Eight Strategies to Increase Your Profit Margin
Revenue is the lifeblood of your business. Profit supports your goals for growth, but many construction contractors operate on the thinnest of profit margins. Here are eight strategies you can start using today to increase the profit margin on individual jobs, and your company’s overall profit margin. #1 Know your job numbers. They say every […]
Is There Really Good Debt and Bad Debt?
Is there such a thing as “good debt?” Yes, there is. What is the difference between good debt and bad debt? Good debt helps you grow. Bad debt weighs you down. For example, meet Kelly, owner of Kelly’s Creations. Kelly has owned and operated the small manufacturing company for 10 years, ever since her dad […]
Types of Construction Financing and How They Impact Your Ability to Grow
Our CEO Scott Peper recently joined the good folks at Levelset for a webinar on construction financing and how your funding choice could impact your ability to get paid. We have already listed out the many types of construction financing available to contractors — the good, the bad, and the ugly. Let’s dig into how […]
Payroll Tips for Construction Subcontractors
Construction payroll is more complex than payroll in more “traditional” industries. Your payroll can fluctuate when a new project starts, and every week throughout the job right up to its completion. Managing payroll internally is time-consuming, inefficient, and potentially exposes you to mistakes, lost revenue, theft and fraud. Yet, many contracting companies still choose to […]
Introducing Your Financial Partner to the General Contractor or Owner
In construction finance, many lenders (ourselves included) utilize some type of risk mitigation in order to ensure that the project goes well and that the money lent is protected and will be repaid. Construction, in general, has risks that all parties in the construction process must account for in order to do their jobs properly […]
Combating COVID-19 Anxiety in the Construction Industry
The coronavirus has put tremendous pressure on small business construction contractors across the country. Whether their state has deemed construction “essential work” or not, business owners are grappling with tough decisions. Some of these challenges are human — balancing the need to keep a business solvent against the very real pain of letting good people […]
Equipment Financing for Construction Contractors
Equipment financing is another powerful tool to help your business grow and succeed. Financing a newer piece of equipment can help you cut costs, avoid delays, and build credit. We sat down with Gerald King, founder of King Commercial Capital, a cash flow solutions brokerage firm that specializes in equipment financing, to learn how equipment […]
Your Construction Finance Blueprint
This construction finance content was produced in partnership with DARE Capital. You are having success building your construction business. You have blueprints for jobs, but a financial blueprint for your company? Not so much. If your construction business is growing every year, but … then it is probably because you lack a financial plan that […]
Coronavirus & Construction: Levelset’s Virtual Town Hall
Since the beginning of the coronavirus, the construction industry has found itself wading through murky waters. Are we essential? Is our project on hold? If we are working, how will we keep our team safe? And if we are not, how will we keep our teams paid? It has been a LOT to figure out. […]
Core Values Drive Success in Construction
The construction industry is built on relationships. Having a background of mutual trust and respect, on top of a history of solid performance, can catapult your company over the competition when it matters most. If you are new to the industry, this is intimidating. You need the jobs to build the relationships, and you need […]