Construction Industry Archives - Page 7 of 9

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 keep payroll internal. Worse, they process payroll along with all other expenses from their Operations account.

We sat down with Bruce Patz, President of Associated HCM, to shed some light on common issues in construction payroll and offer a few tips to improve yours.

Why should construction contractors separate their payroll account from their operations account?

One of the biggest reasons to set up a dedicated payroll checking account is cash flow, says Patz. “A lot of business owners operate on what the bank says, not their actual cash flow. That means one person can write payroll checks believing the money is in there, and then another person write a check for supplies, which causes payroll checks to bounce.”

It’s not that subcontractors are inherently bad with money, but managing all of that outgoing cash is tricky, especially when several members of the team have access to the account.

A separate payroll account ensures the money you have assigned for your employees paychecks is safe. With a dedicated payroll account, there is zero chance of someone else writing a check for other expenses which would impact your team’s payroll.

Another reason to separate payroll? Ease of accounting. Whether you balance the books yourself or have a CPA (and you really should have a CPA), separating your payroll from your operations account makes life, and bookkeeping, a lot easier.

Tips for smarter construction payroll.

Plan ahead. With good financial oversight, based on data from the previous year’s payroll and your expected projects and growth rate this year, you can determine an estimated forecast of your payroll expenses.

Don’t forget about payroll taxes. “A lot of contractors forecast labor on a new project, but they forget the employer taxes when they estimate the payroll expense, “says Patz. “Taxes can be 15-20%, so they need to be in your estimate.”

Separate your payroll and operations. Seriously, it’s that important. If you work with a payroll company and have a dedicated payroll account, you know on Monday what your payroll expense is going to be. It gives you a few days to figure it out if you find yourself short. This is better than the 24-hours-or-less panic that often ends with a contractor taking out a high-risk Merchant Cash Advance Loan (MCA).

Do you have questions about payroll during the COVID-19 pandemic? Check out our YouTube video with Bruce Patz and Caroline Catlender.

Cash flow is always an issue in construction. How can contractors best ensure payroll ALWAYS gets met?

“Work with a payroll service that understands your industry and your cash flow cycles, so they can make recommendations,” says Patz. “And hire a CPA, or a payroll service that has accounting as a service, to help with budgeting, reporting, and forecasting. The more you can plan ahead, the more you can get ahead of any problems.”

And planning ahead allows you to better plan for growth and capitalize on opportunities when they arise.

Patz also recommends having a financial partner. “Go with your line of credit first, if you have one,” he says. If you don’t have a line of credit, don’t panic. There are financial partners out there who can help you.

Like us! Check out How Our Loan Process Works to learn more.

What is the benefit to hiring a 3^rd party payroll service versus doing it in-house?

A good payroll company can help with a lot of things beyond processing payroll, such as:

HR Compliance
Employee Handbooks
Equal Pay Act Compliance
IRS forms for talent acquisition
Worker’s Comp payments processed along with payroll, rather than a lump sum
Out of state payroll tax calculations
Calculating exact payroll per project
Managing the different wages by project (Ex: Davis – Bacon Act Wages)
Providing Certified Payroll Reporting

Many payroll companies also offer payroll finance programs. Some will also help calculate employer taxes and offer other accounting services.

For Patz, being a great payroll service comes down to that one word: service. “What sets us apart is that we are a small business, and we have a personal relationship with our clients,” says Patz. “We’re very different from the big payroll companies. A lot of the bigger companies don’t care how their clients make payroll. We start at the beginning. We talk about cash flow to understand it and create payroll solutions that work for you. Our services mirror and align with who you are and what you need.”

What should a construction contractor look for in a payroll company?

Finding a payroll service that specializes in construction can be tricky, and there are plenty who say that they understand the cash flow realities of construction subcontractors. Patz recommends starting with a simple search. “Google them,” he says, “and see if they have ever been accused of stealing tax money. That’s an easy and important first step!”

Next, be ready to vet the company by asking a few questions. Do they reconcile their tax accounts daily? This helps prevent errors and fraud. What is their liability coverage? And finally, can they provide referrals or case studies from other construction companies they’ve worked with?

Construction payroll is complex, but it doesn’t have to be painful. Save yourself and your team the headache of processing payroll yourselves and instead focus on what matters most — performing the work and growing your business.

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#1 Know your job numbers.

They say every river leads to the ocean. The same philosophy is true for your profit. The profit of every job adds up to your company’s overall profit. Increasing your profit margin a few percentage points on each job can add up to a significant increase in net profit and free cash flow for your business.

How do you increase your profit margin? It starts with your bid. Accurately estimating profit margin from the beginning can tell you which jobs to pursue, and which aren’t worth the sweat. That means you need accurate bidding, which all comes down to numbers. It feels great to get a job every time, but doing work that is not profitable just to have work will RUIN your business and is one of the leading causes of why construction businesses fail.

Don’t do work if you aren’t going to make money.

Make sure your bid includes ALL job costs, including overhead and cost of capital. It is imperative you add the cost of your general overhead to every job you bid. In order to do that you have to KNOW what your total overhead costs actually are. Overhead, in its most general sense, is the total of all the costs to run your business that are not directly linked to a specific job. That includes all employees that do not work on the job, your rent or mortgage, insurance costs, payroll fees, entertainment, any other debt payments, etc.

The total of all those costs on an annual basis needs to be calculated – that number is your total overhead cost.

The total overhead cost divided by your total revenue is the percent you need to add to all of your bids in order to properly account for overhead in your future estimates.

In order to figure this out add up all the costs from your 2019 income statement that are not related to actual jobs. Then divide that by your total revenue in 2019. Here is an example for you:

Annual Revenue: $3,000,000
Annual Expenses:
Office staff Salaries – $100,000
Rent – $30,000
Insurances (GL, workers comp, auto, etc) – $80,000
Debt Payments – $40,000
Total: $250,000
Total Expenses ($250,000) divided by Total Revenue ($3,000,000) = 8.3%

8.3% is your Overhead allocation. This is what you need to add to every estimate just to break even on the job.

If you bid $100,000 on a job and you have $80,000 in labor and materials on the job you make think you are making $20,000 or 20% margin. The reality of that is you are only making $11,700 on that job because there is $8,300 of overhead expense that needs to be paid also.

