Hamilton featured in Facility Executive on prioritizing CapEx projects
Aug 18, 2023
In the face of ongoing economic uncertainty, strategic capital planning with consensus from leadership is vital, especially when mid-year budget cuts alter an existing plan. Sydney Hamilton, Strategic Facility Planner, digs into this topic in Facility Executive’s article, “How to prioritize your next CapEx project.”
When addressing recent capital budget reductions, facility executives are confronted with multiple factors impacting facility plans, from new construction costs to talent retention. So, balancing project implementation with stakeholder needs is vital for sustained success and future growth. And consensus building is the key to getting there.
Hamilton underscores the significance of involving appropriate stakeholders in the decision-making process, as this allows a diverse range of individuals to contribute to discussions and shape solutions. Engaging participants throughout the planning process fosters investment in the outcomes and ultimately leads to a more successful strategic plan. Once problems are defined, a framework for potential solutions can be established, and alternative solutions can be ranked against prioritized planning goals. A facilitator aids in collaborative brainstorming, validating solutions, and assessing options.
Clear communication, consistent messaging, and stakeholder engagement are all crucial as plans change due to budgetary concerns, underscoring the importance of true consensus building.
Read the full article: How to prioritize your next CapEx project.