Will the FAR on the DD set, allow a GMP that meets the DCR?
Hello?
I had no idea what they were talking about
After helping with a client working session, I stayed in the conference room sitting across the table from the executive on the project. I clearly remember rallying the courage to ask what “DCR” meant. The term had been thrown around effortlessly in discussion, and I had no idea what they were talking about.
After he said that it meant “Debt Coverage Ratio”, I admitted that I was no closer to understanding it! He wound up giving me a quick lesson on DCR and NOI (net operating income) and financing covenants. This really helped me generally get the concepts, and how they directly applied to that project.
Later, I became a construction acronym tutor for clients
Fast forward a few years, and I was sitting at another large conference room table. I was listening to various architects and builders pitch for a contract with one of my clients. Whenever I heard an acronym, I put it in the margin of my notes.
Then as I helped the committee debrief the presentations and deliberate the selection, I put the acronyms on the whiteboard and offered to explain them. This simple gesture reinforced that it was okay, and basically expected, that the committee didn’t know some of the language in the new world they were entering.
Being open, and laughing about it with each other, strengthened them as a team of decision-makers.
Finding a balance of leveraging acronyms without alienating
Acronyms have such a tricky balance.
They truly help to keep momentum in a conversation. But they can also alienate and exclude outsiders. We can look them up on our phone these day. But the real gateways for me with acronyms, were the engaged conversations I had.
Engage others about acronyms
So here’s an exercise to help you strengthen your engagement muscle:
- Today, make a list of acronyms that you regularly use.
- Then, identify someone who may not be as versatile with the acronyms – perhaps a new colleague or a new network connection.
- Decide on how and when this week you can have a conversation with them – perhaps you have a check-in already scheduled, or you can connect on slack.
- Share one of your experiences with an acronym, and extend an offer to talk about acronyms some more.
- At the end of the week, notice what was easy or hard to do, and how you felt after the conversation.