Dig into historical data to determine if the costs you have estimated in bidding were accurate at the end of the project. If not, it’s time to update your estimate numbers.

Your profit margin needs to be higher than retainage. Waiting to pull a profit from retainage will put you at a huge risk of a cash flow shortage until the job is completed and your retainage is paid out, which can take a long time to be released.

#2 Know your company numbers.

Now that you are keeping track of your overhead, job costs, and profit margin on each individual job, expand that thinking out to your company as a whole. Remember to include all the costs we discussed in #1 like insurance, your fleet, and office supplies. Do you have outstanding debt with interest that is nibbling away at your profitability? You need to know which debt to attack first, and how the entire ecosystem is working for or against your profit.

This macro view of your company’s profitability can be a real eye-opener, but it’s critical to your success. Profit margin is one of the biggest reasons new construction companies fail.

Pro Tip: Hire an accountant. A CPA can help you determine these numbers accurately, identify cost-saving efficiencies, and help you forecast numbers for the future.

#3 Reduce your cost of customer acquisition.

Lead generation is always a hot topic with contractors. The cost of that lead generation, and its outcomes, are two critical pieces of data that impact your profit margin. How many leads is your sales team producing? How many leads have you purchased? And, most important, how many of those leads converted into new business? If you have 100 new leads and 0 new clients, we’re sorry to tell you that you have wasted your money. At the same time, if you have a rock star sales representative who closes a new deal every day, that person is worth their weight in gold.

Track which lead generation channels are delivering the most leads, and the BEST leads. Cut what isn’t working. Spend your marketing dollars where you are seeing the best production to increase your profit margin.

#4 Borrow to GROW.

Borrowing to survive is bad, but borrowing to capitalize on an opportunity for growth is SMART! If you can borrow $500,000 in order to execute a job with a 20% profit margin and you earn $125,000 in profit, then the cost of the financing is worth it.

Every funding option has positives and negatives, and borrowing without a plan is almost always a bad idea. It’s important to view every lending opportunity with this question in mind: Can I borrow this money to grow and make sure I don’t undercut my growth during the payback?

#5 Stop competing on price.

You are not a commodity. Neither is your business. A strategic price reduction under the right circumstances is one thing, but when you compete on price alone to win business, the message you are sending is that your work is only worth that much. That’s not a great recipe for long-term growth.

Instead, focus on your reputation as a leader, your company’s reputation in the industry, and the quality work your team is executing. Performance and accountability build a great reputation that will last longer and open more doors than a cheap bid.

Go back and read that last sentence again.

This comes back to bidding. Show your numbers and be upfront about how you came to them. You know what it will realistically take to get the job done right, and a good GC does too. Make their lives a little easier with bids that are clear and comprehensive, that answer their questions, erase pain points, and put their minds at ease. Showing them how you are going to fund the job will also help to put them at ease and trust that you can perform the work they contracted you for. That’s a long-term growth strategy that will show up in your profit.

#6 Trim the talent fat.

Take a deep breath, this one is hard.

You need to balance permanent staff and contract workers. Even harder, you need to take a look inside the office. Is your payroll bloated with specialized staff members who do only that one job or don’t do their job well enough? Would you be more profitable if you combined roles or outsourced a few of these duties? If you have people on your payroll that you have to pay whether there is work or not, you need to make sure they are (1) necessary, and (2) helping the business grow. Get lean and efficient to increase profit margins.

Nobody likes to let good people go. It is not a reflection of them or you — it is business. Be the boss they’ll never forget by helping them find their next opportunity. Leverage your network.

#7 Search for efficiencies and lean into them.

You might be surprised where you can find efficiencies that increase productivity and profit margin. Updating your project management software will have a cost, but if it means you can schedule more work faster, it will soon pay for itself. The same goes with basic fleet maintenance. It may be cheaper to repair that old equipment right now, but in the long run how much are you spending on repairs? At some point, it becomes a better investment to retire old members of the fleet and replace them with newer vehicles.

Efficient and effective communication between your field crew and office staff can help you get paid faster. When you get paid faster, you can pay your vendors, suppliers, and lenders faster. All of which means fewer interest payments and an increase in profit margin.

#8 Set goals and track your progress.

To increase the profit margin for your company, assign a goal to each of these tips. Can you increase your average job margin one percentage point this quarter? Can you reduce your cost of customer acquisition from $350 to $100? Set the goals and then track your progress toward them. Monitor the data after every job, at the end of every month, and at the end of the quarter. You do not have to do all of these things at one time – pick one or two and see them through to the end and then pick 2 more until you implement all of them.

Increasing your profit margin gives your company a solid foundation from which to grow. It makes you more attractive to lenders, increasing the odds you will get the funding you need when you need it next. It also gives you more peace of mind and less stress, so you can focus on doing the great work that your business is known for.

Now go out there and get paid.

Ensure payroll funds are in.

When you only have one operating checking account, all requests for funds are equal. It is basically a “first-come first-serve” scenario, putting your payroll at risk. A dedicated payroll checking account eliminates the concern that another business expense — like materials, equipment rentals, or debt payments — will cause a potential overdraft when payday comes.

Safeguard your account data.

If you process payroll from your main operating account, the entire account number will print on the check. A separate payroll checking account allows you to mask the main checking account number, protecting it from potential fraud or misuse.

Level up your financial health.

A single business checking account can also be a headache for your bookkeeper and accountant. There are a lot of withdrawals made from this account, and your bookkeeper needs to account for all of them. Streamline payroll expenses by having them all come from one dedicated checking account. When your accountant reconciles your operating account, it is easy to link transactions to your payroll account on the ledger. This also ensures that employee checks will always clear, whether someone holds it too long or cashes it right away!

We always recommend using a third-party payroll company payroll for your business – that way payroll taxes are calculated correctly with all other deductions that are needed and, whenever possible, payroll can be directly deposited into each employee’s bank account.

If you or someone on your team is doing all of this work, consider hiring a professional accountant and a payroll processing service. A key practice in accounting is to separate the duties of AP reconciling and payroll processing. It creates a check-and-balance system, reducing the potential for error or theft.

