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Across the area, we’re seeing neighborhoods change as old buildings are renovated and redesigned and new ones go up. We drive on maintained and rehabilitated roads and bridges and benefit from infrastructure like water treatment plants and storm sewers. But what issues do those who plan and design these concepts have to overcome?
Our February issue only asked architects and engineers in our area. They described how they’ve adapted since the pandemic, dealing with everything from new ways to communicate with their teams and customers to ongoing supply and labor shortages. The cost of these supplies continues to rise, which means cost-effective alternative solutions and streamlined designs may be needed to keep projects within budget and on time.
Jim Tyler, principal and vice president of EAPC Construction Engineers in Bismarck, gave an example of how much these prices have increased. “Before COVID-19, a project cost $275 per square foot, and now it’s estimated to be around $400 per square foot,” he said. To offset higher costs, spaces can be designed to be more efficient. Reduce the area of the project, thereby reducing profits.
This month, we’re also reaching out to banking and finance leaders to get advice on what areas businesses should consider in the new year. Zach Miller, chief innovation officer and digital payments strategist at Bravera Bank in Dickinson, North Dakota, said the digital pipeline is a major channel for growth that can maintain customer loyalty and provide a relationship-centric customer experience.
“As a community bank, we must continually evaluate, enhance and invest in digital and payments infrastructure to reduce friction for customers who prefer to use digital channels,” he said.
Chris Wolf, Alerus North Valley market president, said developing an annual budget and determining monthly cash flow forecasts is something every business must do.
“These allow you and your banker to assess your current working capital and plan accordingly for the year ahead,” he said.
Guest columnist Amange Aware, commercial banker at Wells Fargo, offers steps to avoid pitfalls and discover opportunities in 2024.
Tax filing season has begun, which means area accountants and financial advisors are busy. Area professionals and state leaders in the industry talk about what businesses need to know about the new tax laws in the Dakotas and Minnesota.
Enjoy reading about these topics and more in this month’s edition, and stay tuned for the March edition where we’ll profile the 25 Women in Business of 2024!
best wishes,
Kelly McDermott
I look forward to hearing from you: cmcdermott@prairiebusinessmagazine.com or 701-780-1276.
Carrie McDermott joined Prairie Business magazine in March 2023. She reports on business industry trends in North Dakota, South Dakota and west-central Minnesota. Email address: cmcdermott@prairiebusinessmagazine.com.
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