Due to the inconsistent nature of commercial construction, it is essential to build a healthy profit margin into each of your projects, and to know what the breakeven point is that will determine whether each job ultimately finishes with a profit or a loss. The key is to properly run the numbers, being as specific… Read more »
In the decade following the Great Recession, many American manufacturing business owners have struggled to secure loans or lines of credit from traditional banks. As a result, a host of new and different lending options have sprung up to help manufacturers looking to expand, better manage their cash flow, purchase new equipment and more. Manufacturing… Read more »
Manufacturing is an essential part of the American economy, supporting 8.5% of the country’s workforce. Of the nearly 252,000 businesses that work in manufacturing, 75% of them have less than 20 employees, according to the National Association of Manufacturers. For many small businesses, it can be difficult to find a loan, whether through a bank,… Read more »
If your company has more than a few employees, your revenue is growing, and you are juggling multiple jobs, it’s probably time to hire your own construction accountant, preferably a Certified Public Accountant. A good accountant often pays for themselves in a relatively short amount of time. After all, finances need to be current and… Read more »
For many contractors, securing a commercial construction loan happens when stress levels are already high. The project has started and the crew is on-site or it is only a few days / weeks from starting. Payroll becomes an emergency — how will you pay your team while waiting for the GC to pay you? And… Read more »
A common commercial construction billing mistake companies tend to make is to delay submitting an invoice or pay application for the work completed during slow months. Construction companies, in most situations, have work schedules that ebb and flow as their jobs progress. Busy and slow months are inevitable. Federal holidays and poor weather conditions often… Read more »
Commercial construction contractors are in an almost impossible situation. The economy is booming, and public and private organizations are looking to build new offices, hotels, skyscrapers and more. But to make all that happen, organizations — and the general contractors they hire — depend on thousands of subcontractors who are willing and able to do… Read more »
There are many factors behind landing a winning bid. For upper-level commercial construction projects — especially for those lucrative government contracts — you have to prove that your company can complete the work for a competitive price and that you have the means to carry it through start to finish. A Financial Capability Letter can… Read more »
The devastation caused when Hurricane Harvey hit the Gulf Coast on August 25 was staggering. More than one million people were displaced and roughly 200,000 homes were damaged in a 300-mile span. The cleanup and recovery will be a long one for the region, but within a few months, contractors working for the Texas Department… Read more »
The front door of one of the most historical sites in the country is undergoing a major renovation. The Independence Visitor Center, in Philadelphia, welcomes millions of people from around the country and around the world who want to see where the Declaration of Independence and the United States Constitution were signed.