One more thing on business operating accounts: It is bad practice to have an ATM or debit card linked to the main operating account. If you need to have a debit card versus using a credit card, then open an additional checking account that you can transfer money into from the operating account first and then debit from there. This keeps personal expenses, or even smaller charges that could appear to be non-business related, out of your main operating account. This also protects your main account from fraud or theft or anything else that could be bad related to debit cards.

Make your company more attractive to lenders.

Separate accounts also make quarterly payroll taxes easier. Financial and tax reporting are important components of your bankability — how attractive your company is to a bank or lender. Having a separate payroll checking account shows your company’s maturity and responsibility, which helps the lender determine whether you will be a good candidate for a loan.

Some lenders, Mobilization Funding included, require a separate checking account in order to process funds. An isolated account ensures the funding is used only for its intended purpose.

Would you like to learn more about our lending platform? Click here to see how our loan process works.

A payroll checking account is good for your growth strategy.

A dedicated payroll account allows you to plan for payroll better, manage your company’s financials, and become more attractive to lenders so you can get the capital you need to GROW. It also sends a positive message to your team: Your paychecks are our priority. You work hard for us, and we work hard to protect your paycheck.

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Know the retainage before you bid

You need to be as close to cash flow positive (more money coming in than costs going out) as possible with every pay app, but that’s tricky in the first month of the project or if you don’t know the retainage a GC plans to hold on the job. Don’t leave it up to chance, and please don’t tell yourself you’ll float on profit from other jobs while waiting on retainage. Counting on that is too risky and you can’t float, and your business can’t survive without a steady, positive cash flow.

Bidding Tip: Work with the GC to settle on retainage. It may be negotiable, or you may have to raise your bid. Perhaps the percentage of retainage is not negotiable to start but you can negotiate a smaller percentage once you reach a certain project milestone. Be honest — you are protecting your business AND your team’s ability to do the job.

Calculate your costs and include them all

This may seem like less of a bidding tip than a no-brainer, but many subcontractors miss an important detail when planning their project costs — overhead and the cost of borrowed money or debt payments.

From overhead to labor to equipment and fuel, your bid includes an accurate estimate of all the related project costs. But, does it account for how you are going to PAY for your employees that are not part of the project labor force, or your other general overhead like rent, office staff, your salary, insurance, debt payments, vehicle payments or other equipment costs?

And does it account for the debt payments or the money you borrowed to start or fund the project?

It better, or the cost of that funding will come straight out of your profit or worse; be more than the profit you estimated to realize in the first place. Lastly, to be most effective and safe, you should account for all of the cost and overhead net of retainage – meaning don’t even count on the retainage as part of the contract for cash flow purposes – you are not going to get it until the entire project is over in most cases and that cash will not help you while you are performing the project anyways.

Bidding Tip: Work with a trusted finance partner from the start to prepare a term sheet. Include the cost of your funding in your overhead or project costs.

Your funding plan should also be part of a conversation with the GC. Start by acknowledging the reality: Slow payments are part of the deal in our industry. Not a fan of that idea? Check out our blog, Why Subcontractors Need to Talk About Slow Payments with General Contractors to set yourself up for success.

Bid to grow, not just to win

A subcontractor submitting a low bid to land a dream project or new GC relationship is like a farmer counting spring chicks before the eggs are even laid. For starters, you cannot guarantee that this project is the one that is going to unlock a treasure chest of larger, more profitable deals. Second, it will be hard to justify your much larger future bid given your first. Third, final, and MOST important, if you underbid and something goes wrong this dream job will quickly turn into a nightmare.

You should estimate and bid the budget needed to do great work and perform. Performance will make you stand out to a GC. If you want a general contractor to give you a chance to work on their project, talk to them about your ability to perform and maintain a project schedule, not price!

Bidding Tip: Remember that this bid is YOUR superpower to grow. Put in the details, show your work, prove what it will take to do the job right AND that you are the right company to do it. Making promises in bidding that you keep in execution is more likely to build your reputation with the GC than undercutting yourself and scrambling to do damage control later.

We mentioned “show your work” above – this is important. Why? Because the level of detail that you show will be very telling to the GC and can separate you from the others bidding the job. The details can show the GC that you know what you are doing, that you have been thorough, and that if they hire you that same level of detail will go into their project!

Consider the Project Method

Design-Bid-Build (DBB), Design-Build (DB), or Construction Manager At Risk (CMAR) or Integrated Project Delivery, each project method has its own risks and variables for the General Contractor. If the project is CMAR, ask the General Contractor about the Guaranteed Maximum Price and expectations regarding Contingency Amounts, Allowances, and Change Orders.

Consider the Procurement Method

Not all jobs are automatically awarded to the lowest bidder, though it may seem that way sometimes. Owners like Lowest Bid Procurement for obvious reasons, and a lot of government contracts require it, but it still isn’t the case on EVERY project. In Two-Step Bidding, your technical prowess is just as important (if not more) as your price, because it is your technical qualifications that are reviewed first. In Best Value Source Selection, the entire scope of your company — qualifications, management, staff, reputation, and price — are all under review.

Bidding Tip: If you’re looking to grow your company with a sustainable cash flow and project pipeline, don’t undercut your strategy with low-ball bids when you don’t have to. Invest in building a team of superhero laborers — training on-site and off, regular certification renewals, management training for you and the rest of your executive team. Be confident on the merits of your team and bid appropriately.

Bid on the RIGHT jobs

It can be tempting, especially when you are trying to recover from debt or grow your business, to bid on every project that comes your way. Resist temptation! First, bid on jobs that you can successfully execute. Look for projects that will grow your network or raise your profile with your GC network. And again, most important, bid on projects that will allow you to make a profit.

An effective bid is a mighty weapon in the battle to win more work and GROW your business. Wield your power wisely. With these bidding tips, we know you will.

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3 Simple Tips for Improving…

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%, depending on the coverage line.

To get a better understanding of these changes and how you can prepare for them, we sat down with Dylan Burns, Senior Associate in Corporate Risk & Broking at Willis Towers Watson.

