Tag: 2008 April Issue
These items have all been tagged with the tag "2008 April Issue", You can see other tags in the Tag CloudConstruction Business Owner, April 2008
Q:
My excavating company has outgrown our accounting software, and I'm looking to replace it. But after doing a "Google" search, I am more confused than ever. Apparently, some accounting packages also do estimating. Other products say they do accounting, estimating and project management. One appears to be mainly project management software with accounting modules added on. At this point, we really need a good job cost accounting system, but I'm thinking maybe I should buy an all-in-one package to serve our needs in the future. What's your suggestion? And how would I find one that's right for my business?
Lee
Construction Business Owner, April 2008
Q:
What else can I do to get my cash flow back? My husband and I have a small welding business with five employees. We offer to take credit cards, and we have a credit line to help. I don't pay bills until they are due, but I am struggling every month.
I have to be very diligent about my collections. I have some general contractors (we are the sub) who will pay, but I have to call first. What do I tell my vendors? I have told them that I will send a payment as soon as I get mine, but that just isn't acceptable. So, I borrow and borrow and borrow to keep everyone happy. When I do get money in, it is so late, that I usually need it to pay something else. And I can't get anything paid back on my credit line. I haven't used my credit line for the past three months. I have held people off until the last minute and have threatened collections to get contractors to pay.
Construction Business Owner, April 2008
Dear Jayme,
I want more interaction with our accountants. We ask for help and guidance, but I have to beg for a return phone call, and when they do respond, they speak a foreign language. I call and e-mail them, but they seem to be too busy for me. What can I do?
Damon
Construction Business Owner, April 2008
Corporate social responsibility programs are generally selfless; they help companies mostly by generating goodwill. However, by partnering with Summit Academy OIC, in Minneapolis, MN, Veit has found a tangible solution to a major industry problem, while also improving quality-of-life for residents of the Twin Cities' most economically disadvantaged neighborhoods.
Construction Business Owner, April 2008
Immigrants will continue to be a major source of new workers in the United States. In particular, Hispanics are among the nation's fastest growing minority group. In 2006, Hispanics comprised about 14.5 percent of the population. The number should grow to 18 percent by 2020, and 25 percent by 2050.
According to the U.S. Department of Labor, Hispanics make up approximately 50 percent of the workforce in the construction industry. This means that construction business owners must learn to identify and examine the complex issues a rapidly increasing Hispanic workforce poses for them.
Construction Business Owner, April 2008
If you're not using seminars as a major part of your marketing strategy, you might as well start ripping up $100 bills right now.
I know what you're thinking-you don't have the time or money for this. Plus, you're not even sure how to start and besides, you're not good at public speaking and don't like it. However, I'm going to prove to you that most of what you thought you knew about seminars and public speaking is dead wrong. If seminars are done properly, then can generate highly qualified leads and convert them into paying customers.
Construction Business Owner, April 2008
Most owners of construction companies came up through the operations side. They were in the field early in their careers, learning their trade from the ground up.
Today, many contractors find themselves owning a business that has grown significantly from where it started. They generally aren't experts in organization structure and therefore aren't aware of the need to assess the organization they have in place to handle the current and future volume of the business.
Construction Business Owner, April 2008
Editor's Note: Following is the third article in our ten-part series called, "Accounting Software Checkup: 10 Ailments That Can Hinder a Healthy Bottom Line," by Fred Ode, CEO, chairman and founder of Foundation Software. Each "ailment" will be discussed in detail to help you determine if your seemingly healthy business has an underlying problem.
"I don't know how the job is doing." "I don't have any report to show that." "There is no data from previous jobs." These are comments that no contractor wants to hear.
Construction Business Owner, April 2008
How much money are you making on that job that's wrapping up? Not sure? You're not alone. Unfortunately, many contractors-some who are quite successful-are not able to effectively measure their real profit on many jobs. In a business that is labor and material intensive, with razor-thin margins and innumerable variables, tracking real profit without a high degree of accuracy can be a fatal mistake.
Beyond just knowing where you stand so you can plan for the future-two important factors-the ability to stay in business and maintain good cash flow can be threatened if you are unable to show a lender or a surety that they are making money on their jobs.
Construction Business Owner, April 2008
Editor's Note: This is the fourth in our 2008 series of "Get Your Business to Work," written by our regular columnist George Hedley. In this article and the next, George Hedley will offer twenty tips to boost your bottom line. The first ten follow.
I recently received a phone call from a business owner who does concrete slab finishing and placing. His company is a subcontractor to concrete and general contractors. He supplies labor and equipment to pour and finish concrete slabs and sells his services by the square foot finished concrete. His customers decide on a job-by-job basis if and when they want to do the finishing themselves or use his company's services.
