As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful. 

 

Have you given your bookkeeper, wife, partner, accountant, or tax accountant the information needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.

 

Here is where the expression "Garbage In Equals Garbage Out" comes into play. It is impossible to create Job Costing Reports when all anyone knows is the deposit amount on the bank statement.  

 

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Topics: QuickBooks Year End Closing Tips For Contractors, Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors

In today's digital age, online reviews hold immense power and influence over the success of small construction companies. With easy access to social media, Google reviews, and review websites, customers can easily voice their opinions and experiences with your business online. Most people searching for a local construction company - whether they need a plumber, painter, or general contractor, will check their online reviews before deciding. 

 

Positive reviews can help establish credibility, build trust, and attract new customers. Conversely, negative reviews can damage a company's reputation and deter potential customers. Given the importance of online reviews, small construction companies should aim to provide excellent service and encourage satisfied customers to leave positive reviews.

 

As a small business owner, you must understand the importance of online reviews, as they will impact your brand image, sales, and customer loyalty.

 

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Topics: Website Search, Contractor Tips, How To Handle Negative Reviews, Online Feedback Matters

I was taking a moment to reflect on the challenges for the Pilgrims coming to America. They decided to make the journey with no guarantee of success. To build homes, plant crops, and take care of animals. Then, later, everyone chose to move West by wagon train, horse, or on foot. I am grateful for them! I think about my Grandparents and my Great Grandparents. What was life like when they were children? Where did they come from, and how did they get to where they were?

The family's oral history seems so inadequate. My father shared so much, but now it looks like so little. Be glad for the simple things we take for granted:

• Going to the grocery store, deli, or restaurant for dinner
• Living indoors with electricity and indoor plumbing
• Driving a car
• Crossing the water on a bridge or ferry
  

Modern times. I am all for living in the city with the gas station and grocery store just down the street. I appreciate reliable electricity, and tree contractors trim powerlines year-round to help prevent outages. I am grateful for the linemen who repair power lines during a storm so we have electricity.    

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Topics: Thanks To Everyone Involved In Construction, Contractor Tips, Black Friday For Construction Contractors, Value of Construction Contractors

If you have been lucky enough to encounter generous people, you understand they have a unique gift for garnering the respect and admiration of individuals around them. When you are a leader, having a positive relationship with the people who follow you is a huge asset you cannot put a price on. 

 

In the construction business, generosity and helpfulness are two fundamental traits that can make a business successful. When contractors are willing to share their knowledge and expertise with others, it creates a sense of community and fosters growth and success for everyone involved. Additionally, when contractors are generous with their time, resources, and even their finances, it can significantly impact the success of other businesses and individuals. 

 

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Topics: Leadership Styles, Construction Project Managers, Contractor Tips, Project Management, Project Management For Construction

Finding some certainty can make all the difference in the unpredictable construction business world. While the future remains a mystery, budgeting and cash flow forecasting tools can significantly reduce uncertainty, allowing you to anticipate challenges, learn from past events, and enhance your ability to navigate your business.

Budget vs. Cash Flow: The Crucial Distinction

A common misconception is that a budget and cash flow are interchangeable. A budget is a projection of future possibilities, enabling you to consider various sales and expense scenarios. On the other hand, a cash flow provides a record of actual expenses and sales revenue that flow into and out of your business each month. Although they often deal with the same data, their applications differ.

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Topics: Cash Flow, Construction Accountant Who Listens, Construction Company Cash Flow, Contractor Tips, Construction Business Budget, Budget Vs. Cash Flow

The ability to network is a fundamental part of running a business. Running a business in isolation is difficult, so it helps to have expert partners and acquaintances available to share ideas with.

 

If you're looking to network with construction industry professionals, there are several ways to do so.

 

1. Attend industry events: Look for construction industry conferences, expos, and trade shows in your area. These events often have networking opportunities, such as meet-and-greets or after-hours social events.

 

Conferences are a way to actually meet in person, so the results can be hard to beat. Most conferences have time set aside for networking, allowing you to meet everyone in your niche. More work might involve getting to a conference, but the networking opportunities alone are often worth it. Best results can often be gained by creating a good impression in person, followed by an online contact.

 

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Topics: Leveling Up, Networking, Construction Accountant Who Listens, Contractor Tips, small business connections

Starting a new construction business is exciting but has its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. It's not just about keeping things tidy; it's about understanding the financial health of your business and meeting all your tax obligations.

 

Don't underestimate the basics

 

Some small businesses continue to rely on traditional systems, like pen, paper, and a trusty shoebox. Although it may seem outdated, this method can work well for businesses with few transactions. These businesses might not have the latest payment technology and could be invoicing customers or receiving immediate cash or cheque payments. In such cases, they must maintain a record of all receipts, past, present, and future jobs, and a log of their customers and transactions.

 

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Topics: Restarting Contractors, Start Construction Company, Growth Coach, Contractor Startup, Construction Company Startup Tips, Grow Your Construction Business

Once your construction business is up and running, it’s essential not to rest on your laurels. Successful business owners always look for ways to grow and maximize their profits. We’ve compiled a guide and checklist to help you identify ways to get the most out of your contracting company.

 

1. Grow your sales

 

Contact your best clients.

 

One of the easiest ways to increase sales is to sell more to your existing clients. For example, you could try contacting every customer and offering a complementary product or service they might need now. You could also determine when clients need maintenance checks.

 

Create a client loyalty scheme.

 

You’re looking to create a customer care program using customer contact software and implementing a customer loyalty scheme.

 

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Topics: Growth Coach, Profit and Growth Strategies For Contractors, Construction Business Interest Rates, Grow Your Construction Business

In the construction business world, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. 

 

Understanding how this impacts your construction business and identifying solutions to counteract these effects can be vital to sustaining and growing your company.

 

When interest rates go up, borrowing money becomes more expensive. This can impact your ability to make a profit on construction projects. You might have a more challenging time getting financing for new projects and have to pay more for the funding you get. Fewer people may be looking for your construction services when the economy slows due to rising rates.

 

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Topics: Holistic Bookkeeping Services, Contractor Lines Of Credit, Banking, Construction Business Interest Rates, Interest Rates

Getting approved for a business loan or line of credit is more complicated than qualifying for a personal loan. Small construction business owners must be adequately prepared to meet with a lender to present their business in the best possible light and ready for the money they need.

Think of all the times:

• You loaned money to a friend or relative
• Provided labor and materials for somebody's home or business without a deposit check
• Did change order work that you never got paid for doing and never will
• Gave a subcontractor/employee an advance on their paycheck, and you never got paid back

Multiply that by 100,000, and you will understand why banks seem so tight-fisted about loaning money.

 

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Topics: Cash Flow, Bookkeeping, Contractor Cash Flow Problems, Financing Secrets Revealed, Banking