“The commercial insurance rates have been down for the past 3 or 4 years, but as the insurance market has changed, especially in the construction industry, rates are up across multiple lines of coverage. Many contractors may not be aware of this. If you’re not working with your broker and discussing alternative strategies, you’re probably already behind the eight-ball.”

Burns shared five questions you should bring to the table when you sit down with your broker.

1. What are my options? What are we doing to prepare for my renewal?

You may be used to relatively “easy” renewals, but with the marketplace constricting and carriers making dramatic changes to policies that is no longer the case. “Even if you’ve known your broker for years and have a good relationship with them,” says Burns, “now is the time to sit down and review your policy together. You need to build a sustainable strategy. Not just for 2020, but for the next two or three years.”

What can you do?

Get proactive. Prepare for your renewal by scheduling a meeting with your broker and bring all your necessary documentation for review. The following is a short list of what will be needed for review:

Change of address, if applicable
Number of employees
Number of vehicles
New equipment purchases
New service or product offerings or other changes to business practice
Claims data – including detailed information about larger claims and what the company has done to mitigate those types of incidents in the future

Failing to prepare for your renewal can have costly consequences. Not being prepared, delaying information to your broker/carrier and not scheduling pre-renewal loss control meetings all delay the process and limit the time underwriters will have to work on your renewal. This typically leads to less than favorable renewal terms for your company and potential premium increases. Ouch.

It also doesn’t hurt to shop around. Your broker may only have access to a select group of carriers, and there may be other carriers that offer better plans for your business. “Checking what’s out there for you can save you a lot of time and stress in the long run. Even if that may be with another broker,” Burns says.

2. Does my current carrier have discounts for fleet tracking and other safe driving measures? Are we taking advantage of those?

Rising third-party litigation and skyrocketing verdict outcomes have kept Auto Liability rates on the rise for years now, and according to the experts 2020 is no exception. The good news is many carriers offer discounts for safe driving technology and programs.

What can you do?

Implement a safe-driving program at your company. “Brokers and carriers can actually help with that,” says Burns. “Carriers want to work with companies that take pride in their safety. By leaning on their broker, a business can show how they’re taking control of their safety which is attractive to carriers and can afford potential premium discounts.”

Your safe-driving program should include continuous education around distracted driving, fatigued driving, and aggressive driving. If you haven’t already, install fleet tracking in your vehicles. Modern fleet tracking systems do a lot more than just GPS — they can detect and record speeding, aggressive driving, fast braking, and other no-no’s on the road. Some even have historical playback capabilities, which can be useful in claim disputes. This may seem like you want to micro-manage them and perhaps you do, however, the real benefit is the cost savings to the business. Make sure you TELL your employees why you are implementing this program and what the benefits are to your employees so you can manage the message the right way!

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3. What is my company’s Workers’ Compensation Experience Modification Factor (E-Mod)? What does that number mean? How can I improve it?

Workers Compensation is one of the few insurance lines not experiencing a rise in rates. In fact, the prices are so low that it has some carriers worried about profitability. But that doesn’t mean you shouldn’t be paying attention to it.

“Some carriers are looking at Consent to Rate policies rather than the state-filed rates, in order to improve profitability,” says Burns. “Regardless, knowing and improving your Emod is important to your business. For one thing, the higher your Emod, the more you’re going to pay for Workers Compensation. Also, many General Contractors won’t even consider bids from companies with an Emod over 1.00. That’s especially true for government contracts.”

Work with your broker to understand your Emod factor and how you’ve gotten to that number. Each claim affects your company’s Emod, but how each claim is characterized influences the potential impact.

What can you do?

“Talk about safety every day,” advises Burns. “The more you can do to increase employee safety and reduce incidents, the better.” Wellness initiatives, improved communication methods, mental health counseling and substance abuse recovery programs can all make your team safer and reduce the chance of an accident.

Getting employees back to work — even to a light-duty job while they recover — is good for everyone. Employees experience quicker recoveries and less morale decline. Employers can better control the costs of absent employees, and shorter work restrictions can improve your Workers Compensation rates.

4. Are you aware of additional premiums carriers are looking to receive in 2020?

Construction umbrella and excess liability policies are facing some of the biggest changes in 2020. Carriers experienced an excessive number of claims break the umbrella or excess limit. To course-correct and remain profitable, carriers are now raising minimum premiums much higher, from an average of $1,000 per million to $2,500 per million or more.

“The General Contractor has umbrella or excess liability, but more and more are requiring that subcontractors match their umbrella policy,” says Burns. “At the same time, those policies are becoming more expensive and more challenging to acquire.”

What can you do?

Reviewing your coverage plan is good advice no matter which line of insurance we’re talking about.
“Insurance policies are like an encyclopedia,” says Burns. “They’re long, and they’re full of industry and legal jargon. Ask your broker to walk you through it. Find out how your policy responds in the event of an incident. What factors can you control? Which are fixed? What is negotiable? If this coverage is going away, what are my options? Your broker can walk you through all of this.”

5. What can I do from my carrier’s perspective to help with my coverage and rates?

This is the golden question. As the insurance marketplace becomes more constricted, carriers are looking for best-in-class risks. That means you need to put your best foot forward during the application process. You’ll need to provide thorough documentation, including loss experiences and historical exposure. “The carriers don’t want any surprises. They want to understand your business, its history and the outlook for the next couple years. Underwriters understand losses occur, but they want to know the story of why those incidents had occurred and what the company has done to mitigate those types of claims in the future,” says Burns.

Your first step is to get all your documentation together and schedule that check-in with your broker. “Carriers rely on data more and more to predict risk. You need to provide as much information as you can, and in the best context possible,” Burns says. “We as brokers help with that. We dig a little deeper. We say, ‘You have had this loss. Tell me about that.’ It allows us to tell the best story to yield the best possible result for you.”

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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 personal savings or the wrong funding option for their business like a Merchant Cash Advance. Worst case scenario, work stops completely while you chase your money, enforce your lien, or borrow money from another project to manage the cash flow crunch on another which now puts both projects at risk. What do we mean by that statement? We mean something like choosing to NOT pay a material supplier once you are paid from Project X, with the plan to just do it next week when the check comes from Project Y.

It’s a nightmare, right? What if it didn’t have to be?

