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 »
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 »
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 »
“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 »
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 »
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 »
If there were one skill you could learn that would make you a more effective leader and business owner, would you invest in mastering it? Of course, you would! Active listening, the act of giving your complete, undivided focus to what someone is saying, can improve your workplace culture, help you build relationships with partners,… Read more »
Most subcontractors need capital to cover the costs of a new project before the first invoices get paid. The high costs of mobilizing on a job — plus the reality of waiting 30 – 60 days or more for your first payment, all the while meeting weekly payroll and regular business expenses — would be… Read more »
Trying to be a great leader can be like trying to catch lightning in a bottle. You can’t force it to happen. For many people, the mere act of trying to be a great leader — whether among your family, friends, employees, or colleagues — results in exactly the opposite. Leading is done through your… Read more »
If you build your website to drive business, it can. You may be thinking, “I construct buildings, not websites,” but getting this essential business asset up-and-running isn’t as difficult as you may think. If you don’t have one, or yours hasn’t been updated in years, we’ve compiled a guide of tools and resources to get… Read more »