key performance indicators does your company track, and how can you positively influence the direction? Benefits: Additional financial knowledge empowers you to make informed decisions and contribute to your firm’s financial health. 6. Meaning. This represents the things we find most important and to which we most aspire. Discover and document your personal values and ambitions – what matters most to you, what you seek, and where you aim to be. Then dedicate time to understanding your company’s mission, vision, and values, and the unique aspects of its culture. Reflect on how you can personify these ideals and encourage and celebrate colleagues who embody them as well. While last on this list, “meaning” is the most important and threads through all the other strategy elements. A firm’s “meaning” drives every business decision. You will gain insight into your firm’s “meaning” as you explore the elements above. Benefits: Aligning your personal growth with the company’s vision enhances your sense of fulfillment and strengthens your resolve to achieve the firm’s goals. By exploring these six key strategy elements, you will gain an understanding of what your company offers, how it’s unique, who it’s for, and what it costs. Also, you’ll learn why you do it and the impact of your work on your firm and the world around you. While mastery may take years, being intentional about learning your business can help you immediately by improving your ability to solve more complex problems and better support your colleagues and clients. Understanding these elements today prepares you to anticipate and influence where they’ll be tomorrow. Mallory Lindgren is senior vice president of market development at Westwood. Contact her at mallory.lindgren@ westwoodps.com.

MALLORY LINDGREN, from page 9

To grasp “magic,” explore client and project success stories. They are a testament to the value your company brings and the reasons clients are drawn to it. Also, explore your firm’s marketing materials and the processes used to ensure customer satisfaction. Benefits: Understanding your firm’s “magic” enhances your ability to communicate with clients, bolster team confidence, and foster success. It also helps you anticipate and meet client needs. 3. Market. This encompasses your clients and the competitive landscape. To understand this world, begin by mapping the value chain of your industry to see where your firm and clients fit into the larger picture. Then deepen your knowledge of your top clients and competitors. For clients, determine who they are at their core: What challenges do they face? How do they generate revenue? What drives their decisions and shapes their approach to risk? Review their websites and marketing materials to see how they present themselves to their clients. Meet with teammates who work with these clients to learn more about how they operate. For competitors, build a list of your top competitors, noting they may vary across different disciplines. Then research their “means” and “magic.” Benefits: By better understanding how your firm fits into the larger “market,” you position yourself to identify new or better ways to support your clients and grow your business. You can gain confidence in evaluating your pricing and risk models and more effectively articulate your firm’s differentiators. 4. Momentum. Now it’s time to look further outside your firm. “Momentum” describes the factors outside your control that help or hinder your business. This may include the economy, labor market, or supply chain, as well as nascent trends and legislation. Identify and research some of the top external factors impacting your area of expertise and industry. Then find ways to stay current with those that are most disruptive. This can be podcasts, following thought leaders on social media, or subscribing to curated news feeds. Most firms have team members tracking industry trends as part of their job. They are a great resource to point you toward effective resources to get started.

THE ZWEIG LETTER FEBRUARY 26, 2024, ISSUE 1526

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