It doesn’t. Automation and technology are already starting to improve the payment infrastructure in the construction industry. But there’s something EASY and FREE you can do to start improving your cash flow right now.

You can have an open and honest conversation about money with your General Contractor. If you’re thinking, “Dream on. I’m not going to admit to my GC that I need money,” then this article was written just for you.

General Contractors, you should keep reading, too.

Come armed with empathy, not emotion.

Nobody is going to deny that slow payments in construction are the norm rather than the exception. PWC’s cash flow survey showed that contractors wait an average of 83 days to get paid! That applies to the owner delaying payment to the General Contractor, GCs delaying payments to subcontractors, and so on. When you talk to a General Contractor, start from a place of empathy for the GC’s position and then share your own.

“We both want to do the best work possible, and we both know the cash it will take to get that done. If the owner fails to pay on-time, it’s going to affect us both. Here’s how it will impact me. I don’t have the cash flow to cover three months of payroll, so I will probably have to dip into my personal savings or — God forbid — get a very high cost loan that will then debit my checking account every day putting tremendous pressure on my cash flow that is already an issue due to slow payments.”

It’s true. Find out more about Merchant Cash Advances here.

This may seem like admitting weakness, but it’s actually the opposite. Stating what is true and real, without emotion or fear, is exactly the kind of calm confidence people respect and look for in leadership. This is especially true when you are talking to someone in advance of a problem. You are not threatening or blaming, just informing them that if X happens then Y will be the result. We are partners in the outcome; how can we manage it together and what options are there to make sure this does not happen?

Support your stance with the facts.

The next step is to bolster your position with facts. Bring your numbers to the table. Show the GC your expected cash flow on the job, and your cash flow projection for the job’s lifetime.

All subcontractors and GCs should understand that on a construction project there is a certain point in the project when the job will cash flow itself. That time is NOT at the beginning of the project. Each new project requires an investment of cash to float payroll, material orders, and other job costs until you can invoice enough against the contract – this is true for the subcontractor and the GC. The point at which you are able to get enough profit out of the project to float payroll and other job costs is the point at which the job starts to cash flow itself.

If you need help determining the cash flow of your project, we created a guide you can use. Click here to get your sample Project Cash Flow Worksheet. (Don’t forget the instructions!)

It’s hard to deny numbers in black and white, and it’s helpful for General Contractors to see how a slow payment affects your entire company.

Once the General Contractor understands your perspective, it will be much easier for them to empathize. Now, take it to the next level.

Bring the GC a solution to the problem.

If there’s one thing a GC appreciates, it’s a subcontractor who PERFORMS without adding stress to the project. You can be that subcontractor. All you have to do is come to the table with a plan.

You’ve addressed the elephant in the room — slow payments on this job are going to be a nightmare for everyone. You’ve shown the numbers — here’s how it will affect me, my company, and my crew. Now it’s time to wipe the worry from your GC’s face. Give them your plan to succeed even if (when) a payment gets held up.

Share your funding plan for the first 90 days of the project. You have one, right? If not, click here to get started. Ask the GC if they’ve offered incentives to the owner for on-time payment. If so, you can double that savings by offering a discount to the GC if they can guarantee 30 days net payment. You’re in good company if you do — according to Rabbet’s 2019 Construction Payment Report, 72% of subcontractors said they’d do the same.

Bring it back to basic numbers — if we meet X pay schedule, the overall savings on the project will be Y%. That’s a powerful argument for the GC to make to the Owner or Developer, and you just hand-delivered it.

Flip the script on slow payments in construction.

General Contractors, are you still reading? Good. This part is especially important for you. We need to change the tone of conversation around payments in construction. ALL Subcontractors are NOT bad with money; they’re running a business with a payment environment unlike anything in any other industry. Subcontractors need you to be a partner in this, not an adversary.

Subcontractors, remember: You and the GC are on the same side. They hired you to do the great work you do every day. If you’re not getting paid on time, chances are it’s because the GC hasn’t been paid yet, either. Work together to come up with a plan that keeps both of you working and removes the stress from your cash flow.

It all starts with a simple conversation.

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Active listening requires more than your ears.

Peter Drucker, the godfather of modern management thinking, has this famous quote about listening, “The most important thing in communication is hearing what isn’t said.” A lot of communication is actually non-verbal. Researcher Albert Mehrabian defined communication as roughly 55% body language, 38% tone of voice, and 7% actual words spoken.

If you’re only hearing the words, you’re only getting 7% of the conversation. That’s bound to lead to misunderstandings and negative emotions.

Active listening requires you to pay attention to the other person’s body language, the historical context around what is being said, and the emotional impact the topic has on the speaker. It means being an active participant in the exchange, gently challenging assumptions and offering new perspectives.

The benefits of active listening far outweigh the effort it takes to master it.

Active listening increases productivity.

If you successfully model active listening with your team, you can also teach them through example to actively listen to you and each other. When your team is participating in active listening, they understand and retain more information than when they are distracted. This increases the likelihood they can complete tasks with fewer questions, misunderstandings, and, most important, costly errors and corrections.

Active listening improves workplace safety.

It’s important for your team’s safety that they feel empowered to raise concerns, ask questions, and show vulnerability. Otherwise, they are apt to try and solve challenges on their own to the best of their ability. That could mean working alongside unsafe workers from another company, or failing to perform a task correctly because they didn’t ask for more instructions.

As the business owner, 100% of the consequences of your crew’s actions will fall on you. In order to keep them as safe as possible, you need to be 100% involved in the conversations and decisions that impact their safety.

When you create an environment of active listening, your whole team is safer. Team members know they can admit they have questions or are unsure of instructions. This level of vulnerability can, in and of itself, reduce workplace accidents. And, should an incident occur, active listening can help you quickly and more effectively gather information that will be important when it comes to the employee’s Worker’s Compensation claim.

Active listening creates a better workplace culture.

When your team trusts you to listen, their overall trust in your leadership increases. This can have dramatic effects on your workplace culture. Team members feel empowered to share ideas and solutions to challenges. You may find you have innovators and future leaders hidden among your workforce, just waiting for the chance to speak up and be heard.

Active listening is good for business.

