Construction Business Owner, July 2014
Stay ahead of compact equipment downtime with diligent precautionary maintenance
As a business owner, you know the revenue needle stops moving during unexpected downtime. In fact, troubleshooting poor equipment performance or outright system and component failure can be one of your greatest frustrations. To make matters worse, you may not have adequate service training or...
Avoid these mistakes to guarantee approval.
In order to grasp the appropriate ways to pursue or defend a bond claim in a meaningful way, contractors should have some background on what payment bonds are and how they work. In the context of construction projects, bonds can be divided into three primary types: bid bonds, performance bonds and...
A robust QA/QC program, thorough documentation and quick reporting can protect your firm and help you maintain a solid reputation.
Your phone rings, and it’s a call you were not anticipating. About five years ago, you were the general contractor for a new multi-tenanted building, and now the building owner has called to inform you that the facility is facing issues with water intrusion. You have officially been put on 
notice...
Taking steps to eliminate wasted time on the jobsite can lead to significant savings for your firm.
Finding ways to lower your field costs will allow you to be more competitive and profitable. Material costs are relatively the same for all contractors and typically can’t be reduced. For this reason, contractors must evaluate and address labor—the largest portion of most total job costs—in order...
Plan for asset handover before construction begins to save time and money.
General contractors struggle with the compilation and delivery of operation and maintenance (O...
How construction equipment financing can enhance working and growth capital
After enduring a painful contraction during the financial crisis and its aftermath, the construction industry finally found a bottom in 2013. Now, for the first time in several years, many companies have the opportunity to win new contracts and grow their businesses as the U.S. economy shakes off...
CFMA’s 2014 Annual Conference and Exhibition offers networking and valuable insight for financial professionals.
In 1982, nearly 100 construction financial professionals gathered at Caesar’s Palace in Atlantic City, N.J., for the first ever Construction Financial Management Association (CFMA) annual conference, just one year after the organization was born. More than 30 years later, about 1,100 individuals...
A guide for driving sustainable innovation throughout a construction organization
The world is witnessing a new Renaissance. Just as Michelangelo, Dante, Galileo and Titian defined a generation of classical painting, sculpting, mathematics and literature, a new revolution surges in the world of business. For the last few decades, innovative business leaders have dramatically...
How intelligent positioning is transforming workflows on the jobsite
In the ever-evolving world of instantly available information, contractors must be able to determine which information is accurate and usable on the jobsite. Even when the information is provided via printed plans and documents, it is often transferred to a digital form or via models created using...
Follow these four steps to comply with agency regulations and safeguard workers on your jobsite.
On his first day on the job as a temporary worker for Bacardi Bottling Corp, Lawrence Daquan “Day” Davis died after being crushed by a palletizer machine. The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) eventually cited the company with 12 alleged safety...
Implement ideas from staff to eliminate waste and motivate your workforce.
One of the worst forms of waste in business is underutilizing the knowledge and ability of your workers. In fact, research shows that among companies that have won awards for innovation, more than 50 percent of the winning ideas came from the rank and file, not from management. A company’s workers...
Thorough research and relationships are key to attaining excellent skilled workers.
The labor shortage is a hot-button topic in the industry today, spurring numerous questions and discussions in CBO’s LinkedIn group about finding skilled tradespeople who are motivated, hardworking and capable of completing quality work. Pete Curtis, member of CBO’s LinkedIn group and owner of...
When unexpected events threaten your firm, ensure your company’s critical information is safe in the cloud.
The cloud has been a buzzword in technology circles for several years, but cloud storage has recently moved beyond tech-trend buzz to major adoption across nearly every industry. Many construction firms are now considering the move from standard server deployment to a cloud-based solution. That...
What you can learn from the NFL and the Miami Dolphins’ harassment debacle
Professional football is known as a tough sport with an equally tough behind-the-scenes locker room culture. Jonathan Martin’s departure from the Miami Dolphins on Oct. 28, 2013, perhaps signaled a change. Press reports indicated that Martin left the team because of “persistent bullying, harassment...
How technology is paving the way to improved human resources processes, greater sustainability and better bottom-line results
Many construction firms have limited staff and resources dedicated to HR. You alone, or a small team of employees, may be solely responsible for benefits administration, payroll and routine HR administration. The good news is that HR does not have to be time-consuming and tedious. Investing in the...
Develop a modern recruitment approach that attracts top talent to your firm.
In the latest FMI U.S. Construction Industry Talent Development Report, 53 percent of companies said that they are facing a shortage of skilled workers. Of those companies, 93 percent felt that the actual number of skilled workers available was the reason for the shortage. As the economy continues...