b'Business ManagementContinued from page 23improve what you do not measure. Afuturearticleinthisserieswill address compensation trends and the increased use of performance-based compensation. Defining the measurements that evaluate success isimportantwhenconsidering implementingthiscompensation strategy.Diversifying your companys portfolio canhelpyoustayaheadofthe game when an inevitable economic downturn occurs. Remember to align your companys vision, mission, and values with the strategy. Review the plan on a regular basis to ensure it remains pertinent to your changing business and adapt accordinglyin good times and bad.Nowthatwehavethoroughly explained the reasoning behind a well-defined strategy being at the core of all business decisions, we will further develop this knowledge A strategy is successful when supported internallyinfuturearticles,discussing bystandardizedprocessesandprocedures.organizationalstructuresthatsupportstrategic Management and employees both need to be ongoals and the protection and enhancement of human board for the new strategy and understand how thecapital.company is going to get there. Components of theSources:organizations structure to review for alignment with1. Cox, Jeff. Yellen on Negative Rates: We Wouldnt Take future growth include: Those off the Table. CNBC, February 11, 2016. www.Value-added business systems and process, cnbc.com/2016/02/11/fed-chair-yellen-theres-always-some-Predictableprojectoutcomesthroughchance-of-recession.html.standardized execution, 2. Caulfield, John (February 1, 2019). Building Design and Measurable outcomes, and Construction. Construction spending is projected to increase by more than 11% through 2022. https://www.bdcnetwork.Incentivizing long-term behavior. com/construction-spending-projected-increase-more-11-through-2022Businessprocessescaneitherhelporhinder3. ITR Economics (November 2019). https://www.itreconomics.an organizations ability to achieve its goals. Bycomassessingcurrentpractices,identifyingproblem areas, redefining the process, defining new measures,4.Schleifer,T.C.(December5,2016).GobyYour and training your employees, you are supportingExperience. Viewpoint. https://fullcircle.asu.edu/wp-content/strategy with predictable and scalable practices. uploads/2016/04/ENR_Project_Sel_Link_11_28_16.pdfDefining measurable outcomes is a critical componentLaura Cataldo is a Senior Manager with Baker Tilly (www.of change. Measurements could be the number ofbakertilly.com),specializinginworkwithconstruction new prospects contacted, annual revenue, or profitcompanies. She has experience in evaluating business margin.Itishardtoknowifyouhaveachievedpractices and assisting with management challenges in your goal if you cannot measure, and you cannotconstruction-related firms of all sizes. She can be reached at laura.cataldo@bakertilly.com. 24 www.mrca.orgMidwest Roofer'