Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible.
In the News
Thursday, September 24, 2020
Throughout the year, businesses like yours need to be able to provide verified financial results to others. This may be your tax preparer, a lender or investor, a potential purchaser of your business — should you decide to sell — or another interested party. Not to mention that you, as the company owner should know your books are being done with accuracy and completeness. For all of these reasons, you should consider having your accountant prepare certified financial statements for your business, rather than always relying on internally generated reports.
Thursday, September 10, 2020
Creating a formal debt management plan for your construction company will save you thousands or even tens of thousands of dollars in interest, over haphazard borrowing.
Thursday, August 27, 2020
Best practices for containing insurance costs are critical because insurance is one of the biggest costs in the dangerous construction environment.
Thursday, August 13, 2020
Joint ventures are common in the construction industry, especially with large long-term projects. These collaborative arrangements allow construction firms to work together, for a limited time period, on one or more construction projects.
Thursday, July 30, 2020
Construction projects require cooperation and coordination among a long list of participants including architects, contractors, subcontractors and others. So it's not surprising that even the most straightforward construction projects can result in disputes and ultimately, costly litigation.
Thursday, July 16, 2020
If you find your company gaining a large influx of projects, the biggest problem will be the boost in the amount of capital you will need in comparison with your cash flow.
Thursday, July 2, 2020
"I'll do your family's dental work for free if you build a deck onto my house." If you're in the construction industry, you've probably received an offer like this or made a similar offer to someone else in a different line of business. It's a modern variation of the age-old practice of barter. What makes it especially intriguing in this day and age is the idea that you can exchange services or products with someone without exchanging money.
Thursday, June 18, 2020
Builders and contractors who buy commercial general liability (CGL) insurance policies with the impression that they will keep them safe from allegations of inadequate or faulty work must be aware of what their policies cover. It's important to know that a CGL policy does not provide coverage for work that is faulty.
Thursday, June 4, 2020
They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them.