The construction industry is dynamic and challenging, and a business's success or failure can hinge on various factors. As we approach the end of another year, it's essential to take a step back and assess your company's successes and challenges. 

 

Contracting is notorious for its complexities and ever-changing landscape. It is crucial to evaluate what worked well, what didn't, and what lessons we can carry into the following year. These are my key takeaways from phone chats and emails with our clients, industry friends, and followers. Use this as a template - remove, add, and reflect on this list to hold yourself accountable for what you can improve.

 

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Topics: Construction Strategy, Systems And Processes, BPM, Business Plans, Processes, Construction Systems And Processes, Construction Business Review

The recent cyber outage is a stark reminder of digital systems' vulnerability and potential impact on businesses, including those in the construction industry. This incident offers several critical lessons for construction bookkeeping.

 

As a contractor, your accounting and bookkeeping systems are vulnerable not only to cyber threats but also to software outages, which can compromise sensitive financial data and disrupt business operations. 

 

In this blog post, we'll explore the implications of the recent cyber outage for construction accounting and bookkeeping and provide actionable tips to strengthen your defenses.

 

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Topics: Construction Bookkeeping And Accounting, Systems And Processes, security, cybersecurity, Construction Systems And Processes

Starting a construction business without a plan is like setting sail without a compass. While you might eventually reach your destination, the journey will likely be longer and more challenging. A well-constructed business plan is essential for guiding your business toward success.

 

Here's why

 

It Clarifies Your Vision

 

A business plan helps you articulate the vision for your enterprise. It forces you to think through every aspect of your business, including what you want to achieve and how you plan to get there. This clarity is crucial for communicating your vision to potential investors, partners, and employees.

 

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Topics: Strategic Planning, Business Plans, Business Plan For Your Construction Company, Systems, Business Planning For contractors, Construction Systems And Processes

As a construction business owner, you must stay informed about your finances and financial situation. You do this through bookkeeping, the process of recording transactions in your business. This includes transactions, credit card charges, and any other economic activity within your company.

 

Financial management can easily be overlooked when managing projects, dealing with subcontractors, and ensuring customer satisfaction. However, neglecting proper bookkeeping can significantly impact the growth and success of your construction business.

 

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Topics: Bookkeeping For Electrical Contractors, Bookkeeping For Commercial Tenant Improvement Cont, Bookkeeping For Custom Home Builders, Bookkeeping For Remodel Contractors, Bookkeeping Needs, Bookkeeping For Plumbing Contractors, Bookkeeping, Construction Bookkeeping, Systems, Construction Systems And Processes

Running a small construction business comes with unique challenges, and dealing with toxic employees is undoubtedly one of the trickiest. A single troublesome team member can disrupt productivity, affect team morale, and ultimately harm your business's success. 

 

These individuals can create a hostile work environment, lower morale, and reduce productivity. For the construction industry, where teamwork and safety are paramount, addressing and managing toxic employees is crucial. Knowing how to handle such situations effectively can turn things around.

 

Let's look at the types of toxic actions, how to address them, and provide practical steps to manage these challenging situations. Read on to transform your workplace or job site into a harmonious and productive environment.

 

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Topics: More Processes And Fewer Employees, Systems, Construction Systems And Processes, Construction Employee

In the construction industry, unexpected challenges can arise at any moment. Numerous factors, from material delays to unforeseen weather conditions, can disrupt project timelines and budgets. 

 

From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do? Would you be able to keep working?

 

That's why a contingency plan is crucial for construction contractors. It is not just a precaution but a necessity. Small construction businesses need to be prepared for a range of scenarios. Your company could avoid significant setbacks or closure with a solid contingency plan.

 

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Topics: Business Process Development For Construction, Systems And Processes, Contractors Emergency Marketing Plan, Systems, Construction Systems And Processes, Contingency Plan For Construction Contractors

The success of any business, large or small, depends largely 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 more straightforward said than done. 

 

In today's fast-paced construction industry, staying in touch and being productive is crucial for project success. The good news is that technology has made it easier to streamline processes and enhance team collaboration.

 

One of the most impactful ways technology has improved construction communication is through user-friendly mobile applications and project management software. These tools allow for real-time communication, easy document sharing, and smooth task management, reducing the delays and errors often associated with traditional communication methods.

 

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Topics: Business Process Development For Construction, Systems And Processes, Systems, Construction Productivity, Construction Systems And Processes, Contractor Guidance, Production

In the competitive construction industry, implementing efficient business systems can make a significant impact on the overall success and profitability of a construction business, regardless of its size or specialization. From streamlining operations to improving project management, adopting efficient systems can yield tangible benefits that truly pay off in the long run.

 

Too many businesses fail because the owner needs to establish efficient business systems. This typically happens because the business owner is so caught up in the company's day-to-day running that the fundamentals of good business management are forgotten. Often, it must be said that the owner doesn't like bookkeeping or other administrative tasks, so these get put on the back burner.

 

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Topics: Business Process Development For Construction, Systems And Processes, Systems, Construction Systems And Processes, Contractor Guidance

Wellness is an important aspect of life for everyone, especially construction contractors like you. Given the physically demanding nature of the work, contractors must prioritize their physical and mental health. Proper nutrition, exercise, and adequate rest are all necessary for maintaining a healthy body and mind. Additionally, taking breaks and managing stress can help prevent burnout and promote well-being. By prioritizing your health, contractors can feel better and perform better on the job.

 

However, maintaining a healthy work-life balance can be difficult for a small construction business owner, as most know. You may work long hours, sacrificing personal time and family obligations to keep your business running smoothly. The duties and responsibilities of running your own business often take priority, no matter how personal pursuits are essential for your well-being. 

 

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Topics: Contractor Tips, Construction Systems And Processes, Year End Tips For Construction Contractors, Work-Life Balance

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