One important piece of effective listening is creating a safe space for the speaker. That means putting aside distractions and, most important, your desire to speak. This requires a quiet confidence in yourself. You don’t need to rush to prove to the speaker that you know how to solve their problem. First, you’ll make sure that you understand the problem and how it is impacting the speaker.

This is an incredibly powerful tool in business. Most of us are in such a rush to answer the question, fix the problem, and close the deal, that we forget to pause and actually listen. This rush to a solution often comes with a lot of energy behind it, and the combination can quickly lead to misunderstandings and conflict.

Active listening, on the other hand, removes the conflict and focuses on creating an environment where issues can be discussed in detail. Solutions can come later. For example, let’s say you’re a construction subcontractor, and the Project Manager for the General Contractor on a job approaches you with an issue. They believe your crew carelessly disposed of excess materials and created a safety issue. You’re almost certain it wasn’t your guys.

You have three possible choices in how to respond:

Choice #1 Argue & Defend: This is the “brick wall” response. Refuse to listen to the other person’s point of view, shout down any arguments, accept no responsibility, and reach no satisfactory conclusions. Good luck getting the other person to listen to you when it’s your turn to bring up an issue.

Choice #2 Jump to a Solution: This is where you listen to the verbal problem alone, and you rush to solve the problem as quick as possible. Unfortunately, without understanding the WHOLE problem, you’re unlikely to solve it. Both sides end up feeling frustrated.

Choice #3: Listen with Intention. Listen carefully, paying close attention to body language and tone of voice. Let the other person talk as long as they need to. Ask clarifying questions, and respond first with empathy rather than solutions or defenses. When you choose this track, you show the PM, and the GC, that you will own up to issues you might have caused, and will help solve ones that you didn’t! That’s a valuable partner.

Now imagine the next time that GC sees your company’s name on a bid. They remember how you performed in a moment of challenge. Calm, confident, and willing to listen. You’re building a reputation as a trustworthy, level-headed, and collaborative problem-solver, just by listening with intent. Relationship-building is paramount in construction, and really just about every other industry, too.

5 simple tips for more effective listening.

Most people think they’re great listeners. They make eye contact, refrain from interrupting the speaker, and can recite back what was said. That’s NOT active listening. That’s basic listening. How much of what you heard did you understand? Did you communicate to the speaker that you cared about the outcome of this conversation? Did you help them find possible resolutions?

Here are five simple things you can do to become a better, more intentional listener.

Create a listening environment. When someone approaches you and asks you to listen, check to make sure you actually can at that moment. Are there distractions you will not be able to ignore until they are completed? Are you in a noisy work environment where you are likely to be interrupted? Show the speaker you care about this conversation by creating a time and space where you can listen free from distractions. If necessary, ask for five minutes to wrap up an urgent task that is likely to steal your attention. Then, close the door or walk away from the larger group, mute your phone, and focus your attention on the speaker.

Act like a good listener. Make sure your body language is relaxed and attentive, not defensive or distracted. Make eye-contact with the speaker. These actions send a signal to them that you are listening and sends a signal to your own brain that it is time to get down to the business of listening.

Listen with your eyes. Pay attention to the speaker’s body language. A lot of our communication comes from the way we act, rather than what we say.

Listen with your heart, too. Empathy is a key part of active listening. Understanding how the other person is feeling and validating that experience builds trust between the speaker and listener. It also helps you generate ideas later in the conversation that can solve the problem and neutralize potential negative responses.

Ask questions that prompt new lines of thought. A lot of people assume good listening means sitting quietly and saying nothing. But, that actually makes it harder for you to focus on and understand the concepts being presented. It’s better to ask clarifying questions and prompt the speaker for more details when needed. It helps you stay focused and lets the speaker know you’re invested in the conversation.

Asking questions is also an effective way to get people to challenge assumptions, consider alternative perspectives, and accept new ideas. Rather than telling someone what they need to do to solve a problem, ask questions that help them see the solutions for themselves.

Listening isn’t a talent; it is a learned skill that comes from discipline. It takes practice to become a habit, but everyone can do it. The potential benefits — a safe, productive, and happy team, as well as a positive reputation with business partners — make the effort well worth it.

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Benefits of Being Vulnerable

Why should you embrace vulnerability?

Being vulnerable signals to others you value their trust and feedback. Trying to always appear as the dominant person in the room doesn’t always get results. In short, being vulnerable means understanding the other person’s point of view before being understood. Taking the time to listen — really listen — to the other person before responding with your own thoughts, opinions or agenda is a great way to start introducing vulnerability in your leadership style. When a strong leader embraces vulnerability in their approach they focus on solving problems and helping others achieve shared goals.

Here’s how showing vulnerability often plays out:

Employees feel more comfortable bringing you questions, which means they can learn faster and minimize mistakes.

Employees, contractors, clients, and others feel safe and valued, which increases loyalty and trust.
Other people will begin opening up to you, which allows you an opportunity to better understand and help them in ways you wouldn’t have known about before.

This approach may be a bit different at first, but over time, you’ll find that it takes less energy to listen and you’ll get better results than a defensive approach. And the result of showing vulnerability consistently actually leads to greater confidence for you as the leader in the long run!

Vulnerability is the Key Ingredient for Confidence

Have you heard of a B.S. detector? Just about everyone has one. It goes off when things are too good to be true.

Someone who claims to be able to do anything and everything, who always agrees with you, and who always has the answers to everything is not vulnerable. They’re full of it. You KNOW just by the way they talk and carry themselves that there’s something they’re not telling you, or that they’re missing something important because they’re trying so hard to impress you. No one has all the answers, and at some point, you can bet that those falsehoods will come through.

When you’re being straightforward about your vulnerabilities you actually show more confidence, not less. You stop worrying about hiding what you don’t know and focus on highlighting what you do.

True Confidence Drives Sales

Consider this instance: You’re the owner of a construction company that is typically a 1st tier subcontractor to a General Contractor. It is your goal to attract and retain successful General Contractors that you want to work with. Here are two approaches during a meeting with one of these potential GCs. Which one might improve your reputation and lead to long-term success for the company?

Your primary focus is on the overall price and you say, “I’ll get the job done in half the time for way less money than those other guys!”

