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… Read more »

Is There Really Good Debt and Bad Debt?

blog image good debt 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… Read more »

Eight Strategies to Increase Your Profit Margin

Blog Featured Image Profit Margin Strategies

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… Read more »

Why You Need a Dedicated Payroll Checking Account

Why You Need a Dedicated Payroll Checking Account

Do you stress over payroll? Construction subcontractors face an uphill battle every week to get payroll checks written and delivered. First there is the construction industry’s slow payment problem; it is hard to pay your team when you have not been paid for the work they have been doing. But many business owners compound the… Read more »

Bidding Tips for Construction Subcontractors

Bidding Tips for Subcontractors

Your bid is a powerful tool. It’s like Thor’s hammer, knocking down the competition and winning you victory! But only if you know how to wield it. Submitting an ineffective bid, even one that wins you the job, is like swinging that hammer right at your own kneecaps. You’re probably going to go down, and… Read more »

Borrowing Capital is a Smart Way to Grow Your Business

Blog Header Image - Borrowing Capital

“You’re either growing or you’re dying” is a popular business idiom. For some companies to grow, they rely mainly on customer referrals and organic market growth. For everyone else, you either need to generate more leads, capitalize on bigger opportunities, or some mixture of both. Here’s another business quote, “You have to spend money to… Read more »

5 Questions to Ask Your Construction Insurance Broker Before You Renew

Construction Insurance Rates Set to Rise

The construction industry is poised for a bit of a shock in 2020, as rates across multiple lines of insurance — including General Liability, Automotive Liability, and Umbrella or Excess Liability — are set to increase. According to Willis Towers Watson’s Insurance Marketplace Realities 2020, the rate increase predictions land anywhere between 5% to 30%,… Read more »

Why Subcontractors Need to Talk About Slow Payments with General Contractors

: Why Subcontractors Need to Talk About Slow Payments with General Contractors

Slow payments in construction impact everyone, but subcontractors get hit the hardest. After all, you’ve already financed the labor, materials and equipment to get the work started; a delayed payment means you can’t replenish your cash reserves and you may have trouble making payroll or other critical payments. Most subcontractors make up the difference with… Read more »