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

If you feel overwhelmed by the sheer volume of technological gadgets, never mind apps and other digital "solutions,"; you're not alone. Technology sprawl and the rabbit hole of more and more information available all the time makes productivity—and healthy downtime—a real challenge for many of us.

Although we may be quicker at completing redundant tasks, more time is wasted managing all our different apps and technologies—and more of us live in a near-constant state of distraction.

An epidemic of distracted workers

Maintaining focus on the job is increasingly difficult in the era of social media, chat apps, games, and the ability to search for anything at any time—whether related to the task at hand or not.

 

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Topics: Project Management, Construction Productivity, Construction Systems And Processes, Boost Construction Profitability

Cash flow refers to the movement of money into and out of your business. It's based on the amount of money you bring in minus the amount you spend. A positive cash flow means bringing in more than you're spending. A negative cash flow means you aren't bringing in enough to cover your expenses.

 

Your construction company can run into problems by not charging enough for goods or services, having late-paying clients, growing too quickly, or simply spending too much money.

 

Solid cash flow management is vital to ensuring your contracting business survives, but not everyone understands what cash flow is or how to manage it. That's likely what makes it a leading cause of stress for small business owners. 

 

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Topics: Construction Cash Flow, Cash Flow, Construction Bookkeeping And Accounting, Increase Cash Flow, Construction Systems And Processes, Contractor Guidance

The use of technology in construction has come a long way. Many articles have already been written about how construction has been sluggish in adopting new advancements in technology compared to other business sectors. However, more and more companies, especially small construction businesses, have been open to using technology to improve their operations. 

 

Any change is difficult–especially in business. Changing how things have always been done in the past involves a lot of effort, persistence, and flexibility, not to mention financial investment. To sustain the interest and efforts towards these changes, it's crucial to fully understand and not lose sight of the benefits of adopting technology. For businesses, increasing the bottom line and reducing costs are always practical reasons to leap. 

 

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Topics: Technology For Your Construction Company, Automated Data Entry, Construction Systems And Processes, Contractor Guidance, Construction Business Budget

Every day you make financial decisions about your company, which affect how successful and sustainable your construction business is. If you're responsible for the bookkeeping and all the paper management (bills, receipts, estimates, invoices), you could be making errors that affect your decisions. Because of an incorrect decimal place, you may think that you have more money in the bank than you do. Or you may not fully understand how a decision today affects your business tomorrow.

 

Keeping up with paperwork is a typical construction business time waster we noticed in more than thirty years in the industry. Doing your books often winds up costing you more money in the end, not to mention the time and energy that goes into a task you despise or, at the very least, don't fully understand. 

 

This is one area that many construction company owners hate to be part of but still choose to take responsibility for.

 

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Topics: Bookkeeping Services, Construction Bookkeeping And Accounting, Technology For Your Construction Company, Construction Systems And Processes, Contractor Guidance

Success in operating a profitable construction business is all about maintaining the proper balance of control over both The Profit Centers and The Cost Centers. If either one gets too powerful and is allowed to run your construction company, it can cause more damage than good.

 

The definition of a Non-Profit Construction Company is one that tries to fix its weaknesses and continues making the same mistakes repeatedly, expecting a different result and continues to struggle until the owner lays down and dies from over-work and exhaustion.

 

A Highly Profitable Construction Company builds on its strengths and core competencies and continues innovating, growing, and responding to changes in its environment. 

 

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Topics: Construction Bookkeeping And Accounting, Technology For Your Construction Company, Automated Data Entry, Construction Systems And Processes, Contractor Guidance, Construction Business Budget