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Sharie DeHart

Recent Posts

Key Financial Concepts For Construction Company Owners

Posted by Sharie DeHart on Fri, Sep 08, 2023

Not everyone knows construction accounting, and it is easy to assume all accounting is the same. Even if you have outsourced your financial functions, as a small construction business owner, having a solid understanding of critical financial concepts is crucial to work with your advisor and 'speak their language". This article outlines several essential concepts that every small business owner should know.
 
Construction is a tricky business, and people's failure is expected. Most of our clients have either failed or come very close. It doesn't matter how many times you are knocked down; it only matters that you learn your lessons, get up, and go again. We noted these lessons years ago, owning and operating our construction company. By building a system and gaining insight from us, you can pick up from our mistakes, which you don't have to go through and can start avoiding before it comes crashing down. 
 
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Topics: Bookkeeping, Outsourced Accounting, QuickBooks Construction Accounting, QuickBooks Do-It-Yourself construction Bookkeeping, Construction Accounting Academy

Construction Company Contract Traps And The Advantages Of Legal Help

Posted by Sharie DeHart on Fri, Sep 01, 2023

Mistakes can be expensive in the construction business, and as an entrepreneur, although you'll know many of the regulations that apply to your business, there are so many that you can't possibly remember all of them. Depending on the type of contracting business you run, you could face laws regarding taxation, employment, product liability, premises liability, discrimination, health and safety, and various other regulations.
 
Keeping on top of all the laws that affect you and the changes to those laws while still being mindful of all the other aspects involved in running a business is almost impossible.
 
That's why you need legal help. A legal professional can identify the rules and regulations that apply to your business and advise you on operating within those laws. They can also help you draw up necessary contracts that could prevent legal action in the future, and they can prepare a case in the unfortunate event that you wind up facing or filing a lawsuit.
 
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Topics: Bookkeeper Embezzlement, Embezzlement, Contractor Bookkeeper Embezzlement, Construction Bookkeeper Embezzlement, Employee Fraud, financial fraud

Pros And Cons Of Working With Family And Friends In Construction

Posted by Sharie DeHart on Fri, Aug 25, 2023

Ever dreamed of starting a family business? Investing in a franchise opportunity with friends?
 
Businesses owned and operated by families can have incredible staying power. All family-owned companies, Volkswagen, Samsung, and Nike, are among the world's most successful, leading brands.
 
Working with family and friends can be fun and rewarding, especially in the construction industry. I know because we've been in one. But before you hire the people you care about most, it's wise to consider the pros and cons.
 
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Topics: Hiring Employees, contractor divorce, Construction Contractor's Family, Do What You Do Best And Outsource The Rest, Contractor Tips

How To Safeguard Your Construction Company From Employee Expense Fraud

Posted by Sharie DeHart on Fri, Aug 18, 2023

As a small business owner, you always look to keep your company running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your construction company's reputation. Here we discuss employee expense fraud, the reasons behind it, and, most importantly, how to prevent it from happening to your construction business.
 
What is expense fraud?
 
Expense fraud is submitting falsified or inflated expense claims to receive reimbursement from the employer or avoid paying out of pocket. It is illegal, unethical, and detrimental to your business.
 
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Topics: Bookkeeper Embezzlement, Embezzlement, Contractor Bookkeeper Embezzlement, Construction Bookkeeper Embezzlement, Employee Fraud, financial fraud

How To Handle Construction Client Debt So You Get Paid On Time

Posted by Sharie DeHart on Fri, Aug 11, 2023

If your customers owe you money, the faster you can obtain it using effective collection tactics, the better. Ideally, you want to reduce the chance of bad debts and pressure on your construction company's cash flow.

It can be easy to neglect to manage your debtors when you're busy growing your business, but intelligent credit control is important. So it's crucial to have the skills to handle the people who owe you money well, especially if you want to avoid taking them to court.

When negotiating contracts with clients, try to set payment terms that help your cash flow, such as deposits or progress payments. Dealing regular payments for contracts that take months to complete has two purposes: it gives you cash flow to match your expenses and protects you from total loss on a project if the customer goes into liquidation.
 
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Topics: Invoicing, High Profit Repeat Construction Clients, Contractor Tips, How To Charge Clients, Get Paid On Time

A Guide To Serviced-Based Business Advertising That Works

Posted by Sharie DeHart on Fri, Aug 04, 2023

Marketing covers everything you do in your business that creates awareness, including advertising, brochures, competitions, trade shows, demonstrations, travel, direct mail, email campaigns, your website, and sponsorship. Let's narrow our focus to an integral part of Marketing - Advertising.

