| The Case for Growth in Medium to Large Firms Over Small Enterprises
Abstract This article explores the advantages of newly qualified quantity surveyors advancing their careers within medium to large firms, rather than starting their own small businesses. It highlights the challenges faced by small firms in investing in research and development due to financial constraints and the negative impact of competitive pricing on human capital and resource upskilling. The article advocates for consolidating efforts within established firms to drive innovation, enhance skills, and secure the future of the quantity surveying profession through strategic growth and collaborative development. Introduction As the construction industry continues to evolve, we are witnessing a growing number of newly qualified quantity surveyors choosing to either join established firms or venture out to start their own practices. While entrepreneurship in any profession is commendable, I believe there are significant advantages to encouraging these talented professionals to advance their careers within medium to large quantity surveying (QS) firms, rather than everyone starting their own small businesses. In this article, I will explore why this approach can benefit not only the individual professionals but also the QS profession as a whole, particularly in the context of research and development, resource upskilling, and sustainable growth. The Pitfalls of Starting Small Firms: Challenges in Research and Development One of the primary challenges faced by small QS firms is the lack of resources and time to invest in research and development (R&D). When professionals start their own practices, the pressure to make ends meet often takes precedence over innovation. This focus on survival and generating immediate income can limit the ability to explore new technologies, methodologies, and approaches that are critical to keeping pace with an ever-changing industry. In medium to large QS firms, there is a structured framework and dedicated resources to drive R&D initiatives. These firms have the capacity to invest in new ideas, explore innovative solutions, and adopt best practices that will ultimately benefit not just the firm but the industry at large. Encouraging more professionals to grow within these environments will lead to greater contributions to the field of quantity surveying, fostering a culture of continuous learning and improvement. The Reality of Negative Competition Another concern in the profession is the increasing trend of competition being used as a positive tool, which, in reality, can be detrimental when not approached strategically. Small firms often resort to offering high discounts to win clients, creating a race to the bottom that undervalues the profession. While this approach may seem like a quick win to attract projects, it often undermines the ability to invest in human capital and the upskilling of resources. Medium to large firms, on the other hand, have the capacity to maintain competitive pricing while still investing in the professional development of their teams. These firms can afford to offer training programs, mentorship opportunities, and career advancement paths that enhance the skills of their workforce. In doing so, they not only create a more competent and capable workforce but also elevate the overall standards of the profession. The Case for Consolidation and Collaboration To secure the future of the quantity surveying profession, there is a strong case for consolidating resources within medium to large firms rather than fragmenting the profession through numerous small enterprises. By encouraging new professionals to join and advance their careers in these larger firms, we enable the consolidation of knowledge, experience, and innovation within the industry. This consolidation is essential to driving research and development initiatives that address the evolving needs of the built environment. Medium to large firms have the advantage of economies of scale, which allows them to pool resources and invest in technologies that small firms cannot afford. With a focus on R&D led by these firms, the QS profession can find innovative ways to serve the broader construction and built industry more effectively. It is through these efforts that we can develop new cost management techniques, sustainability measures, and risk mitigation strategies that will have a lasting impact on the industry. Advancing the Quantity Surveying Profession Through Strategic Growth For the QS profession to sustain itself in the future, we must prioritize growth and innovation within existing firms rather than dispersing our talents across multiple small enterprises. The focus should be on creating an environment where registered professionals can thrive, collaborate, and contribute to the collective knowledge of the profession. We need to embrace a model that values continuous learning, investment in skills development, and the nurturing of a culture that prioritizes research and development. In conclusion, while entrepreneurship is a valuable aspect of the quantity surveying profession, the current trend of each professional starting their own small firm can lead to unintended consequences that may hinder the growth and innovation of the industry. By encouraging newly qualified registered professionals to advance their careers in medium to large firms, we can create a more sustainable future for the profession, driven by research, development, and a commitment to excellence. Let us work together to consolidate our efforts, grow existing firms, and make strategic investments in the future of the quantity surveying industry. The path to a thriving profession lies in collaboration, innovation, and a shared vision for the future. Let us build on the strong foundations of our medium to large firms, nurturing the next generation of quantity surveyors to become leaders who will take our industry to new heights. Together, we can create a legacy that not only sustains but also redefines the QS profession for generations to come. Article B: Mr Qinisani Nhlanhla Mbatha, Managing Director and Founder of Mbatha Walters and Simpson (Pty) Ltd, Professional Registered Quantity Surveyor, Past President of ASAQS, and Five-Term Council Member of SACQSP |
