June 2018
Predicting & safeguarding profit margins with the help of technology
Whether operating a small or large company, every construction business owner knows that the role requires quite the hefty toolbox of skills. Business owners must be able to simultaneously manage employees and issues, both on- and off-site, in an industry that is highly prone to unforeseeable...
We asked the experts about marketing lessons they've learned from other industries.
Liz Wainger President Wainger Group Construction companies should take a marketing page from the playbooks of Starbucks, Apple and Charles Schwab. Organizations like these present three lessons for building your customer base: Share valuable content—Share useful information and insights...
What’s wrong with your processes & where to find a solution
One morning in 1996, I crawled out of bed at 5 a.m., walked into the bathroom and glanced in the mirror. I didn’t like what I saw. At 46, 11 years since I’d first set out as an entrepreneur, I looked far more than a decade older. I was fried—overworked and drowning—ready to walk away. At that...
Extending equipment life with this maintenance alternative
When the time comes to replace essential machine components, such as engines and hydraulic parts, rather than buying new or used parts, there is another viable option to consider—remanufactured. Many equipment manufacturers offer a remanufactured (reman) parts program, which consists of taking worn...
How to profit by making the switch from ready-mix trucks
Nearly every facet of the construction industry uses concrete, from building major highways to decorative landscaping. No matter how small or large the job, the traditional method of concrete delivery has remained the same—drum mixers bring in a load from the batch plant. Sometimes, they arrive...
Interpreting construction’s most meaningful metric
Today’s volatile construction industry, dominated by demanding owners, labor shortages, increasing competition and shrinking profitability, leaves many contractors wondering “How can we survive amidst growing risk and uncertainty?” To combat the instability, contractors must apply an analytical...
Developing a companywide focus on how
During the 1980s, the mayor of New York City was the famous and outspoken Ed Koch. One of the interesting facets of his tenure was his affinity for asking his constituency, “How are we doing?” To his success, this three-term mayor asked the citizens throughout the five boroughs to solicit...
8 tips to efficiently prevent, control & resolve claims
As a business owner, you should be at least marginally conversant in the arcane vocabulary of workers’ compensation (WC), such as keeping track of your experience modification factor (EMF) or “mod.” This modifier is an actuarial factor used to adjust your WC insurance rate higher or lower than the...
What you can learn from your mistakes & how to create a proactive approach
When I was growing up, my father would challenge me with the question: “What kind of legacy do you want to build?” As an adult, my choices are defined by that challenge, and each day I strive to fortify my actions with character and integrity. Similarly, every construction company owner needs to...
Navigating toward better business
The strong construction economy has increased workloads and quickened the pace at which projects must be completed. And with more work comes more stress, decisions, commitments and mistakes. It also requires the use of more company resources, improved time management skills and the ability to plan...
How the two work together to create a better jobsite
In the construction industry, safety and productivity seem to compete for priority, but when viewed as a necessary pair, they work together to increase efficiency. These days, technological advancements play a large part in improving the experience of completing a task, many of which incorporate...
Finding your place amid the 4 phases of business ownership
Just as we experience spring, summer, fall and winter each year, there are four main cycles for entrepreneurs as well. As a business owner, it is important to understand which cycle you are presently in, as it determines how you approach growth, helps pinpoint your most comfortable financial...
ARA’s latest forecast predicts opportunity for construction
In May, the American Rental Association (ARA) launched ARA Rentalytics, a new subscription service available to ARA members that provides exclusive market intelligence for the equipment and event rental industry. The service offers economic forecasts and analysis, as well as national, state and...
Learn why 60 might be the new 40
As the economy continues to expand and improve across virtually every industry, employers are finding it increasingly difficult to hire. The number of baby boomers reaching retirement age—estimated to be almost 10,000 each day—makes the labor shortage even more acute. In addition to their...
How your business can take advantage of allowances under the new code
While the Tax Cuts and Jobs Act of 2017 (TCJA) will have a significant impact on all businesses, construction companies in particular are in a strong position to benefit from the recently passed federal reforms. Business owners in this highly competitive industry need to be proactive by...
AIA Architectural Billings Index, Annual Value Update & more
Each month, the Construction Business Owner team compiles statistics from several different sources, including the American Institute of Architects (AIA) and the United States Census Bureau, to give you a better understanding of the current state of affairs for the construction industry. The...
Reviewing significant changes & how they could affect your company
The new revenue recognition standard will significantly affect the way construction businesses traditionally recognize revenue. In most cases, contractors will continue to utilize the percentage of completion method. However, certain items will have a significant impact on the amount and/or timing...