The construction industry is known for being much slower than most business spaces to adopt new technology. And it's for a good reason: quickly changing standards in trendy directions can and often does lead to inefficient execution of jobs and even unsafe conditions in the workplace. In construction, it's most important to get the job done [...]
Companies across industry sectors are transitioning to cloud-based solutions. Forbes reported that between 2016 and 2017 hybrid cloud adoption increased from 19 percent to 57 percent of organizations surveyed. That's a three-fold growth, and trends are continuing upward. A survey conducted earlier this year found that 81 percent of enterprises have a multi-cloud strategy. The construction [...]
Construction professionals know that accounting in their industry is often characterized by thin profit margins and quite a bit of uncertainty. According to Accenture, only 30 percent of firms currently deliver projects on budget and only 15 percent deliver on time. Imagine how improving those percentages for your company would give you a significant competitive edge. Accurate [...]
Improving profits on construction contracts can help your business succeed and put more money in your pocket. The key to any successful business is correct pricing. There are tips for pricing that can drive more business through your doors as well. This article will look at ways to improve profits on each contract and techniques for [...]
We doubt we need to convince you, a contractor, how important it is to negotiate the terms of a contract between you and the buyer of your services. You know that the contract will protect your right to payment for work done. There's a particular part of the construction contract, however, that we would like you [...]
Of all the frustrating costly things that can be involved in a construction project, change orders are by far the most problematic. While some change orders can't be avoided, as the project reveals a necessary change in plans to reach completion, an unfortunate and problematic number of last-minute changes come from the client themselves. They realize [...]
Smaller contractors rarely have the resources to set off a major overhaul in a short time. But, in an industry so tied to overall economic health (and therefore volatile) as construction, it's not uncommon for contractors to run into unexpectedly tight finances. In these situations, contractors have to figure out ways to improve year-over-year profits without [...]
A construction business is like a three-legged stool. One leg is the ability to build the structures that customers are looking for, the second leg is customer service and marketing, and the third leg is accounting. No business can run successfully without accurate accounting but for construction, where the costs of a project can vary based on [...]
The overall financial outlook for construction in 2018 is consistent and stable. Commercial construction is expected to see a 12.4 percent increase in starts, while residential projects will see growth at six to nine percent. While the industry, in general, has seen a resurgence since the recession, individual companies are facing challenges to profitability. Analysts identify poor [...]
It's never too soon to start preparing to file your federal income taxes. The IRS will begin processing tax returns for 2017 on January 22, 2018. Tax season is a busy time but it doesn't have to be a headache if you start organizing now. Doublecheck your company files. You need to supply your accountant with a [...]
