Small business owners spend an average of eight hours monthly performing payroll functions. That's 12 business days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
Upgrading or changing your payroll system comes with a ton of attractive benefits. Saving time and money, making everyone's account more manageable, and better integration are all excellent reasons to consider a change.
But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for tips on avoiding a disastrous payroll system migration.
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Topics:
QuickBooks For Contractors,
Construction Bookkeeping,
Business Process Management For Contractors,
Construction Project Managers,
Construction Project Managment,
Project Management,
Project Management For Construction
In the past, Construction Project Managers were laborers or served an apprenticeship in one of the skilled construction trades and were promoted to foreman. This meant many people were more comfortable in manual labor without management skills. And when "things" were put in charge of "people," the results were not usually favorable.
Because of this, many construction companies failed and went out of business due to the Cost of Chaos in their businesses. And it is still happening today.
In the late 20th century, construction and construction management were separated into individual disciplines, each with its methodologies, terms, and definitions.
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Topics:
QuickBooks For Contractors,
Construction Bookkeeping,
Business Process Management For Contractors,
Construction Project Managers,
Construction Project Managment,
Project Management,
Project Management For Construction
Construction business owners already have a time-consuming and challenging job running their business. If their business is open five days a week, they usually need the weekend to catch up on paperwork, pay bills and manage any tasks they didn't get to during the week.
For those with a seven-day-a-week business, there's even less time off. They often feel the need to be onsite whenever the company is open to deal with unanticipated issues, help the staff out, and ensure all tasks are completed.
Being onsite seven days a week isn't healthy or productive, however. It can cause burnout and result in errors being made. It affects the construction owner's personal life and quality of life, not to mention their overall well-being.
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Topics:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy, and money so vital tasks get done more efficiently, freeing up your time.
Too many construction business owners think they must keep working harder—taking on more responsibilities and working longer hours to succeed. It makes sense because you’re responsible for your business, but that route leads to work overload and burnout. Ultimately, your business will be unsustainable if you keep pushing yourself to work harder.
It doesn't matter how many times you are knocked down; it only matters that you learn your lessons, get up, and go again. Some lessons we already took note of years ago, having owned and operated 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:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
As much as we plan, it would be best if you were flexible, adaptable, and reliant. Things happen that are beyond your immediate control. Those of you who want a predictable environment are employees working for a large employer where schedules are fixed and doing the same things every day.
It was a different mindset when you became a Construction Business owner. You wanted to be independent, and part of being independent is that there is no one telling you what to do or when to do it. Your suppliers and government agencies direct you and impose fines and penalties when you get off track.
Proactive versus reactive are the two methods of getting something done. I find everyone works in a combination of both, I included. Proactive is scheduling and doing everything ahead of time. Nothing is ever waiting until the last minute. Reactive is more emergency-driven and are things that need to be done now.
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Topics:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
The construction manager is conditioned to avoid emergencies by being proactive. It is necessary to have systems in place to deal with emergencies when they arise. After the crisis has passed, the effective project manager evaluates the root cause of the trouble and implements change in the system to avoid a repeat performance.
It’s also one thing to manage workers when they’re all in the same place at the same time. However, when you run a construction business with field workers, things can get a lot more challenging. Not only are you typically not on the same job site as them, but you might also have workers scattered over a variety of sites and projects.
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Topics:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
The success of any business, large or small, depends considerably on nurturing an efficient, productive workplace.
While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done.
Being a better construction business owner is not just about the habits you practice in front of others. It is often about the habits you practice behind closed doors that make you an easy person to follow.
Whether you work alone or managing a group of people, practicing accountability matters. Accountability is a touchy subject that can make many people feel uncomfortable, but it protects you as a leader and can exponentially increase the level of influence you have over a corporation or group of followers.
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Topics:
Systems And Processes,
Construction Project Managment,
Project Management,
Contractor Operating Tips,
accountability,
Construction Accountability
For construction business owners, working with independent contractors can be a lifesaver. Although, hiring Independent Contractors can get very expensive, very fast!
The Internal Revenue has a defined set of rules on the difference between an "Independent Contractor" and "Employee." With all the documentation in place, a person could still be classified in the eyes of the Internal Revenue Service as an "Employee."
When you hire 1099 contractors
You need to know that their state contractor's license, bond, and insurance are active. During audits, state agencies are now looking to check the bond and insurance. Anytime a contractor's license is suspended, the State may reclassify that person as an employee on your job.
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Topics:
Subcontractor 1099,
Construction Project Managment,
Contractor Tips
Estimating and submitting bids is one of the most stressful and nerve-wracking sides of your construction business. It is essential to keep in mind that "break-even" in the construction business is challenging to calculate because most projects are one-of-a-kind custom jobs. Proactive contractors have systems and cost libraries with pre-priced assemblies for bidding, which works in conjunction with Strategic Construction Accounting to provide management with progress invoicing, job costing, and job profitability.
With poor bookkeeping, misguided judgment, and clerical errors come bad decisions on what projects to bid on and not to bid on until eventually, you'll run out of time and money. This is why some construction projects fail or, worse, construction companies get bankrupt.
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Topics:
The Contractors Account,
Construction Project Managment,
Contractor Champion,
Contractor Tips,
Trade Show