“Yes, our bid may be higher than our competitors, but I’ve taken into account X, Y and Z factors that others probably haven’t already accounted for, and this will ensure we stay on schedule and everything gets done right. How do I know? Because I’ve made those mistakes before and I’ve learned from them.”

The first approach is cocky and filled with empty promises. Even if awarded the job, the general contractor may approach each billing with a particularly critical eye — encouraging the project manager and billing department to be extra cautious before approving payments or accepting proposed change orders. In the long term, this approach is destined for failure, conflict, and no repeat business opportunities.

The second option is humble, vulnerable, and confident — all at the same time. Having a hard conversation that your competitors are too scared to have can show value to the General Contractor. It sends a clear message: This person is experienced and is going to tell the truth even if it means losing the bid.

The thing is, the most confident people are willing to talk about their mistakes. Because they’re not LIVING in them. They’ve learned from them, and they’re not afraid to talk about it. They’ve learned by being vulnerable.

In a sales scenario, those who display confidence and empathize with the customer normally close the deal. The salesperson listens carefully to what the customer wants or needs and then coaches and guides the potential client to an outcome that they can be happy with and the salesperson can deliver on.

A good rule of thumb: A customer doesn’t have to know everything about what the salesperson is talking about, they simply need to know that the SALESPERSON knows what they’re talking about. (Again, the key is honesty and trust.)

You don’t know everything about your industry, your customers, or your employees. Being straightforward about your experiences, struggles and accomplishments — and open to hearing about theirs — gives you a chance to provide them with true value, or adjust your product to better meet their needs.

Rarely will someone open up to you or fully trust you if you don’t first practice vulnerability.

Leadership and Vulnerability

Vulnerability and all the qualities that go along with it can make a huge difference for your life, both personally and professionally. Exhibiting vulnerability through honesty, active listening, and transparent communication makes you a better boss and leader. It fosters respect and loyalty. It builds trust and strong relationships with clients, vendors and other external partners you come into contact with.

And when something does go wrong and you own up to the problem, you’ll find that people believe you when you say you’re going to make it right.

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Content Is King

From search engine optimization (SEO) to driving calls to action, your website is only as good as the information you give your clients. There are necessities, and there are some things that can only elevate your online presence. Make your content––in this order––easy to understand, informative, and engaging.

Pages You Have to Have

Homepage: Your homepage is like the cover of your construction autobiography. This is a chance for you to give an overview of your brand, your mission, and why folks should work with you instead of your competition.

Contact: This one is pretty self-explanatory. Don’t make your customers hunt and peck to reach you. Make sure your phone number, contact forms, and emails are easily accessible throughout your site.

Services: Expand on your specialties and what you can offer for each project. Use synonyms and alternative keywords for your business’s services so your site will populate on search engines.

Work/Portfolio: The proof is in the pudding. Your clients want to work with professionals who have a history of a job well-done. This is your chance to show beautiful photos of completed work with descriptions on the scope of each project.

About Us: What makes your company special? How long have you been in business? Why should someone trust you with their budget? This is a great place to expand on your company’s history, accomplishments, and experience.

Nice to Haves

Video: Consider a video message to a future general contractor on your home page. This is your chance to introduce your business and separate yourself from the competition. Keep the video under two minutes and speak to your audience as you would during a pitch. List why your organization is the right fit, what clients can expect from your business and your employees, and expand on the quality of work and innovation you will deliver.

Blog: This is a great space to share tips and tricks for your customers and trending news on your industry. Write press-release style articles on your latest projects, introduce new team members, or announce groundbreakings. Blogs all contribute to the SEO content of your website and help more searches lead to your site.

Careers: If you are constantly hiring subcontractors or project managers, this is a great page to direct those looking to apply for work, collect applications, and expand on your company culture.

Safety/Standard Operating Procedures/Core Values: As a commercial construction business, it’s important to explain why your organization excels at not only quality work, but the safety and treatment of employees. Allow your clients to see the professional level of labor and care that your business would apply to any project.

Client Testimonials: No one can brag on your business quite like a happy customer. These can be tucked into different pages of your site, displayed on your footer or homepage. Get as many client reviews as possible and utilize these within your future blogs and social posts as well. Here are some great examples of what makes an effective testimonial.

Creating Your Website

There are a ton of all-in-one solutions for domain purchasing, website design, and website hosting. Many of these offer free trials so that you can drag-and-drop your logo, pictures, headlines and paragraphs where you want them, with on-demand customer support ready to help when you need it. Some of the most widely used web design platforms include Squarespace, Weebly, Wix, WordPress or Google Sites. Pricing can vary from low one-time fees to monthly subscriptions.

Selecting a Domain

Your domain is your url––your address––to your website. The “your business” in www.yourbusiness.com. Make sure yours is unique to your business and is easy for your customers to type and remember. Consider how it will display on your print materials and advertisements.

Using Templates

The layouts provided with the out-of-the-box website solutions make piecing together your website information super-easy. Pre-designed sections allow you to effortlessly edit and upload your content without knowing any programming languages or coding. Most templates are mobile-friendly and adjust to small screens without any extra steps from you.

Working with an Agency

Websites are like cars. The standard package is fine for most businesses. The all-in-one website solutions can give you a crisp, clean website, but if you’re looking for customization and something to make you stand out from your competition, an agency may be the way to go. Web designers and developers know the best practices and standards to ensure your site is accessible to all of your customers. Copywriters can ensure your information is engaging and SEO-friendly.

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Remember, You’re On the Same Side.

I’m going to level with you. Most subcontractors with this mindset are leaving out an essential fact: The general contractor was hired to get the job done, and they hired you to perform work needed to get that job done. Remember, the Owners must make payment to the GC’s before they can pay you! Rarely are they sitting on your money and just choosing not to pay you.

In short: You’re in it together.

Think about that. The work gets done right, and you both get paid. The General Contractors don’t want to stand in your way, because that wouldn’t do either side any good. The GC wants to pay you the money for your work, even though it might not feel that way.

Are there bad GCs out there? Yes, but they are very, very rare. It’s unlikely a General Contractor refuses to pay you out of sheer spite. For the most part, the General Contractor wants you to perform the work, complete the project, and be ready for the next one. Your performance is the GCs #1 concern.