Advertising is a massive industry with multiple mediums for your message to be heard or lost in translation. It might sound like a no-brainer, but before you start planning your advertising, you must consider what you are trying to achieve from your investment. Your ultimate objective likely is to build sales, but other things to consider are increasing market presence and building your brand.
 
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Topics: Hiring Employees, Hiring Guide For In-House Construction Bookkeepers, Do What You Do Best And Outsource The Rest, Contractor Tips, Construction Employee

The Rundown To Running Your Own Construction Business

Posted by Sharie DeHart on Fri, Jul 28, 2023

Getting your construction business up and running and making a profit is usually much more complicated than it sounds. So let's focus on honing the skills you'll need to make it happen by acquiring these yourself or consulting professionals to help you.

What it means to be your own boss

Being your own boss might sound like it is the ultimate ticket to freedom and financial success – and it can be. But don't be fooled into thinking you'll be able to put in a few hours each morning and spend the afternoons networking over a round of golf. The reality is that most businesses require much hard work – more than your standard 9–5 job and over some years – before they start to make a reasonable profit, and many new construction businesses fold before they reach that point.
 
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Topics: Success In Owning A Construction Business, Contractor Tips, Building a Construction Business, Construction Employee

Finding The Right Construction Talent And Common Onboarding Mistakes

Posted by Sharie DeHart on Fri, Jul 21, 2023

As a business owner, you know the right people are crucial to your construction company's success. The best employees can help you achieve your business goals, improve productivity, and drive growth. But finding the people best suited to your team can be daunting, and sometimes it's easy to hire someone who seems okay rather than taking the time to find the best fit. 

Here are some steps to find and hire staff that support your business growth, whether in the office or the field.

Step 1: Define the job and necessary qualifications

The first step in finding the right talent is accurately defining the job description and qualifications. Is this a new position you're hiring for? Are there gaps in employee skills that need to be met? Is this a position that requires specific knowledge and experience? 
 
Remember that there's a difference between "must-have" qualifications and "nice to have" considerations. When setting out "must have" qualifications, include only those that are necessary to the person successfully performing the role. 

Remember also that the job salary should match the role and the qualifications. You can't expect to hire someone with ten years of experience by only offering an entry-level wage. 
 
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Topics: Hiring Employees, Hiring Guide For In-House Construction Bookkeepers, Do What You Do Best And Outsource The Rest, Contractor Tips, Construction Employee

Adapting Your Construction Business To A Slower Economy

Posted by Sharie DeHart on Fri, Jul 14, 2023

It's hard to go a day without reading something in the news about the state of the economy. Whether it's interest rates rising or the cost of living, there's no getting around the fact that in 2023 there are many doing it more demanding than a few years ago. But while there are some economic challenges for individuals and businesses, it's important not to go too far down the rabbit hole. Remember – economic conditions are forever changing, and history tells us things can change anytime.

If you're concerned about the economy's impact on your business or have already experienced its effects, read on. In this article, we'll explore ways to adapt and improve your construction company during slowdowns, so your business can emerge more substantial when the market bounces back.

Take the time to understand your market conditions
 
The news can often overwhelm us with negativity. While staying informed is crucial, consuming every opinion piece and social media commentary can lead to a negative mindset. Instead, focus on your own business and industry to identify the real challenges you're facing. Research might even uncover some opportunities too.
 
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Topics: Increase Sales And Profits With Tiny Changes, Business Round Table, Contractor Tips, Contractor Guidance, Construction Business Inflation

Cultivating Construction Company Productivity Through Staff Training

Posted by Sharie DeHart on Fri, Jul 07, 2023

When it comes to the construction industry, employee training and development is crucial for success. Providing employees with the necessary skills and knowledge can make their work more efficient and effective, leading to higher-quality results and increased productivity. From safety training to technical skills development, a variety of areas can be focused on in construction employee training and development programs. Investing in these programs not only benefits employees but also improves the overall success of the construction company.

Don't have an employee? As a construction company owner, it's important to prioritize investing in yourself and your growth. By paying yourself first, you'll be better equipped to make intelligent investments in your construction business and provide valuable training and development opportunities for your soon-to-be employees in the industry. This can lead to a more skilled and efficient workforce, which can ultimately help your business thrive.

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Topics: Construction Productivity, Production, Construction Employee, Staff Training, Contractor Training, Contractor Development

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