How do you stand out in the FM market in 2018-19 and beyond?
This is the next in our three series articles on FM growth strategy. In the previous article, we describe how Baachu’s 3Ps model can be used to examine whether your business has focus and clarity using the Perception parameter.
Here in this article, we will show you how we can use Baachu’s 3Ps models’s Position parameter to turn our vision outside of your company to examine its Position in the FM market.
How to stand out in the FM market in 2018-19?
To answer this question, we will use the 2nd P of the Baachu 3P’s framework – Position.
- Are your assumptions around current growth and future growth markets, and the opportunities within your core sectors still valid?
- Have you positioned your services based on market data against your own capabilities?
The Baachu team estimates sizeable upcoming opportunities in the UK public sector FM market over the next three years, with upwards of 800 contracts over £9 bn expected to be floated for rebids by 2020.
At this point, providers should be actively looking at ways to build the right contacts, capabilities, partnerships and differentiators to be well placed in the re-shaped FM landscape. Collaborative capabilities, localised supply chain, innovation and social value generation will be the key competitive propositions to be successful in the coming years.
Let’s look in more detail into how contacts and partnerships can be further developed further through networking.
Networking has always been a vital part of any business but never more so than today. This is because industries and markets are evolving and changing so quickly. Therefore a business cannot afford to be static. The good news is there has never been so many opportunities for networking, whatever be your business needs.
Networking opportunities include physical meetings organised by industry experts, presentations and trade shows. Today it’s easy to schedule face-to-face meet-ups in your city that are relevant to your interest using search portals such as Meetup.com. Often, if you don’t make it to the physical event, presentations and panels are live-streamed though sites like Facebook and YouTube, with live chat feature available too. In the internet age, there are of course many meetups, symposiums and Webinars taking place entirely online, where participants connect live through text, voice and video.
Be sure to subscribe to the Baachu newsletter to be informed on notable upcoming meet-ups to attend.
Two other factors mentioned above are Capabilities and Differentiators.
In the past, FM professionals showcased experience rather than qualifications. BIFM’s Pay and Prospects Survey released in July 2016 showed a shifting trend in that an increasing number of employers will only consider candidates with a higher level of qualifications to underpin practical experienced gained. With changes to traditional working contracts and more flexible work arrangements, clients are also requesting further evidence of benchmarked transferable skills at all levels of the FM profession.
With techniques such as lifelong learning, investing in people, and mentoring, you can differentiate your company from others by showing enhanced skills, experience and qualifications. Another way to differentiate yourself from your competitors is through using the latest technology, which we will discuss this in a companion article.
If you are a company which will deliver premium services, you will not compromise on quality but your prices will be higher and you must be very selective about the projects you will commit to. These advantages may be obtained organically or by acquisition. An alternative mode for delivery of operations is to ensure self-delivery of the majority of your services.
Overall you need to have clarity on
- Are you a single service provider or a bundle service provider? Are you a regional player or a national player?
- Are you going to self-deliver everything yourself or you will subcontract? If you are subcontracting, then do you know about the preferred supply chain?
- Your identity – are you a TFM company or Hard FM company? Clearly define your standard operating model! What are the sectors you operate in and why?
To summarize, it’s important to know your own companies position on the map of the FM world. When you understand this, it will allow you to effectively build up your network, your strengths and capabilities, and allow you to develop your company using the latest skills and technological opportunities.
If you need advice on your FM Company’s position, make sure you email firstname.lastname@example.org today.