June 2016
Use real-time data & wear parts measurements to forecast maintenance needs
Optimizing and maintaining equipment are among the greatest challenges for fleet managers. On a commercial jobsite, the downtime costs are the most significant risks in the industry. Revenue loss from materials, idle operator salary, replacement unit rental, late penalties and intangibles like...
What is the best way to keep valued employees engaged?
Cal Beyer Director of Risk Management Lakeside Industries Inc. Engagement is a key process for effective safety culture development. I am intentional about building engagement into our safety processes. We are building a team of active safety leaders at all levels of the organization. We...
Why planning teams should go beyond the checklist to prevent problems late in the game
Consider your favorite football team. The announcer blares the starting lineup to the roar of raving fans. Focus the camera at the mouth of the tunnel and watch the interaction between the head coach and the quarterback. Wait, is the head coach going over plays with the quarterback just moments...
How Plante & Sons Excavation & Paving use strategies to increase ROI
When the phone is ringing and the dirt is flying, your machines need to be rolling, and your equipment's tire performance can be critical to your success. That's why choosing tires that deliver the best return on investment can add profitability that goes beyond the price tag. The dream tire...
Exploring protected parties & coverage for misnamed additional insureds
There are numerous ways that contract parties can shift the risk of certain types of losses between each other. One approach is to require one party to list the other, protected party as an additional insured on its own purchased insurance policies, thereby giving the protected party direct access...
5 major changes that have altered the outlook of your top talent
During the core of the Great Recession, employment in the construction industry dropped by 2.3 million, making it the biggest percent decline in a non-farm industry. Many laborers were forced out and had to find work where they could. Many went back to school or joined other professions. Now that...
Practical leadership strategies for the emerging construction financial manager
In today's world, the emerging construction financial manager (ECFM) faces many challenges. Consider for a moment his/her unique position in the number of different functional groups or teams that he/she interacts with on a daily basis. Internally, he/she may go from working with his/her...
Know your company's position & keep it under control
Many companies struggle to create a culture that stresses the importance of cash. The processes and metrics that drive accountability to those responsible for its timely collection are rarely in place. The current accelerating growth of the industry since the economic downturn makes cash more...
How the next 18 to 24 months will affect your business
The construction industry was undoubtedly one of the hardest-hit segments during the Great Recession, due in part to years of minimal new construction projects, a drastic halt in the homebuilding industry and a significant hit to the unemployment rate. Additionally, construction was also an...
New vehicle innovations can potentially lead to risk & an exposed fleet
Two major trends are currently reshaping the construction industry. First, contractors are taking on an expanded role in project design. Second, they are embracing digital technology for both project modeling and daily operations. As a result of these trends, the liability exposures that...
6 ways renting attachments can create a more diversified portfolio
Any successful business owner knows that it takes the right compact equipment, such as a skid steer loader, compact track loader or compact excavator, outfitted with well-chosen attachments to grow a business. However, if you are looking for additional revenue, especially during your off season,...
Build a sizable profit by knowing the financial facts about your operation
On any given workday, what is your main focus? Are you spending your time scheduling crews, making sure materials are ordered and delivered, pricing bids, visiting jobsites, calling subcontractors or suppliers and telling supervisors what to do? Is there a better way to get a higher return on your...
How today's managers use technology & telematics to reduce risk
Backhoe and three trailers stolen overnight from construction site. Construction theft caught on tape, $30,000 in equipment missing. Job delayed due to major equipment theft. These are the headlines that appear in the media every day. However, because theft doesn't occur every day to every...
Monitoring the unseen dangers in construction & waste management
You see them and drive past them all the time. Every community has one. Chances are that a neighbor, one of your friends or even a member of your family may work in one. When low pressure sets in and the wind blows in just the right direction, the stench is horrific. But the bad smell is only a...