The General Contractor wants to invoice the project; you want to invoice the project. The GC believes in your ability to do the work — that’s why they awarded you the job. Everybody wants this project to be successful. You share a goal.

So, rather than complaining about it, wishing this wasn’t the case, or fighting with a GC, face the problem head-on.

Solve the Business Problem.

So let’s take a step back. You’re still in a situation where you are owed money that you need.

You’re in the middle of a dispute, a change order, or a similar issue, and the general contractor is holding your payment back. Think about it from their perspective in order to find a solution.

If you remove the anger and financial fear from the situation, you will find a cleaner route to solving this problem. Remember that no matter the solution, you’ll need to follow through on your end of the deal, staying focused on the details and deadlines that you and the general contractor agreed upon in your schedule of values and contract.

Be clear, be honest, and focus on the solution, rather than trying to place blame. This isn’t a matter of Good vs Evil, or Right vs Wrong. The vast majority of general contractors aren’t going to just refuse to pay their subcontractors.

Going forward, are you creating this stress for yourself? Is there a better way? Yes, there is.

Solve for the Future by Planning Ahead.

Subcontractor disputes with general contractors often arise as a result of a misunderstanding or misalignment between two things: Change Orders and / or the Schedule of Values.

Change Orders

Did you do a bunch of work on a change order? Change orders get paid when they’re documented, signed by both parties and approved by the owner. You must understand when you do any work outside of your scope without a signed change order, you are at risk. That’s okay if you’re trying to build a relationship and show value. But do your due diligence. At a minimum, put it in an email to the following effect: “I was asked to perform X, which is outside of the current scope. If you agree, I’ll send a change order and get started right away.”

If they ask you to do work and there is a disagreement as to whether it’s in the current Schedule of Values, then you need to get a change order immediately or come to an agreement with the GC before you start the work or realize you are at risk of not being paid for it. It may be an uncomfortable conversation, where you feel like you’re pushing back on a project manager that you want a good relationship with. But it doesn’t need to be that way. Approach your general contractor or project manager with the mindset that you’re in it together. You both want to be paid, and you need the proper paperwork documentation in place just like they do, in order to avoid issues down the road. After all, disagreements, later on, won’t do either of you any good.

Schedule of Values

Your Schedule of Values needs to align with your job costs. You need to be able to invoice at least as much as your costs are every month. For example, if you have $100,000 in job costs in the first month, you need to know if you are going to complete and bill $100,000 worth of work? If you don’t account for these details and have the ability to stick to your Schedule of Values, you will likely find yourself coming up short.

Unfortunately 99% of the time, subcontractors find their relationship with their general contractor turns sour due to financial strain and stress. Proper planning, communication and having the right resources will be your safety valve in those situations. Completing a Project Cash Flow projection for each job during the bidding process can help you to stick with your Schedule of Values and foster a positive relationship with the general contractor.

Click here to download a free project cash flow sheet

Click here for the Cash Flow instructions

When a Contractor Refuses to Pay, Remember Your Shared Goal.

So, what happens when the general contractor refuses to pay? Breathe. Just because you have accrued costs, doesn’t mean you’re entitled to your first payment yet. You know the General Contractor needs time to complete their pay application process before the owner issues payment to them and they can issue your payment. Making sure your invoices and paperwork are done properly and on time will help, and responding quickly to any questions from the general contractor will help to secure faster payment.

But in the meantime, do you have other jobs that will cover your immediate expenses? Can you negotiate with a vendor to secure better payment terms? Do you need a line of credit or other capital to make sure you have the financial cushion you need to complete this project without fighting the GC? Having access to the cash you need through a line of credit or other appropriate funding solution can allow you, the subcontractor, to focus on doing great work, building great relationships and having less stress overall.

Click here to learn more about project or contract financing for subcontractors.

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Why should construction contractors separate their payroll account from their operations account?

Tips for smarter construction payroll.

Cash flow is always an issue in construction. How can contractors best ensure payroll ALWAYS gets met?

What is the benefit to hiring a 3rd party payroll service versus doing it in-house?

What should a construction contractor look for in a payroll company?

Recommended Reading

#1 Know your job numbers.

#2 Know your company numbers.

#3 Reduce your cost of customer acquisition.

#4 Borrow to GROW.

#5 Stop competing on price.

#6 Trim the talent fat.

#7 Search for efficiencies and lean into them.

#8 Set goals and track your progress.

Recommended Reading

Ensure payroll funds are in.

Safeguard your account data.

Level up your financial health.

Make your company more attractive to lenders.

A payroll checking account is good for your growth strategy.

Recommended Reading

Know the retainage before you bid

Calculate your costs and include them all

Bid to grow, not just to win

Consider the Project Method

Consider the Procurement Method

Bid on the RIGHT jobs

1. What are my options? What are we doing to prepare for my renewal?

2. Does my current carrier have discounts for fleet tracking and other safe driving measures? Are we taking advantage of those?

3. What is my company’s Workers’ Compensation Experience Modification Factor (E-Mod)? What does that number mean? How can I improve it?

4. Are you aware of additional premiums carriers are looking to receive in 2020?

5. What can I do from my carrier’s perspective to help with my coverage and rates?

Come armed with empathy, not emotion.

Support your stance with the facts.

Bring the GC a solution to the problem.

Flip the script on slow payments in construction.

Recommended Reading

Active listening requires more than your ears.

Active listening increases productivity.

Active listening improves workplace safety.

Active listening creates a better workplace culture.

Active listening is good for business.

5 simple tips for more effective listening.

Recommended Reading

Benefits of Being Vulnerable

Vulnerability is the Key Ingredient for Confidence

True Confidence Drives Sales

Leadership and Vulnerability

Recommended Reading

Content Is King

Pages You Have to Have

Nice to Haves

Creating Your Website

Selecting a Domain

Using Templates

Working with an Agency

Recommended Reading

Remember, You’re On the Same Side.

Solve the Business Problem.

Solve for the Future by Planning Ahead.

Change Orders

Schedule of Values

When a Contractor Refuses to Pay, Remember Your Shared Goal.

Recommended Reading

What is the benefit to hiring a 3^rd party payroll service versus doing it in-house?