Construction Business Owner, May 2013
Use your project data as a strategic asset for greater efficiency.
Most construction companies today are sitting on a gold mine of project data that can be used to improve strategic decisions and enhance their performance and profitability. Within the job cost and financial systems of most construction companies sits the key ingredients for achieving the following...
Understand how mobile apps are changing in the construction industry in order to use them effectively.
In the early days of business software, applications were geared toward accomplishing individual tasks. As software evolved, these applications grew in scope. Today, so-called “enterprise” software is used by businesses of all sizes.Enterprise software is characterized by the combination of...
Avoid costly accidents and dangerous environments when working with cranes.
More than 125,000 cranes are estimated to be operating in the United States construction industry. Cranes are typically the biggest and most complicated pieces of equipment on construction sites, and as such, they must be used with a great degree of planning and caution to avoid property damage,...
Avoid legal pitfalls when using telematics to monitor employee drivers.
Telematics, GPS-enabled systems that are installed in fleets and record and transmit information regarding a company’s vehicles, have been receiving a lot of buzz lately. The technology offers numerous benefits, including computerized maintenance reports, remote vehicle diagnostics, vehicle...
Build employee buy-in with a smooth transition to electronic time tracking.
According to the American Payroll Association, paper time sheets cost businesses an average of four hours and five minutes per employee per week, each time card takes the company an average of six minutes to process and there’s a 1- to 8-percent error rate of total payroll when manually processing...
The underutilized 179D tax deduction can benefit your design-build projects.
For anyone who has relocated to a new office building or high-rise apartment, one of the most frustrating experiences is lugging furniture up flights of stairs only to discover a hidden freight elevator the moment after setting down the last box. For architecture, construction, design and...
Know how to keep your project on track.
This article is the first in a two-part series. The second part can be found here.Avoiding profit fade, trending reductions in gross profit on a project, involves adopting these three management practices: (1) identify the causes of profit fade early, (2) quantify its worst-case outcomes and (3)...
Industry leaders provide advice about planning for smart growth, obtaining adequate bonding, protecting your balance sheet and more.
Q: What’s the biggest piece of advice you would give company owners about how to work effectively with their construction financial managers, CFOs or accountants?Elaine Ervin - CPA, Partner - Moss Adams LLPMake sure you both understand each other’s jobs, and communicate project details effectively...
Crowdsourcing can be an efficient way to design corporate collateral.
Marketing budgets may be tight right now, but crowdsourcing, a new marketing method, is making it possible to achieve strong branding at a low cost. Crowdsourcing is a model in which problems are presented to the public and an open call for solutions is made. The public then submits solutions to...
For certain large projects, this insurance can be an effective alternative to performance bonds.
For some construction management firms, subcontractor default insurance policies offer a viable alternative to performance bonds. These policies are designed for the “at risk” construction manager (CM), general building contractor and design-build firm with an annual subcontract volume of $75...
Communication is key to maintaining your surety’s support
The lifeline of any contractor, particularly in the public works arena, is the surety program. Over the last several years, tough economic conditions have challenged even the best-managed contractors to remain profitable. Historically, however, losses in the surety industry begin to show up in the...
Weigh your options: leadership should learn to look beyond short-term gains.
Contractors must recognize how immediate needs should be weighed in accordance with long-term strategy. Some seemingly beneficial business decisions provide short-term benefits, such as payroll, cash flow or debt payments, but damage the firm’s long-term ability to be a strategic leader in the...
Follow this agenda to start projects the right way.
Go outside, get your boots dirty, feel the air and get excited. You are about to start construction. Before you get started, though, take some time to develop a project attack plan by meeting with your project manager, field superintendent and foreman on the jobsite. Walk the job, and discuss all...